Fintechs and large financial institutions: new guidelines on how to collaborate
Tech Nation, set up to promote tech entrepreneurs in the UK, has announced a set of guidelines – published today – aimed at fintechs to… Read more
Tech Nation, set up to promote tech entrepreneurs in the UK, has announced a set of guidelines – published today – aimed at fintechs to help them and other SMEs engage with large financial institutions.
Sponsored by Tech Nation’s Fintech Delivery Panel and produced by the British Standards Institute with input from the UK’s 5 biggest banks and UK fintech startups, the guidelines are published here.
Any fintech considering a collaboration with a large financial institution should read these guidelines, which provide key guidance on the terms and approach used for collaboration and commercialisation of new fintech propositions including:
- key terms and definitions;
- information, checks and controls necessary to establish a commercial engagement;
- preparation, data gathering and steps that a fintech can undertake to facilitate and speed-up the due diligence, commercial and contractual processes; and
- data protection and information security considerations.
Although the guidelines are mainly aimed at fintech companies as the target audience, they can be used by any company wanting to engage with the big banks or other large financial institutions.