Fintech onboarding guidelines by UK’s 5 largest banks
Tech Nation’s Fintech Delivery Panel, in association with the British Standards Institution (BSI) has just released new guidance to improve engagement between fintech companies and financial institutions.
This is the first time ever that such a document is being produced.
RBS, Barclays, HSBC UK, Lloyds Banking Group, and Santander worked with many fintechs produce this document. One of this fintech was Scottish based fintech The ID Co.
Call For more collaboration
We can expect a 82% increase in partnerships between fintech companies and large financial institutions within the next three years.
However collaboration isn’t always easy and these guidelines are trying to address some of those issues.
Some of the key points
Communication: it is important for fintechs to focus on explaining to banks how a long term partnership is possible as opposed to focussing on a specific problem at a given time.
Be prepared: Regardless of one’s willingness to partner with a fintech commercial considerations, checks and controls can’t be bypassed. Fintechs need to be ready to answer questions on preparation, data gathering, due-diligence, onboarding, commercial and contractual processes, as well as data protection and information security considerations.