The American Fintech Council (AFC), the industry association representing responsible fintech companies and innovative banks and credit unions, has announced a strategic partnership with Alloy Labs, a consortium of community and mid-size banks that drive innovation, develop best practices and build benchmarks and tools for banks partnering with fintech companies.
“Alloy Labs has worked tirelessly to develop pragmatic business solutions to create standards and propel the future of finance,” said AFC CEO Phil Goldfeder. “As a trade association built on the foundation of responsible innovation and standards, AFC is uniquely positioned to complement the work of Alloy Labs by utilizing their data and work to pursue policies and regulatory guardrails that ensure the safe evolution of financial services. I have long admired Jason Henrichs and I am eager to join forces and work alongside him and his team.”
Alloy Labs is focused on building standards for the modern banking system. The institution has taken a leading role in developing industry solutions and standards for the Banking as a Service model, which helps banks and fintech companies of all sizes grow their businesses responsibly.
“The leadership of AFC is uniquely positioned to help lead the industry forward with their deep expertise in banking, technology, and regulation,” said Jason Henrichs, CEO of Alloy Labs. “We share a mission to advance responsible innovation that promotes inclusion and consumer protection while creating new sources of value for all constituents. Our complementary activities and areas of cooperation will accelerate our ability to help mature the industry more quickly than we could affect individually.”
The AFC and Alloy Labs will coordinate their collective efforts to best serve their membership, shared vision, and goals. The groups said Alloy’s success in building industry best practices, benchmarks and tools is the prefect foundation for AFC to educate policymakers, regulators, and industry participants about appropriate regulation and guardrails to balance consumer access with regulatory compliance and consumer protection.