Twelve large investment banks will collaborate on a technology initiative aimed at cutting the cost of operational mishaps, which can tie up hundreds of millions of dollars in regulatory capital they say could be used to fuel economic growth.

In a rare example of banks teaming up with a regtech firm, Credit Suisse, Standard Chartered, Societe Generale and others have signed up to an operational risk management platform run by Acin, a start-up launched earlier this year by former bankers and consultants.