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