Third-Parties: Revamping the Reputation

Scott Haskins

Third-Party relationships are a valuable asset when handled correctly. Oftentimes, Third-Parties are able to implement new and emerging payment channels faster and more effectively than the traditional financial institution partner, and this flexibility can lead to increased business opportunities for all parties. But, in order to be an effective partner, a Third-Party must assure their ODFI that they are a sound financial business, and are able to control risk and respond to regulatory requirements. The relationship between the Third-Party provider and the ODFI must be transparent - steps such as allowing the ODFI visibility into its complete customer base and offering complete access to audit at any time, only strengthen the bonds between the parties. Speakers in this session highlight best practices for any Third-Party and offer valuable insight into making the most of any Third-Party relationship.