Your Payments Partner Shouldn’t Cost Customers an Arm and a Leg If your institution is looking to create a merchant services program or change payment processors, Fitech by Deluxe can help you increase residual income while keeping limbs intact. Fitech provides payment solutions for almost every business vertical, including the modern technology needed to support each. From contactless payment solutions and system agnostic hardware to business solutions like HR/Payroll programs, the technology and resources your merchants need are readily available and can easily be integrated with your banking platform. After all, the banks that control how their small businesses get paid, control where the deposits go. Couple these solutions with customized programs for you and your merchants, and you’re both armed with the tools to get a leg up on the competition. Ready to grow your commercial portfolio? Contact us today. www.fitech.com Erin Jester, Director of Sales ejester@fitech.com 559.908.4010 Continued from page 7 The guide should help community financial institutions understand how their processes may need to be modified to perform due diligence on their relationships with fintech companies. Two types of community financial institutions At this point, there are two types of community financial institutions in the United States: those that have relationships with third-party fintech companies and those that are going to have relationships with third-party fintech companies. For those with existing contracts, this guidance serves as a wake-up call that the third-party risk management used in the past for relationships with traditional technology partners needs to be reviewed to make sure that they are properly vetting fintech providers. For those that don’t yet have relationships with fintech companies, the guide highlights six key due diligence areas in which their thirdparty risk management process should be reviewed and possibly enhanced before entering into agreements with these service providers. For many community financial institutions waiting for this guidance in order to start considering relationships with fintechs, the availability of these new expectations could be just the push needed to get them into the market. Still, many community financial institutions aren’t well versed in this relatively new guidance and the potential impact it could have on their third-party risk management programs. Community financial institutions need to read and understand this new joint regulatory guidance. Many will need to update their third-party risk management programs to specifically address fintechs and their risks. Those with fintech relationships in place need to determine how this guidance affects their existing relationships and take additional steps to address any gaps. As an accounting and consulting firm known for our breadth and depth of technical knowledge and industry expertise, Plante Moran can help your institution with this process, either by performing thirdparty compliance reviews of potential fintech companies or reviewing a financial institution’s third-party risk management processes for compliance with the new expectations. If you have any questions about this guidance, please contact Plante Moran. www.coloradobankers.org 8
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