IBOS member Royal Bank of Scotland (RBS) co-develops new government-backed guidelines, which is the first of its kind in the UK, to accelerate engagement between FinTech and financial institutions.
The guidelines aim to reinforce the UK as a global centre of innovation in financial services. Financial institutions expect an 82% increase in partnerships with FinTech companies within the next three years, demonstrating an increase in appetite for collaboration.
The new guidelines have been developed through sponsorship from the 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 the UK’s top retail banks – including RBS – sitting on the Fintech Delivery Panel. Leading fintechs, such as MarketInvoice, The ID Co., and iwoca, also contributed to developing the guidelines, with all parties coming together to identify and address the issues that prevent fintechs and financial institutions from becoming successful allies.
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.
Read the full release in RBS here.