U.S. banking industry lobbyist, the Financial Services Roundtable, is absorbing the research group known as the Financial Services Technology Consortium.

The FSTC will become a division of the FSR, responsible for translating the best practices and policy developed by the FSR’s technology division (known as the BITS division) into technical solutions.

The groups note that they have historically collaborated, while maintaining separate but similar memberships. Combining the organizations will cut costs for the financial industry firms that fund both organization and it will formalize the pipeline turning policy ideas into technical development projects.

“The total is greater than the sum of the parts,” said Steve Bartlett, president and CEO of the FSRo. “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.”