CFES Announces Qualified Assessor Program to Advance Fintech Certifications

The Coalition for Financial Ecosystem Standards (CFES), an industry-led organization for banks, fintechs, and other companies that sets audit-ready standards that promote safety and soundness, announced the launch of its Qualified Assessor Program. This program enables qualified third-party firms to conduct independent certifications against CFES standards and the STARC framework. The program establishes comprehensive assessor criteria, structured training requirements, and ongoing quality management to ensure each certification maintains the same high standards.

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CrossCheck Compliance, FS Vector, FTI Consulting, and Wipfli have completed the necessary requirements to be part of the Qualified Assessor Program.

“As bank-nonbank partnerships become increasingly central to financial services innovation, the ecosystem requires robust, standardized frameworks for evaluating compliance and risk management capabilities,” said Sima Gandhi, co-founder of CFES. “This program ensures we’re creating the market foundation necessary for standards-based compliance to become the norm rather than the exception.”

The program responds to increasing demand from both fintechs seeking certification and banks seeking standardized compliance assessments of their nonbank partners. By establishing a formal assessor qualification program with rigorous training, criteria, and ongoing management, CFES is building the professional infrastructure necessary to serve a growing ecosystem.

“We’re excited to partner with CFES and contribute our expertise to its assessment process supporting fintechs to implement an effective compliance program, allowing them to scale with confidence while preserving customer and bank partner trust,” said James Jorgensen, president and CEO of CrossCheck. “STARC provides a much-needed framework that aligns expectations, strengthens partnerships, and supports a more resilient financial ecosystem.”

Assessors complete specialized training before conducting assessments related to CFES certifications. The certifications cover areas including BSA/AML, Compliance Management System (CMS), Third-Party Risk Management (TPRM), Complaint Handling, Operational Risk, and Marketing and Product Compliance.

“As innovation moves faster, expectations from regulators, the board room and customers are rising just as quickly,” said Anna Kooi, Partner at Wipfli. “Independent, standards-based oversight isn’t optional anymore – it’s essential to building resilient partnerships and sustaining confidence across the financial ecosystem. Our clients are asking how to innovate responsibly in environment, and independent assessments anchored in clear standards give leaders the clarity they need to move forward with confidence.”

As CFES releases additional specialized modules – such as lending, payments, and other product-specific standards – qualified assessors will be authorized to conduct assessments in these areas after completing required module-specific training. This training-first approach ensures assessors maintain expertise across the evolving standards landscape while providing continuity for the program.

This program builds upon recent initiatives to strengthen fintech ecosystem alignment such as the launch of Lending Module and Lending Checklist and the Bank Advisory Committee.

CFES continues to welcome additional financial institutions interested in participating in the Qualified Assessor Program, Bank Advisory Committee, or other CFES initiatives, to support the mission to create a safer and more dynamic financial services ecosystem.

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