MVB Bank has selected Kobalt Labs to automate how it oversees its FinTech partners, with the technology set to support due diligence, continuous monitoring and marketing compliance reviews.
The West Virginia-based bank expects the AI-driven platform to reduce manual work across its partner lifecycle while creating a more consistent approach to risk oversight. It also expects the technology to streamline the onboarding and review experience for its FinTech partners.
Kobalt’s platform is designed to automate third-party risk management (TPRM) and compliance processes by extracting evidence, identifying control weaknesses and generating risk analyses. It can also benchmark policies and procedures against changing regulatory expectations and support reviews of security and marketing materials.
The company positions its platform as an AI-native approach to third-party risk and compliance, helping financial institutions assess vendors and FinTech partners without relying on manual document reviews. Kobalt said the technology can help institutions conduct faster and more consistent assessments while maintaining an audit trail for regulatory reviews.
Kobalt counts Chime, Upstart, Zions Bancorporation, Emprise Bank, Core Bank and Meriwest Credit Union among its clients.
MVB supports FinTech companies across areas including payments, card issuance and online gaming, alongside traditional retail and commercial banking. Its offering also includes money movement and embedded finance capabilities.
The partnership comes as banks face increasing demands around how they oversee third-party relationships, particularly as financial institutions expand their partnerships with FinTech companies.
Kobalt Labs CEO and co-founder Kalyani Ramadurgam said, “If you want to show your regulators you’re doing it right, you have to add consistency and scale with technology. We’re excited to partner with MVB and help them expand and automate their risk oversight.”
MVB Financial CEO and president Larry F. Mazza added, “MVB is committed to being at the forefront of technological innovation, and we’re always looking for fintech innovators like Kobalt who are shaping the future of the industry. We share a strong commitment to effective risk oversight and management while meeting regulatory requirements, and we’re confident this partnership will help us do that at scale.”
The two companies were connected by Klaros Group, an advisory and investment firm that works with financial institutions and FinTech companies. Its principal operating subsidiary, Klaros Advisors, advises banks, FinTechs, sponsor banks and embedded finance providers on regulatory and strategic matters.
Klaros Group co-founder and partner Adam Shapiro also commented, “Klaros is focused on helping financial institutions modernize risk and compliance in ways that are practical, regulatorily sound, and operationally impactful. Third-party risk management is one of the areas where banks are under real pressure to do more, faster, and with greater consistency.”
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