Braid Fintech Readiness Assessment (BFRA)
Streamlined Compliance and Risk Assessment for Fintechs/MSBs and Braid Banks
What is the BFRA?
The Braid Fintech Readiness Assessment (BFRA) is a two-phase service designed to streamline and strengthen the onboarding process for Fintechs and MSBs seeking partnerships with Braid banks. Developed in collaboration with MSB Compliance Inc., the BFRA equips both applicants and banks with risk-based evaluations to ensure readiness and compliance alignment.
How BFRA Works
Phase 1: Initial Application & Due Diligence
• Targeted review of compliance frameworks, governance, and operations.
• Applicants receive a risk assessment report with one of three outcomes: Referral, Qualified Referral, or Risk Mitigation Required.
Phase 2: Enhanced Due Diligence (EDD)
• In-depth evaluation of AML/CFT compliance readiness, financials, governance, and operational risks.
• Delivery of a comprehensive report with tailored risk mitigation recommendations.
Key Benefits
• Streamlined Onboarding: Minimize delays and improve readiness for banking partnerships.
• Risk Mitigation: Identify compliance risks early to enable informed decision-making.
• Regulatory Alignment: Support AML/CFT and Sanctions compliance expectations.