What is this PAS about?
Fintech (financial technology) companies partner with banks and other financial institutions to provide technology-driven commercial, customer or business propositions. However the process of engaging with and onboarding to a bank can be time-consuming, costly and complex on both sides (involving legal, procurement and innovation teams).
This PAS is a guide to collaborating with financial institutions. It gives fintechs help with onboarding, establishing partnerships and with the commercialization of new fintech propositions.
Who is this PAS for?
- Fintechs
- Banks and other financial institutions
- Technology accelerators and incubators
- Industry related start-ups
- Regulators
Why should you use this PAS?
It provides a framework to help fintech companies partner with banks and other financial institutions.
It provides an overview of both the commercial considerations and checks and controls that need to be satisfied to meet the business and regulatory demands of regulated financial institutions. It also supplies signposting to relevant standards, services etc.
Specifically it offers:
- Key terms and definitions
- A framework of the categories of information and checks and controls necessary to establish a commercial partnership
- Guidance on the preparation, data gathering and steps that a Fintech can undertake to facilitate the due diligence, on-boarding, commercial and contractual processes
- Data protection and information security considerations
NOTE: The PAS does not cover:
- Specific statutory, regulatory or legal requirements
- Every jurisdictional or geographic, regulatory or market specific requirement
- In-depth definition of processes which might be applied as part of establishing a partnership
- Specific acceptance standards, as these can differ institution to institution