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Large Banks Group To Form Separate Company To Vet Service Providers

Four of the nation’s largest financial services organizations have created a separate company that will standardize vetting of third-party service providers.

The financial services firms — Bank of America Corp., JPMorgan Chase & Co., Wells Fargo & Co., and American Express Co. — have created a company called TruSight.

The aim of the new company is to evolve vetting of service providers from multi-page questionnaires that ask hundreds of questions and then engage in a back-and-forth to determine whether there is a good fit between the two companies. A wave of innovation in the financial services space is increasing the number and the complexity of partnerships that financial services institutions engage in with third parties.

An additional number of financial services providers may be invited to join TruSight and gain the benefits of a standardized vetting process.

TruSight will begin its vetting process next year, the company’s CEO announced.

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