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The Ultimate Guide to Fintech and Third-Party Vendor Onboarding
Adding a new third-party vendor is a lot more than signing a contract.
Vendor onboarding is a crucial phase of the vendor lifecycle that requests extensive data collection, documentation, and analysis. It’s also a regulatory requirement for financial institutions.
What does it take to successfully onboard a new third-party vendor or fintech partner?
This guide breaks down vendor onboarding into 5 steps:
- Vendor request
- Due diligence
- Residual risk
- Contract negotiation
- Approval
For each step you’ll learn what needs to be done, why you need to do it, and best practices for doing it the right way. The guide also shows you the most common vendor onboarding challenges and how to overcome them.
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