Financial Services Tech Groups Merge
Amid continued banking industry belt-tightening, the Financial Services Roundtable has acquired the Financial Services Technology Consortium, the groups announced Thursday. The consortium, which sponsors non-competitive collaborative research and development of interbank technical projects affecting the financial services sector, will become a division of the Roundtable, which represents 100 of the largest integrated financial services companies. The merger creates a Roundtable Technology Group that will allow the best practices and technology policy developed by the Roundtable's BITS division to be translated into technical solutions by the FSTC division, providing full stewardship to member companies, according to a press release.
"The total is greater than the sum of the parts," Roundtable CEO Steve Bartlett said. "Having BITS and FSTC under one umbrella will dramatically provide better resources for less overhead. We are pleased that FSTC's relationship with the vendor community will bring another unique element to the Roundtable." Historically, BITS and FSTC have collaborated while maintaining separate but similar memberships. By combining the organizations, the merger will eliminate redundancies and streamline resources within the financial services industry, as well as formalize the pipeline of BITS-developed business requirements into FSTC's technical development projects, the groups said. Neither group has planned layoffs but the Consortium will reduce its use of contractors.
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