If you missed our session at Money20/20 this year on The New Era of Banking Efficiencies, you’re in luck. Today’s episode is the first part of that discussion featuring PerformLine’s CEO and Founder Alex Baydin, Harsha Ragunath, Head of Product Compliance at Stripe, and Babette Reynolds, Head of the Enterprise Compliance Program Office at Truist.
During today’s episode, they discuss:
- The role of fintechs in compliance & collaboration, and how Stripe's compliance team collaborates cross-functionally to ensure compliance in product design and development; and acts as a communication bridge to facilitate discussions between fintech features and partner banks' compliance.
- The current transformation that Truist, and many other large banks, are undergoing right now to automate a lot of the risk and compliance functions, especially as they pertain to their fintech partnerships.
- And finally, the group speaks to the issued guidance earlier this year from the Fed, FDIC, and the OCC, which noted that banks are accountable for the risk management of third-party providers and how both fintechs and partner banks can go about vetting potential partners to align on compliance requirements.