Zafin Applauds U.S. Financial Regulators For Detailing Fintech Partnership Recommendations
Guide Identifies Six Key Pillars of Due Diligence for Evaluating Potential Fintech Partners
NEW YORK, Sept. 02, 2021 (GLOBE NEWSWIRE) — Zafin, the world’s leading SaaS product and pricing platform for the next generation of banking, today issued a statement of commendation for the U.S. Federal Reserve System, the U.S. Federal Deposit Insurance Corp., and the U.S. Office of the Comptroller of the Currency. The praise is attributed to offering community banks a detailed guide on due diligence considerations when partnering with financial technology companies (fintech). The guide, released last Friday, facilitates and supports discussion points for reasonable community banking innovations and the growing opportunities offered through fintech partnerships. This time and dedication by three leading U.S. financial agencies signal a rapidly transforming banking system and the advantages it represents for both community banks and the fintech industry in the United States.
“We applaud the collective efforts of these U.S. Federal Banking System agencies for their guidance and leadership demonstrated through the publishing of this important guide,” said Rob King, Chief Revenue Officer of Zafin. “More than ever before, it’s critical for banks and credit unions to consider partnering with fintech companies to accelerate their digital transformation efforts. At Zafin, we are committed to contributing to this guide by offering transparency and integrative collaboration with the industry as they navigate these new guidelines and embark on expanding their ability to offer exceptional client experiences through the use of innovative technology.”
The resource guide outlines six key pillars that banks and credit unions should consider when performing due diligence as part of their overall risk management processes when considering business partnerships with fintech companies. The six pillars of the due diligence recommendations are:
- Business experience and qualifications
- Financial condition
- Compliance with laws and regulations
- Risk management and control processes
- Information security
- Operational resilience
As digital banking becomes increasingly popular, traditional banks and credit unions need to adapt to remain competitive with neobanks by offering new products, offers and experiences that meet the lifestyle needs of their customers. The considerable resources placed by these three Federal agencies further demonstrates a growing validation that financial institutions of all sizes should explore new partnership pathways offered by the ever-growing fintech industry.
Zafin’s award-winning SaaS product and pricing platform works to address many of the critical challenges and restraints banks and credit unions face with their core systems. It allows institutions to differentiate from their competitors, retain and expand existing relationships, and acquire new account holders by offering competitive product pricing, offers and rewards at the relationship level.
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About Zafin
Zafin, the global leader in SaaS cloud-native product and pricing solutions, is a trusted partner to the world’s most customer-centric financial institutions. Zafin’s product and pricing platform empower banks of all sizes to center their customers, grow relationships and drive revenues. The Zafin platform separates product and pricing from core processing to accelerate progressive modernization, enable digital transformation and deliver personalization at the relationship level. A typical Zafin installation integrates easily with most back-end systems and customer-facing channels to increase product and pricing efficiency and agility, drive interest and non-interest income, and deliver a positive ROI—often in one year or less.
Media Contact
April Evans
Uproar PR for Zafin
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