Enterprise Ready Questions

Introducing a new way to create transparency and clarity for financial institutions and FinTechs to be able to work and collaborate better.

Created in collaboration with 16 of the world’s largest banks, the Enterprise Ready Questions (ERQs) form the backbone of the TechPassport solution, accelerating FinTech onboarding, streamlining due diligence and simplifying the engagement process, to significantly reduce onboarding time and friction for both parties.

ERQs for financial institutions

With a curated marketplace of enterprise ready products, TechPassport facilitates financial institutions to confidently find FinTechs that align with their specific needs. By evaluating how compliant a FinTech is to the Enterprise Ready Questions, institutions can efficiently source and onboard products in line with their business, technical, compliance, and financial requirements.

ERQs for FinTech providers

The ERQs are a standardised set of carefully selected questions, representing the most crucial pieces of information for financial institutions. By answering the ERQs, FinTechs are awarded a unique Enterprise Ready Score, which can be viewed by financial institutions on the TechPassport marketplace. The higher the Enterprise Ready Score, the more likely providers are to be seen as enterprise ready by financial institutions when showcasing their solutions.

Becoming enterprise ready

By onboarding to TechPassport, FinTech providers will gain access to the ERQs. Once answered, providers can utilise their personalised dashboard to see their unique Enterprise Ready Score with a breakdown of strengths and weaknesses providing insight into how to become enterprise ready.

The Enterprise Ready Questions are split into nine key areas:

"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 organizations. It unlocks FinTechs’ innovation potential by empowering them to focus on impactful contributions and deliver value faster."

“ZOPA Bank were part of the Think Tank to create the ERQs and pointed out that while each bank has a different risk lens, many of the criteria needed to work with a FinTech are the same. They acknowledged that there hasn’t been an attempt to standardise these onboarding questions before now and that this collaboration allows the joining up of those dots, making it easier for banks to access Enterprise Ready startups and for FinTechs to understand what they need to do to be Enterprise Ready.”

"Solving the due diligence challenge for FinTechs, which is a very time consuming and often repetitive process feels like one of those “maybe someday” bits of wishful thinking. Except now it’s actually happened, TechPassport has made it happen. It’s game changing for FinTechs and I hope it makes life easier for the institutions as well. A genuine win/win.”

"TechPassport is a leading platform that bridges the gap in the FinTech ecosystem paving the way for FinTechs and Banks to integrate at a faster pace by reducing the tech overhead and introducing a unified compliance and legal process to reduce red tape and go live time frames."

“The quality of TechPassport's relationships with whole financial ecosystems is another main reason why it makes sense for FeenPOP (as a Fintech startup) to be part of this new innovative approach, in order to generate collaborations of high value with large financial institutions who you partnered with."