Business improvement company BSI and the government-backed Fintech Delivery Panel have launched new guidance to improve engagement between FinTech companies and financial institutions.
The guidelines have been jointly created by the Royal Bank of Scotland, Barclays, HSBC UK, Lloyds Banking Group and Santander, which sit on the Fintech Delivery Panel. FinTechs such as MarketInvoice, The ID Co. and iwoca also contributed, with all parties identifying the issues that prevent startups and established firms becoming allies.
The Publicly Available Specification guide - PAS 201:2018 - seeks to set the UK apart by clarifying the process for FinTechs and industry incumbents alike, reducing time, cost and risk for all parties.
It will be freely available not only to the 1,600 FinTechs currently operating in the UK, but also to those international FinTechs wanting to engage with UK-based financial institutions.
The guide also provides an explanation of both the commercial considerations and the necessary checks and controls that need to be satisfied to meet business and regulatory demands. This includes recommendations on preparation, data gathering, due-diligence, onboarding, commercial and contractual processes, as well as data protection and information security considerations.
John Glen, economic secretary to the Treasury, said: “The UK is a trailblazer in FinTech, but to be the best in the world we need to make it as easy as possible for newcomers to collaborate with the bigger players.
“That's why we helped to set up the Fintech Delivery Panel, and thanks to the guidelines published today the industry will be able to work closer together, benefiting customers across the country.”
Dan Palmer, head of manufacturing and services at BSI, added that it is vital that we make it easier for FinTech companies to engage with established banks. “Not only will this collaboration improve services for customers, but it will also ensure that the UK remains at the forefront of the financial sector.
“These guidelines should facilitate these engagements, allowing FinTechs to navigate the choppy waters of the pitch process with relative ease.”
Latest News
-
BBVA pushes ahead with Sabadell takeover despite government merger restrictions
-
Yonder rolls out debit cards
-
Klarna integrates services into Bolt payment platform
-
Monzo top UK bank for SME current account switch gains in 2024
-
UK regulator says Mastercard and Visa are breaking competition law
-
Kraken launches global money app
Banking's GenAI evolution: Beyond the hype, building the future
In the first episode of a three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech explores how financial institutions can navigate the transformative potential of Generative AI while building lasting foundations for innovation.
Beyond compliance: Transforming document management into a strategic advantage for financial institutions
In this exclusive fireside chat, John Rockliffe, Pre-Sales Manager at d.velop, discusses the findings of Adapting to a Digital-Native World: Financial Services Document Management Beyond 2025 and explores how FSIs can turn document workflows into a competitive advantage.
Sanctions evasion in an era of conflict: Optimising KYC and monitoring to tackle crime
The ongoing war in Ukraine and resulting sanctions on Russia, and the continuing geopolitical tensions have resulted in an unprecedented increase in parties added to sanctions lists.
Achieving operational resilience in the financial sector: Navigating DORA with confidence
Operational resilience has become crucial for financial institutions navigating today's digital landscape riddled with cyber risks and challenges. The EU's Digital Operational Resilience Act (DORA) provides a harmonised framework to address these complexities, but there are key factors that financial institutions must ensure they consider.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories