Third-Party Risk Management in Bank-Fintech Partnerships: Strategies and Insights

In this episode of Payments Pros, Carlin McCrory is joined by Nathan Ottinger, president of Georgia Banking Company's Payments and Technology Banking Group. They delve into the current state of the payments marketplace, characterized by heightened regulatory scrutiny and rapid innovation. Nathan underscores the importance of well-documented risk management strategies for financial institutions and the necessity for businesses to secure proficient legal counsel, particularly in the realm of money transmission.Nathan shares how Georgia Banking Company strategically focuses on specific industry segments and payment types, consciously avoiding the allure of the latest trends in bank-fintech partnerships. He emphasizes the significance of cultivating direct client relationships, conducting thorough due diligence during the client onboarding process, and maintaining ongoing portfolio management and oversight.Discussing payment technology innovations, Nathan highlights tools that enhance risk management and streamline processes. He concludes by reiterating the high ethical and regulatory standards required when handling other people's money, stressing the need for alignment between the client, the bank, and regulatory requirements. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.