IBM has partnered with Software as a Service (SaaS) provider TechPassport to help financial institutions more easily integrate fintech solutions. Key points of this collaboration include:
- The IBM Cloud for Financial Services is combined with the TechPassport platform to enable quicker, more secure onboarding of fintech companies by banks.
- This cooperation seeks to reduce the risk and complexity associated with implementing fintech innovations within the heavily regulated financial sector.
- IBM and TechPassport hope their industry-tailored solution will cut down the time it takes for banks to onboard fintech partners and take advantage of emerging AI technology.
The ongoing collaboration between financial institutions and fintech companies is transforming the financial services industry, heralding the introduction of potentially game-changing innovations. However, the implementation of fintech breakthroughs within the strictly regulated financial sector can be a challenging and lengthy process. TechPassport, an SaaS provider that connects banks with enterprise-ready fintech companies, seeks to confront this issue through their collaboration with IBM.
By amalgamating the IBM Cloud for Financial Services with the TechPassport platform, the two companies aim to expedite and bolster the onboarding of fintech firms by banks. Prakash Pattni, MD of financial services digital transformation at IBM, stated that utilizing the right technology partners and tools, financial institutions can have greater confidence in selecting a fintech company to work with.
Layla White, CEO and founder of TechPassport, expressed her enthusiasm at the joint venture, emphasizing how both companies aim to drastically reduce the onboarding time for fintechs into financial institutions. Their combined toolset allows financial institutions to search for, qualify, and onboard solutions with the assurance that compliance requirements have already been addressed, making the onboarding process faster and simpler.
To stay ahead in the rapidly evolving technological landscape, financial institutions must innovate quickly. Achieving this requires cutting down on the time needed to onboard fintech partners. IBM and TechPassport believe their industry-specific solution can streamline the onboarding process. TechPassport’s platform aims to help financial institutions reduce due diligence time by providing a curated marketplace of enterprise-ready products, whereas IBM’s Cloud for Financial Services seeks to help fintechs become compliant from the outset.
