QUINCY, Mass.--(BUSINESS WIRE)--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 and growth.
“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.