NAB has teamed up with Canadian bank CIBC and the Bank Leumi of Israel to launch the Global Alliance Fintech link, an online portal developed to drive client-focused innovation by facilitating collaboration between the banks and fintechs.
Through this global platform, fintechs can submit creative technology solutions in response to a wide range of opportunities identified by the banks.
Upon receiving the proposals, the banks will consult directly with the technology firms.
Jonathan Davey, EGM digital and innovation, NAB said, “In big and complex banks like NAB, CIBC and Bank Leumi, it can be a challenge for fintechs with good ideas to find the right path to the right people, where their concepts can be appropriately considered.
“This new platform provides a simple and easy process for fintechs to help connect them into the bank where we can connect that idea to the right people who may be interested in what they have to offer and how we might be able to work together, no matter where they are based.”
Tamar Yassur, FEVP and chief digital officer, Bank Leumi said, “This partnership shows that Bank Leumi, National Australia Bank and CIBC are leaders not just in thought but also in action when it comes to seeding international efforts to spur better value propositions.
“We’re confident this new platform will help spark international innovation and creativity to enhance customer services in banking across the globe.”
The Global Alliance Fintech Link offers startups around the world easy access to the global banking marketplace by enabling direct collaboration with three financial institutions on three continents.
The portal allows companies to provide technology solutions to key areas where banks want to enhance customer experiences.
Stemming from Bank Leumi, CIBC and National Australia Bank’s strategic alliance formed in September 2016, the initiative is designed to simplify global cooperation and to offer fintechs access to potential partners that could help scale their business.
It also offers the opportunity to bring these world class companies into a global technology and banking ecosystem.
NAB said the platform has been initially launched as a pilot and will evolve as additional challenges are added to the site.