TISAtech to connect financial institutions with over 3,600 FinTechs

By Robin Amlot

The Investing and Savings Alliance (TISA), the UK-based cross-industry financial services body, has commenced the industry-wide rollout of TISAtech, a digital marketplace that brings together financial institutions and FinTechs for greater collaboration and innovation across the Open Finance spectrum. TISAtech aims to provide a ‘clearing house’ for the financial services industry to help it more effectively address tech-driven transformation and the integration of new financial technologies to enhance products and services while reducing operational friction and lowering costs for consumers.

The Covid-19 pandemic has catalysed the urgent need to bring digital transformation to all aspects of the financial services sector. TISAtech will provide financial institutions with access to more than 3,600 FinTechs from around the world. The enhanced scouting, discovery and identification process will allow business leaders to scope-out and profile the suitability of FinTechs rapidly and on a single platform. Benchmarked scorecard assessments available through TISAtech will help financial institutions understand a FinTech’s ability to partner with them and grow.

TISAtech will be partnering with The Disruption House (TDH), the specialist benchmarking and data analytics business for financial institutions and innovative financial technology firms, to deliver validated assessments and FinTech taxonomy for more efficient engagement. The new platform will also deliver ‘Hackathon-style’ Tech Sprints. This will help financial institutions to build and validate prototype solutions to problem issues and along with a sandbox environment, using real data, to test whether the solutions proposed would actually work in practice.

Whilst the issues posed will cover a wide remit, two areas in particular that are expected to see significant growth lie in technologies for the Wealth Management industry and the innovative technologies linked to Environmental, Social & Governance (ESG).

Keith Phillips, Chief Executive of TISAtech said, “The launch of TISAtech represents a significant step forward for UK financial services. 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.”