Situation
A rapidly growing venture-backed B2B payment provider needed to select a new bank partner. Glenbrook was asked to manage the end-to-end process from requirements development to vendor selection.
Approach
We applied our tested process for vendor selection, working collaboratively with the provider’s founders and technologists to craft a comprehensive set of requirements. We vetted prospective banks, ran a formal RFI/RFP process, and provided input on the benefits and risks of potential bank partners. Our bank assessment involved an evaluation of the following:
- Appetite for partnership with fintech startups
- Payment method support (today and in the future), with an emphasis on faster payments
- Technical capabilities (e.g., APIs, extensibility, third-party software integrations)
- Business/go-to-market considerations (e.g., ability and willingness to be a strategic partner)
- Risk appetite (e.g., interest in startup clients, support for FBO accounts)
- Operational processes (e.g., level of compliance complexity, support for process automation)
In parallel, Glenbrook advised the company on how to enhance its operations and compliance practices as it takes a more active role in the payments value chain.
Impact
Glenbrook facilitated the bank partner selection process. Core deliverables included:
- Unambiguous bank partner requirements
- A vetted shortlist of prospective bank partners
- Thoughtful, targeted RFI documentation with clear positioning for various audiences at banks to facilitate discussions
- A vendor assessment framework and our evaluation of which partner most aligned with requirements
- Realistic advice on how the client needed to mature its operations to gain the confidence of bank partners and a game plan to do so
- Strategic advice in ultimately selecting a bank partner to support continued growth and greater control over the end user payments experience, fulfilling the clients goals