How a ‘Partner-First’ Mindset Forges Bank and FinTech Bonds

The payments ecosystem thrives on collaboration. After all, in a world where consumers expect seamless, one-click experiences, no single player can do it all. Partnerships allow businesses to tap into each other’s strengths.

Think of it this way: If payments were a nightclub, Visa and Mastercard would be the superstar DJs, but the real party happens when FinTech startups, banks and merchants get together on the dance floor.

“We look for partners who not only bring innovative solutions that align to the needs of our clients and our merchants but also align to the vision of making payments as seamless and value-driven as possible,” Weilynn Tan, head of Ecosystem Partnerships, SVP Product Integrations at North, told PYMNTS.

Navigating a multi-partner ecosystem is no small feat. For Tan, the key lies in a data-driven approach to tracking engagement, focusing on metrics such as adoption rates, transaction volume, customer retention and, of course, revenue.

“Partnerships don’t really end when you sign the contract. It starts,” she noted, emphasizing that regular meetings with key partners to align on KPIs and assess the health of the relationship are critical to North’s partnership strategy.

The human touch also remains central to any partnership approach.

“It’s kind of like the partnerships and relationships that we have as people. I take that personal approach to my work partnerships as well,” Tan said.

This philosophy helps North maintain strong, value-driven relationships with partners, she said, even as customer journeys become increasingly complex and influenced by multiple touchpoints.

The Art of Vetting and Scaling Partnerships

At the core of North’s partnership strategy is a rigorous vetting process designed to identify partners that can enhance the ecosystem while embracing continuous growth. Tan emphasized the importance of structured engagement, leveraging quality standards and data-driven performance tracking to align incentives and expand total addressable markets.

Tan and North approach integrations with a blend of flexibility and structure, emphasizing API-first methodologies while bridging the gap for partners with older systems.

“Finding partner solutions that can help bridge those gaps of legacy systems is really important to continue growing,” she said. “My goal is to make integrations as frictionless as possible, which means lots of robust documentation, developer support and ensuring our systems internally and externally talk to each other in a way that feels natural for the merchants.”

North’s adaptability shines through in its integration strategies. Tan cited an example where North embedded a payments feature into an appointment scheduling product’s booking flow, transforming what was once a basic feature into a significant revenue driver. This adaptive integration contrasted with a simpler sales tax automation provider integration, demonstrating the company’s capability to handle diverse complexities with tailored approaches.

While the FinTech space may have experienced an initial rush of partnerships during its early boom years, Tan believes the ecosystem has matured into a more strategic phase. This shift reflects a broader trend toward quality over quantity in partnerships, as companies prioritize strategic fit and market impact.

“The players who are key value-added services are really choosing where they want to place themselves for the most meaningful distribution and where they can get the most addressable market for the least cost,” she said.

Cultivating Partner Loyalty With Customization and Scalability

As payment services become increasingly commoditized, maintaining partner loyalty requires more than financial incentives.

Tan highlighted the importance of being a “really good partner,” which involves showing up to meetings prepared, consistently aligning on KPIs and demonstrating a genuine interest in understanding and supporting partner products.

North fosters loyalty through strategic value drivers such as co-marketing opportunities, joint product development and providing partners access to its network. “A big part of maintaining our partners’ loyalty is all of that, and making sure partners feel like they’re also growing with us and not just transacting,” Tan said. “That’s very important.”