Cable and Vantage Bank Team on Embedded Banking Compliance

Cable, a risk management platform, has announced a partnership with Vantage Bank, a Texas-based financial institution. This collaboration aims to bolster Vantage Bank’s compliance and risk management capabilities as it expands its fintech program and partnerships, particularly in the growing field of embedded banking.

Natasha Vernier, CEO of Cable, highlighted the increasing regulatory scrutiny on embedded banking, emphasizing that Vantage Bank is proactively addressing these concerns by establishing a robust compliance program from the outset. Cable’s platform will enable Vantage Bank to automatically monitor all accounts, removing the need for manual testing and ensuring comprehensive control over regulatory compliance and financial crime risks.

Jeff Sinnott, President and CEO of Vantage Bank, expressed confidence in the partnership, noting that Cable’s platform is crucial for managing the bank’s risk and compliance as it pursues opportunities in embedded banking. This partnership is part of Vantage Bank’s strategy to grow and diversify its customer base by leveraging embedded finance, which integrates financial services into non-financial platforms and applications.

The collaboration reflects broader trends in the banking sector, where institutions are increasingly adopting embedded finance and Banking-as-a-Service (BaaS) solutions. According to a recent PYMNTS Intelligence report, 41% of financial institutions are integrating embedded finance, while 48% are enhancing their BaaS capabilities. This trend is driven by the need to meet digital demands and stay competitive with fintech and big tech rivals.

However, the adoption of these technologies is not without challenges. Issues such as legacy systems, fragmented technological infrastructure, and evolving regulatory requirements can impede progress. Despite these challenges, the move towards more integrated and agile financial services is setting the stage for traditional banks to better compete in an increasingly digital financial landscape.

Source: pymnts.com

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