Today, the New England Automated Clearing House (NEACH) announced the
availability of a new white paper analyzing the New England FinTech
evolution and what it means for community banks and credit unions. Partnering
for Innovation: The New England FinTech Evolution draws expert
insights from NEACH, New England community banks, and FinTechs to help
financial institutions make informed, strategic decisions for innovation
“We are at a time of unprecedented change in the payments industry,”
says NEACH President and CEO Sean Carter. “New England leads the country
as the epicenter of technological development and financial services
innovation. This white paper offers a resource for financial
institutions to dive deeper into those opportunities, charting a course
for the future.”
Partnering for Innovation: The New England FinTech Evolution arms
financial institutions with the information they need to explore the
opportunities and challenges inherent in FI/FinTech partnerships. The
paper investigates four critical considerations in evaluating a
potential partnership: understanding the state of the industry today;
identifying and vetting FinTech collaborators; selecting the solutions
that best align with business needs; and addressing risk and compliance
challenges. In addition, the paper offers real-world examples and next
steps for developing FinTech partnerships that work.
Released during NEACH’s annual Payments Management Conference, Partnering
for Innovation: The New England FinTech Evolution aligns with key
session themes, including the need for a payments strategy amidst
industry change. Conference talks detail how industry trends—such as
real-time payments and rising risk and compliance requirements—support
the need to plan for more advanced technology.
“As payments advance, expectations from customers and members,
regulators and others continue to rise,” notes Carter. “Innovation is
simply about greater efficiency and improving the end-user experience.
Financial institutions need to consider innovation and partnering with a
FinTech within the context of their overall strategy and growth plan.”
For more information or to download a copy of the white paper, visit NEACH.org.
The New England Automated Clearing House (NEACH)
is a non-profit association that helps members originate and receive ACH
transactions, and provide products, services, education, and marketing
to increase the acceptance, use and quality of electronic transactions.
For more information, visit neach.org.