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JPMorgan, Wells Fargo Form Company to Handle Partnership Vetting

  • AmEx, BofA are also involved in forming new company TruSight
  • TruSight offers rick assessments amid wave of fintech deals

Wall Street firms including JPMorgan Chase & Co. and Bank of America Corp. formed a group to help manage risks from partnerships as banks increasingly agree to tie-ups with fintech companies.

American Express Co. and Wells Fargo & Co. also helped establish the company called TruSight, which will help banks streamline risk assessments of suppliers and partners, according to a statement issued Tuesday. The company expects to begin working with its four founders in the first quarter of 2018 before offering services to other banks later in the year, said Abel Clark, chief executive officer of the new venture.