Acquire or Be Acquired 2025 | iDENTIFY in the Community

Traditional batch systems - while robust, are legacy systems that have been relied on for decades in the banking industry. While designed for older systems, these systems were created when real-time data wasn't feasible and the technological demand for consumers hadn't progressed to today's standards. Modern consumers expect real-time data, seamless experiences, and enhanced security. With iDENTIFY being a Snowflake Select Partner, our expertise with Snowflake's data lake has shown that the solution to modern banking lies within the cloud. As banks migrate their CORE data to Snowflake, here are 5 tips for a successful cloud migration.

Data management has proven to be as necessary as it is intricate. During a recent interview on FinWise's Eye On Podcast, Lee shared some insights on some common data issues we've encountered with our banking clients and the origins of the iDENTIFY brand. Alongside Sarah Grotta, Deputy Chief Fintech Officer at FinWise, Lee highlighted how we at iDENTIFY have identified data solutions we're implementing for our clients.

The American Fintech Council held its annual policy summit on November 19 at the Westin in Washington, DC. With a sizeable amount of attendees, the panel discussed some interesting topics, such as consumer protection, regulatory modernization, and technological innovation. Packed with extensive discussion, iDENTIFY's attendance at this event was considerable as we've made many strides this year with our mission to unify bank data. The importance of the panels lays a testament to our core values at iDENTIFY and how we're staying on top of regulations and industry changes for our clients.

Sponsor banking and embedded finance have shown significant improvements and will continue to be a viable business model for fintech. While considerable challenges are posed to a fintech looking for a sponsor bank, the core concept of data governance will always be one of the highest priorities. For our core services at iDENTIFY, as banks migrate their CORE data to Snowflake, staying compliant is highly prioritized as banks transition their CORE data. Recently featured on the Finance Webinar Series: Mastering Compliance and Data Governance in Bank Transitions, hosted by the American Fintech Council, the panel made some excellent points as they discussed data governance for banks transitioning to modern fintech. This article lists some of the key takeaways from the discussion.

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.