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Stripe, Block, and other major fintech companies have formed a new coalition to set compliance standards for the fintech industry following the Synapse Disaster. The Coalition for Financial Ecosystem Standards (CFES) aims to develop clearer industry compliance standards for nonbanks participating in financial services. The initiative is led by Sima Gandhi, a former fintech CEO and early Plaid employee. Mercury has joined CFES as a founding member, emphasizing the need for clearer industry standards in bank-fintech partnerships. Other members of the coalition include Rho and Relay.
Coalition for Financial Ecosystem Standards (CFES) Launches to Develop Industry Standards for Nonbanks Participating in Financial Services https://t.co/tuVCekS7rO https://t.co/wNGt2TcpZp
Fidelity and Abrdn join new investment platform trade body https://t.co/klVb7rRkgs
Excited to announce Mercury joined CFES as a founding member because we believe clearer industry compliance standards are needed for bank-fintech partnerships. We plan to work closely with CFES members including Stripe, Block, Rho, Relay and others in the coming months to create…
