US-based Vantage Bank has entered a strategic partnership with Cable to optimise compliance and risk management for Embedded Banking. As part of their collaboration, Vantage Bank and Cable, which is a risk management and effectiveness testing platform for banks, fintech firms, and crypto companies, intend to ensure compliance and risk management as the former continues to advance its development strategy and grows its fintech program and partnerships. Leading to this announcement, Vantage Bank concentrated its efforts on developing a compliance program, with the financial institution working with Embedded Banking professionals to ensure that all aspects are meeting standards.

The decision to partner with Cable was based on the latter’s ability to provide the bank with an all-in-one tool that can meet the ever-evolving US banking regulatory requirements and scale its Embedded Banking solutions. Vantage Bank and Cable’s development strategy Through its platform, Cable aims to optimise how Vantage Bank monitors its controls, with the bank being set to be able to mitigate manual testing and ensure increased control monitoring as its business scales. By doing so, the two organisations intend to achieve full regulatory compliance, as well as control over financial crime risks, allowing Vantage Bank to focus on developing its capabilities and advancing its operations.

According to Vantage Bank’s officials, to grow and diversify its customer base via Embedded Banking, the bank needs to establish an optimised risk management program and advanced controls to ensure regulatory compliance. The collaboration with Cable works towards enabling the financial institution to achieve its objectives and manage its risk and compliance for its Embedded Banking program. Moreover, Cable’s Financial Crime Assurance tool focuses on monitoring accounts and transactions in case of any regulatory breaches or control failures, whilst also delivering updates on the Financial Crime Risk Assessment considering the effectiveness of controls. The Risk Assessment is linked with a methodology that falls within regulatory and industry standards, including the Wolfsberg Group, FATF, JMLSG, FFIEC, and national risk assessments.

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