Why Community Banks Could Be Left Holding the Bag on Section 1033

Partnering with iLEX, we've accumulated some great insights that will help Fintechs mitigate risk and alleviate some uncertainty regarding overall risk. This cornerstone article encompasses short descriptions of our latest risk series with iLEX and our additional takes on developing a solid risk management and mitigation framework.

Known for its bright lights and casinos, Las Vegas, Nevada, held its annual Money20/20 event-- as iDENTIFY was represented with Lee's attendance. Building connections, sharing insights, and exploring innovative ideas in Fintech, this year's conference was exceptional in finding ideas and potential partnerships that align with iDENTIFY's vision to unify bank data.

Fintechs and Banks - do you have what it takes?

CORE data - alongside third-party data, must be handled accurately, reliably, and compliant with regulations such as AML and KYC standards. iDENTIFY's core mission is to unify bank data and to address these problems with our tools, such as the data validation platform, thereby keeping you informed and aware of the importance of data validation in FinTech.

Now that we've covered the topics of risk and operations, it's time to explore the world of data. In today's data-driven world, accessing and transforming the correct data into usable information is crucial for businesses across all industries, especially Fintech. Data collection, analysis, and utilization can make or break a company's success. Here's why leveraging data is essential and how Fintech companies and Partner Banks can properly harness its potential.

Having explored risk from both an internal and external perspective, we are now turning to the topic of internal operations. The key operational categories explored below are key to helping Fintechs and their Issuing Bank Partners stay on the right side of regulators and making the Fintech Program a success. These operations are also part of what the Fintech’s Issuing Bank Partner assesses through continuous communication and audits.

Thrilled to be recognized by financial insight leader Pitchbook - we're ecstatic to be recognized for our new platform and mission to unify bank data. This shoutout reiterates our vision and our accolades with current and past clients. Let's look at some of our services and vision in unifying bank data.

The second level of oversight is undertaken by regulators. Regulators mainly focus on the Issuing Bank Partner, as it is the Bank’s license that Fintechs operate under. Ensuring good outcomes from regulatory oversight, examinations, and audits starts with Programs and their Banks understanding regulatory requirements, reflecting these in their policies and procedures, meeting reporting requirements and, as a result, getting a clean bill of health when examined and/or audited.

Last week we discussed risk, so this week we’re addressing the question: how do you minimize risk? The first step is to ensure your internal processes are strong, that they meet regulatory requirements, and that they help you to both manage and safeguard your Fintech business. Or, if you are an Issuing Bank Partner, making sure your oversight is helping your Fintech programs achieve the same.

At this year's Finovate event, iDENTIFY took the stage to showcase the iDENTIFY Platform. Spencer, our Director of Data Infrastructure, and Lee, our President, walked through the iDENTIFY Product Demo to show how Banks and Credit Unions can validate data quality and data lineage across all of their disparate data sources.

Whether you are new to the Fintech space or have been around a while, and whether you are a Fintech or a Bank working with Fintechs, risk is an inescapable part of the financial services landscape.When assessing risk, the first thing to consider is your own risk appetite: are you comfortable working in industries with higher risk, or do you want to stick to more traditionally low-risk products?Whatever the case, there are many types of risk to consider.

At iDENTIFY, fostering a strong, unified team is the cornerstone of our continued success. Our recent annual retreat exemplified this commitment, bringing together our talented team members for four days of collaboration, team-building, and community engagement. Here’s a glimpse into our enriching experience and shared vision for the future.

This year, iDENTIFY had the privilege of attending one of the most anticipated conferences—Fintech DevCon 2024. The event brought together the brightest minds in the fintech industry, showcasing cutting-edge technology, innovative solutions, and opportunities to collaborate with other trailblazers in the field.

As your data partners, we work with you to unify your data, encouraging your projects to meet compliance demands. But what happens when the FDIC comes knocking on the door? Let's explore how we, as your trusted partners at iDENTIFY, assist our clients in creating an FDIC Compliance Checklist.

This customer-centric solution provides one central hub for managing your core service and other amenities, such as insurance, credit cards, and payments. With other unicorn tech companies and fintechs adopting these services, embedded finance continues to grow considerably. So, what is embedded finance? Let's take a look.