FDiTech Releases New Guide to Help 'FinTechs' Connect with Banks — 2020-02-24

FDIC seeks to promote innovation in banking to meet growing consumer demand WASHINGTON – In its continuing effort to encourage technological innovation in the banking sector, the Federal Deposit Insurance Corporation's technology lab (FDiTech) is releasing a new guide to help financial technology companies and others partner with banks. Conducting Business with Banks: A Guide for Third Parties is designed to help third parties understand the environment in which banks operate and navigate the requirements unique to banking. The Guide is an initial effort to address concerns that Chairman McWilliams has heard from banks and technology companies across the country related to challenges associated with on-boarding at institutions. FDiTech is working to develop additional tools and resources to increase opportunities for partnerships and eliminate unnecessary burdens and costs associated with third party risk management. In the meantime, Conducting Business with Banks should serve as a helpful guide to both banks and third parties.