The following is an excerpt from today’s Global Newsletter.

Bank-fintech partnerships have been a thing for over a decade, but there has never been comprehensive guidance on managing these.

Until now.

This week the FDIC, OCC, and the Fed produced a 68-page interagency report detailing how banks should manage third-party relationships.

The TL;DR is that banks must do more to monitor their fintech partnerships, but this should lead to healthier and more productive relationships. Banks will now be more demanding of their fintech partners, so we all need to be ramping up compliance too.

At least this provides clarity…something sorely missing in the crypto space.

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USA

FDIC, Fed, OCC finalize guidance for banks’ third-party partnerships By Catherine Leffert   The interagency report recommends practices for financial institutions to manage relationships with fintechs and other third parties.

From Fintech Nexus

Global The Fintech Five news recap for June 9, 2023 By Todd Anderson    The Fintech Five brings you the top five stories of the week in under two minutes, delivered via newsletter, website, and social media channels.

Global Harness power of API-first card issuing approach for customized future-ready experience By Anil Goyal    Adopting an API-first approach to card issuing allows fintechs to create personalized payment solutions tailored to their customers’ needs.

USA The global state of real-time payments By Isabelle Castro Margaroli    FedNow’s launch is imminent, but the U.S. is lagging behind the rest of the world on real-time payments. It may be an advantage.

Global Fraud Fight Club lives up to the hype By Todd Anderson    Expert speakers from banks, credit unions, lending institutions, fintechs, and beyond engaged in spirited conversation inside our makeshift boxing ring.

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