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Fintech Takes
S8 E10: Bank Nerd Corner: Why "FBO" is Out & Fintech Custody Accounts Are In, Rate Cut Buzz, and the FDIC’s New Rule
Sep 11, 2024
Kiah Haslett, Banking and Fintech Editor at Bank Director, joins to discuss pivotal changes in the financial landscape. She highlights the shift from 'FBO' accounts to the more transparent 'Fintech Custody Accounts.' The conversation delves into the excitement surrounding potential rate cuts and their implications for mortgage rates and commercial real estate. Additionally, Kiah examines the FDIC's new rule on fintech ledger controls, bringing transparency into focus, while discussing the OCC's shift towards prioritizing financial health in banks.
01:28:20
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Quick takeaways
- The rebranding of 'FBO' accounts to 'Fintech Custody Accounts' aims to enhance transparency and reflect modern banking practices.
- Anticipated interest rate cuts could drive refinancing activity in the mortgage sector, despite ongoing structural challenges in commercial real estate.
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Importance of Bank Partnerships
Bank partnerships are essential for the success of embedded finance and fintech initiatives. Collaborations between banks and fintech companies can foster innovation and enhance service delivery. These synergies often lead to the creation of API-first platforms, which provide enterprises with the capability to scale their payment products rapidly. A notable example is Newline, developed by Fifth Third Bank, which empowers businesses to launch integrated financial solutions efficiently.
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