Collectively created alongside 15 Tier 1 global banks, these ERQs will create the first marketplace of enterprise ready FinTechs
LONDON, NEW YORK – DATE 20th JAN 2023 – TechPassport, a SaaS business that connects financial institutions with enterprise ready FinTech firms for faster and frictionless innovation, will launch their Enterprise Ready Questions in January 2023.
TechPassport is excited to announce that it has partnered with 15 of the world’s largest global banks to develop a set of Enterprise Ready Questions (ERQs) that will revolutionise the way Banks and FinTech’s work together.
Fidelity International were one of the first financial institutions to join the Think Tank and shape the Enterprise Ready Questions.
These questions embody the ‘must have’ standards a FinTech must pass in order to work with a large bank or financial institution. This is the first time a group of banks have ever worked together to create an industry standard set of questions that they all adhere to. They represent a progress towards creating transparency and clarity for both parties to be able to work and collaborate better.
HSBC were one of the pivotal members of the Think Tank, with their Head of Americas Innovation, Global Functions playing an active role in curating the Enterprise Ready Questions which will support FinTechs in navigating the onboarding process.
This collaboration has enabled TechPassport to tackle the long-standing industry problem of slow FinTech onboarding. Traditionally, it can take up to 18 months for a FinTech to be fully integrated into a bank or financial institution. This slow process has been a major barrier to innovation in the industry. However, with the creation of the ERQs, TechPassport has been able to streamline the onboarding process, enabling FinTech’s to be integrated into banks and financial institutions quicker. TechPassport have a proven track record of reducing the time taken to put NDAs and POCs in place from 6 weeks down to 24 hours for its Tier 1 Banking clients.
“Partnerships with early-stage companies are a key part of our strategy to drive new opportunities for our clients and business. With this cross-industry initiative, we have created a platform that sets the foundation for a productive partnership between Fintechs and financial services organizations. It unlocks Fintechs’ innovation potential by empowering them to focus on impactful contributions and deliver value faster.” – Sean Manahan, Global Head of Business Development and Partnerships at Morgan Stanley
The benefits of this collaboration are numerous. Firstly, it will speed up the process of FinTech onboarding, enabling banks and financial institutions to the latest innovations in the industry faster. This will help drive innovation and ensure that FinTech’s are able to bring their ideas to market quicker.
“The platform will have an overwhelming positive impact to the FinTech community with transparent (and honest) engagement journey from NDA to Onboarding. The collaboration with peer-Banks brought a focus to address the shared industry-wide challenge along with the collective need to expedite and standardise Questionnaire requirements eliminating hours of repetitive tasks. All leading to a stronger and more dynamic partnership under the Fintech Pledge.” – Head of Technology Sourcing, Tier 1 Investment and Pension Management company
Secondly, the ERQs will save time and money for both FinTech’s and banks. The standardized nature of the questions means that FinTech’s will not need to spend as much time and effort preparing for onboarding, while banks and financial institutions will be able to assess the readiness of a FinTech for integration faster.
ZOPA Bank were part of the Think Tank to create the ERQs and pointed out that while each bank has a different risk lens, many of the criteria needed to work with a FinTech are the same. They acknowledged that there hasn’t been an attempt to standardise these onboarding questions before now and that this collaboration allows the joining up of those dots, making it easier for banks to access enterprise ready startups and for FinTechs to understand what they need to do to be enterprise ready.
Thirdly, this new system enables Banks to deliver on the UK government backed FinTech Pledge.
TechPassport is proud to be at the helm of this important collaboration. We are committed to driving innovation in the industry and helping to create a more efficient and effective FinTech ecosystem. We believe that the creation of the ERQs will be a major step forward in achieving these goals, and we are excited to see the impact that they will have on the industry.
Layla White, Founder and CEO of TechPassport shared:
“Having worked in the banking industry for large global banks such as HSBC, Deutsche Bank and Lloyds, I knew there must be a better way, a way we could save time and money and most importantly work in partnership with FinTech’s to help them succeed by removing friction and barriers to entry. That’s when I came up with TechPassport. When I started to speak to other industry leaders, I found I was not alone in having this vision and so the Banking Think Tanks were created. We started with 3 Tier 1 banks 6 months ago and now have 15 at the table who have helped shape and create these ERQs that will drive innovation forward for the entire industry.”
TechPassport are a member of the Citi Bank Accelerator program.
Founded in 2019, TechPassport was created to help lower the barrier of entry for FinTechs and start-ups looking to work with financial institutions from across the world.
TechPassport platform enables FinTechs to become enterprise ready before the point of engagement and onboarding with a bank or financial institution, including ensuring that sales, compliance, and legal paperwork are in order.
TechPassport actively scouts for FinTechs and start-ups to include on the platform, and groups them according to specialism. Banks can then use the platform to find certified suppliers, confident in the knowledge that they will meet procurement requirements, making institution-FinTech innovation faster, cheaper, and frictionless.