The next generation digital marketplace from TISA, named TISAtech, will encourage greater collaboration across the open finance ecosystem, providing a ‘clearing house’ for accelerated tech-driven transformation and integration of new financial technologies.
To aid companies in building and validating prototype solutions before they go to market, the platform will also deliver hackathon-style tech sprints, which come with data capabilities and a sandbox environment.
In the midst of Covid-19, financial service institutions have needed to expedite innovation in order to improve services for customers and remain competitive, and the enhanced scouting, discovery and identification process for collaboration opportunities with Fintechs promised by TISAtech aims to speed up agreements.
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In addition, the platform will allow companies to post news, such as client and investor announcements, product solutions, and service developments.
“The launch of TISAtech represents a significant step forward for UK financial services,” said Keith Phillips, chief executive of TISAtech. “Not restricted by traditional industry silos, it will not only underpin TISA’s existing industry-led initiatives such as Digital ID and Open Savings & Investment, but will create a unique environment for financial institutions looking to access new technologies and partners for growth.
“As the preeminent digital financial services body, TISA is perfectly positioned to become the industry go-to location for the sourcing and adoption of the most innovative Fintechs that will help the industry transition to the new normal, supporting firms in embracing digital technologies and capabilities across all aspects of their businesses.”
Benchmarked scorecard assessments will be integrated into the marketplace, helping financial institutions to seek the Fintechs right for them as a potential partner.
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To further ensure that quality of Fintechs are held to account, TISA has partnered with The Disruption House (TDH), to deliver validated assessments, as well as Fintech taxonomy to ensure more efficient engagement.
Rupert Bull, CEO and co-founder of TDH, said, “The Fintech market needs initiatives like these now more than ever. Trade shows have disappeared, and webinars are not filling this gap in the market.
“TISAtech is a digital platform where Fintechs and financial institutions can discover each other’s needs and capabilities and meet in a secure environment. Regulators and industry stakeholders are increasingly aware of the risks that suppliers can present to the supply chain. Now, more than ever, it is key that as potential suppliers Fintechs are able to rapidly demonstrate their enterprise readiness and long-term sustainability to the firms they want to do business with.
“TISAtech leveraging The Disruption House’s proprietary 48-point capability model will help them to do this in both a time and cost-effective manner.”
TISA has a proven track record for facilitating solutions to industry-wide challenges, having previously established TISA Exchange (TeX), a service that manages the electronic transfer of wrappers and assets between fund managers, platforms, wealth managers and any firm which holds assets on behalf of investors.