ERQs assess the whether a fintech reaches the standards needed to work with a large bank or financial institution. The aim of the ERQs is to streamline the onboarding process, enabling fintechs to be integrated into financial institutions quicker.

Sean Manahan, global head of business development and partnerships at Morgan Stanley commented: "Partnerships with early-stage companies are a key part of our strategy to drive new opportunities for our clients and business. With this cross-industry initiative, we have created a platform that sets the foundation for a productive partnership between fintechs and financial services organisations. It unlocks fintechs’ innovation potential by empowering them to focus on impactful contributions and deliver value faster.”

TechPassport notes three main benefits to the ERQs: firstly, speeding up the process of fintech onboarding, enabling banks and financial institutions to the latest innovations in the industry; secondly, the standardised nature of the questions saves time and money; thirdly, this new system enables banks to deliver on the UK government backed FinTech Pledge.

Layla White, founder and CEO of TechPassport added: “Having worked in the banking industry for large global banks such as HSBC, Deutsche Bank, and Lloyds, I knew there must be a better way we could save time and money and work in partnership with FinTech’s to help them succeed by removing friction and barriers to entry. That’s when I came up with TechPassport. When I started to speak to other industry leaders, I found I was not alone in having this vision and so the Banking Think Tanks were created. We started with three Tier 1 banks six months ago and now have fifteen at the table who have helped shape and create these ERQs that will drive innovation forward for the entire industry.”

TechPassport are a member of the Citi Bank Accelerator program.