4 Key Insights to Strengthen Payment Data Security in Fintech-Banking Partnerships

In the fast-evolving world of fintech-bank partnerships, ensuring the security of payment data and complying with regulatory standards is a top priority. At the January 2024 Fintech Risk & Compliance Forum, industry leaders gathered to discuss practical solutions for addressing these challenges. Below, we summarize four key insights to help strengthen your organization’s approach to data security and compliance.



Key Insights:

Data Ownership Must Be Clearly Defined
Ambiguity around who owns and secures payment data can create vulnerabilities. Establishing clear lines of responsibility between fintechs and banks is critical to avoiding confusion during security incidents.

Vendor Management is Key
Third-party vendors can introduce significant risks. Implementing strong vendor management processes ensures that fintechs and banks can trust their partners to uphold security and compliance standards.

Regular Audits and Compliance Assessments
Ongoing audits and penetration tests provide a vital safeguard against potential security breaches and non-compliance. Regular reviews of your systems—and your vendors’—ensure that you stay ahead of potential risks.

Adapt Proactively to Evolving Regulations
As data privacy laws change, such as the introduction of stricter definitions of non-public information (NPI), fintechs and banks must remain agile, updating their compliance frameworks to meet new legal requirements.

Conclusion:
The fintech-bank ecosystem is increasingly interconnected, making collaboration and transparent communication essential to ensuring the security of payment data. By focusing on data ownership, vendor management, regular audits, and regulatory adaptation, fintechs and banks can create stronger, more resilient partnerships.

Next Steps…
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Join us at the 2025 Fintech Risk & Compliance Forum on February 11th & 12th. Let’s continue the conversation on how to balance innovation with effective risk management.

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About the Fintech Risk & Compliance Forum
The Fintech Risk & Compliance Forum is a two-day event for fintech executives focused on regulatory compliance, cybersecurity, and risk management. It offers expert-led sessions, peer-to-peer discussions, and networking opportunities, providing a platform for industry leaders and regulators to explore key challenges and innovations. Hosted by Converge Events, the forum equips professionals with insights to navigate the evolving fintech landscape.

About Converge Events
Converge Events specializes in organizing conferences for the fintech and credit union industries. Focused on peer-to-peer learning and actionable insights, our events connect industry leaders to explore new strategies, tackle regulatory challenges, and embrace technological advancements.

Disclaimer: This blog post, produced by Converge Events, is based on a transcript from the Fintech Risk and Compliance Forum and generated from the content of the discussion. It is provided for informational purposes only and does not constitute legal, financial, or professional advice. here to edit.

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