Piermont Bank CEO: Strict risk discipline is crucial when working with fintech clients

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Piermont Bank CEO Wendy Cai-Lee said banks should review fintech clients by the same standards as large lending clients, strictly conduct due diligence, onboarding and ongoing monitoring, and adhere to contractual terms when clients violate reserve requirements. Piermont is expanding its embedded banking services to cover beneficiary accounts, card issuance and embedded lending; it recently also established partnerships with BlxckPay and MassPay.