UK fintech and FIs get dating guide
Business standards company BSI, in association with the Fintech Delivery Panel, has launched new guidance to improve engagement between fintech companies and financial institutions, claiming to be “the first of its kind in the UK”.
These guidelines aim to accelerate fintech growth and reinforce the UK’s place as a global centre of innovation in financial services.
The new guidelines have been developed through sponsorship from the government-backed Fintech Delivery Panel – an initiative run by Tech Nation – and are part of HM Treasury’s Fintech Sector Strategy.
The document has been jointly created by Royal Bank of Scotland, Barclays, HSBC UK, Lloyds Banking Group, and Santander; banks sitting on the Fintech Delivery Panel.
Fintechs such as MarketInvoice, The ID Co., and iwoca, have also contributed to developing the guidelines.
Anil Stocker, CEO and co-founder at MarketInvoice, says: “There is a lot of guidance that can really help young fintechs. For me, culture is key. Both parties need to know and agree on a central mission in partnering. In our case, it was always about ensuring the highest level of customer service in helping UK businesses.”
The Publicly Available Specification (PAS) seeks to set the UK apart by clarifying the process for fintech companies and financial institutions alike. It aims to reduce time, cost and risk for all parties.
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, on-boarding, commercial and contractual processes, as well as data protection and information security considerations.