Cross-industry financial services body Investing and Savings Alliance (TISA) has commenced the industry-wide rollout of TISAtech, a digital marketplace that brings together financial institutions and FinTechs for greater collaboration and innovation.

TISAtech will enable financial institutions to more quickly and easily identify and connect with potential partners via a searchable database of more than 3,600 categorised FinTechs.

The launch has been accelerated in response to the COVID-19 pandemic and the resulting drive by the financial services industry to digitise their sector faster than ever.

The Disruption House, the specialist benchmarking and data analytics business for financial institutions and innovative financial technology firms, will partner with TISATech. Benchmarked scorecard assessments will help financial institutions understand a FinTech’s ability to partner with them and grow.

Structured Tech Sprints and sandboxing concepts will also support the development and prototyping of new technologies. The platform will also operate as a ‘clearing house’ for problem statements presented by financial institutions on specific or generic issues that would benefit from agile tech innovation and development.

TISAtech is the latest innovation from TISA, which has previously worked to solve industry-wide issues, including TISA Exchange (TeX); established to help facilitate the electronic transfer of wrappers and assets between fund managers, platforms, wealth managers and any firm which holds assets on behalf of investors.

Keith Phillips, chief executive of TISAtech, said: “Not restricted by traditional industry silos, TISAtech 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.

"As the pre-eminent digital financial services body, TISA is perfectly positioned to become the industry go-to location for the sourcing and adoption of the most innovative FinTechs that will help the industry transition to the new normal, supporting firms in embracing digital technologies and capabilities across all aspects of their businesses.”

The TISA Universal Reporting Network (TURN), powered by Atos, will also be launching later in 2020. TURN is being created for the asset management industry to ease regulatory reporting requirements for MiFID II.

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