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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.

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.

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.

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.