Tech Nation launches FinTech Pledge to strengthen bank collaboration

Tech Nation has launched the FinTech Pledge with support from the Treasury and the Fintech Delivery Panel, to foster "enhanced collaboration" between banks and FinTech firms.

The pledge is aimed at setting standards for the establishment of efficient and transparent commercial partnerships between banks and FinTechs.

The key principles rest upon the banks providing clear guidance to technology firms on the onboarding process through a dedicated landing page, and providing clarity on progress through being onboarded. They will provide a named contact, as well as guidance and feedback, and encourage good practice and improvement. It also commits banks to implementing these principles and practices within six months of signing.

From today, banks will have the opportunity to volunteer as signatories to the pledge, with Barclays, HSBC, Lloyds Banking Group, NatWest Group and Santander already becoming signatories through their involvement as members of the Fintech Delivery Panel.

That panel has also named some new members, with representatives from Monzo, Transferwise, OakNorth and Atom Bank joining as the panel moves to "chapter 2.0", tackling new challenges presented by COVID-19 and Brexit.

John Glen, economic secretary to the Treasury, said: “The UK is already the best place in the world to start and grow a FinTech, and we’re committed to that remaining the case as our economy bounces back."

Eileen Burbidge, chair of the Fintech Delivery Panel and partner at Passion Capital, commented: "The FinTech Pledge, with the support of the Treasury and the five largest banks in the UK, will support transparent and efficient collaboration, ensuring that the UK continues to lead the world in innovation and sector growth."

Mark Ashton Rigby, group chief operating officer at Barclays, added: “Helping technology companies to start up and scale is a key part of our role as a bank - the pledge will support transparent and efficient collaboration between Barclays and early-stage FinTech companies, which will ultimately provide solutions, products and services to benefit our customers and clients."

The five principles of the pledge are as follows:

1. Provide clear guidance to technology firms on how the onboarding process works through a dedicated online landing page.
2. Provide clarity to tech start-up firms on their progress through the onboarding process.
3. Provide a named contact, guidance and feedback.
4. Encourage good practice and improvement.
5. Commit to implementing this process six months from signing this pledge and providing bi-annual feedback in the first year.

The pledge is voluntary, but banks commit to adhering to the principles defined in the pledge for as long as they are signatories. They will be listed on Tech Nation’s website and will display the pledge’s logo in a prominent place of their choosing on their website.

Pledge signatories will be required to provide a senior sponsor from within the institution and a named person responsible for updating the Fintech Delivery Panel’s onboarding working group on progress.

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