Thomas Priore on Regulatory Compliance in Fintech Banking
As the fintech industry continues to evolve rapidly, regulatory oversight is becoming increasingly important. Thomas Priore, CEO of Priority, recognizes this shift and has positioned his company to meet the challenges of a more regulated environment.
“We actually want regulation, we want a rigor around operators in the space,” Priore has stated. Unlike some fintech companies that prioritize speed and innovation over compliance, Priority has taken proactive steps to ensure it meets and exceeds regulatory requirements.
Priority is a licensed money transmitter in all 50 U.S. states, a status that requires significant resources of time and money to maintain. “The transactions that run through our licenses are reported to the regulatory authorities, every single one of them,” Priore explains. This commitment to compliance gives Priority a competitive advantage as regulations become more stringent.
Security is another area where Priority excels. “We’re exceedingly rigorous around our security and our audit process. The way I would describe it is ‘money center bank quality,'” says Priore. This approach has helped Priority establish strong relationships with traditional banks, including Wells Fargo, one of its largest processing partners.
Unlike some fintechs that aim to disintermediate banks, Priority has adopted a collaborative approach. “There’s been so much talk in fintech of disintermediating banks. And I think that’s a mistake,” Priore notes. “There are things that banks do very well. Banks are still the largest pool of assets globally.”
With 4 distinct product offerings designed to complement rather than replace traditional banking services, Priority has positioned itself as a partner rather than a competitor to established financial institutions. This collaborative strategy, combined with a strong focus on regulatory compliance, has enabled Thomas Priore to build a fintech company that is well-prepared for the future.
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Thomas Priore on Regulatory Compliance in Fintech Banking
As the fintech industry continues to evolve rapidly, regulatory oversight is becoming increasingly important. Thomas Priore, CEO of Priority, recognizes this shift and has positioned his company to meet the challenges of a more regulated environment.
“We actually want regulation, we want a rigor around operators in the space,” Priore has stated. Unlike some fintech companies that prioritize speed and innovation over compliance, Priority has taken proactive steps to ensure it meets and exceeds regulatory requirements.
Priority is a licensed money transmitter in all 50 U.S. states, a status that requires significant resources of time and money to maintain. “The transactions that run through our licenses are reported to the regulatory authorities, every single one of them,” Priore explains. This commitment to compliance gives Priority a competitive advantage as regulations become more stringent.
Security is another area where Priority excels. “We’re exceedingly rigorous around our security and our audit process. The way I would describe it is ‘money center bank quality,'” says Priore. This approach has helped Priority establish strong relationships with traditional banks, including Wells Fargo, one of its largest processing partners.
Unlike some fintechs that aim to disintermediate banks, Priority has adopted a collaborative approach. “There’s been so much talk in fintech of disintermediating banks. And I think that’s a mistake,” Priore notes. “There are things that banks do very well. Banks are still the largest pool of assets globally.”
With 4 distinct product offerings designed to complement rather than replace traditional banking services, Priority has positioned itself as a partner rather than a competitor to established financial institutions. This collaborative strategy, combined with a strong focus on regulatory compliance, has enabled Thomas Priore to build a fintech company that is well-prepared for the future.