Supporting FinTechs in Engaging with Financial Institutions
By Matt James, Head of Scouting UK & Europe, RBS
One of the things that I often hear from fintechs in my work a part of RBS’s Innovation team is that engaging with Banks can be an opaque and somewhat painful experience. So when I joined the Fintech Delivery Panel (FDP) it gave me an opportunity to work with colleagues from across the industry to tackle this widely felt problem. Any great engagement is underpinned by open communication and mutual understanding, so we set about creating a toolkit that would help fintechs and banks work together better. The first step has been to create a guidance document that provides an explanation of both the commercial considerations and the necessary checks and controls that banks undertake to satisfy business and regulatory demands.
The project has been included as one of the elements of HM Treasury’s Fintech Sector Strategy. It has been developed in collaboration with the British Standards Institute and jointly sponsored by Royal Bank of Scotland, NatWest, Barclays, Lloyds Banking Group HSBC and Santander.
The FDP is pleased to be able to now publish the draft, ‘Supporting fintechs in engaging with financial institutions – a guide’, for public consultation. If you would like to provide feedback into the draft please go to: http://drafts.bsigroup.com/Home/Details/59731. To download, review and comment on the draft you will need to register for free. The closing date for consultation is 11th July 2018.
More information on the work of the Fintech Delivery Panel can be found here: https://technation.io/about-us/fintech-delivery-panel/