Technology is changing the face of banking around the world, providing people and businesses with better ways to handle their money and access innovative products. We work closely with fintechs to make sure that we can continue to support our customers through leading technological solutions.
We’ve signed the Fintech Pledge that's supported by HM Treasury and powered by Tech Nation. Through the Pledge, where we work with fintechs for creative collaborations we promise to give clear guidance on how the onboarding process works. This will help fintechs find partners to start and scale their solutions and make sure that the UK continues to be a leader in the global fintech industry.
The Fintech Pledge has five principles.
- Provide clear guidance to technology firms on how the onboarding process works through a dedicated online landing page.
- Provide clarity to tech start-up firms on their progress through the onboarding process.
- Provide a named contact, guidance and feedback.
- Encourage good practice and improvement.
- Commit to implementing this process 6 months from signing this pledge and providing bi-annual feedback in the first year.
We want to make sure your onboarding process is as simple as possible. Take a look at the steps below to find out how we do this. Our onboarding process may be different depending on certain things. For example, the nature of the service you provide to us or the certifications your company holds.
- A service manager will be your point of contact throughout all stages of sourcing and onboarding, as well as throughout your partnership with us. They’ll support with any questions you may have and will keep you posted on what stage you are at in the process.
- We may invite you to a pitch to give you the opportunity to demonstrate what you can offer and to make sure that we work well together. We may ask you to sign a Non-Disclosure Agreement (NDA) at this point.
- If we decide to partner with you, we’ll begin our onboarding due diligence. This may include a request to complete the Financial Services Qualification System (FSQS). Your service manager will keep in close contact with you and will support you through this stage.
- A Proof of Concept (POC) may be required to test delivery. POCs allow us to quickly decide the potential success of a collaboration, are usually short, and are closely monitored. If we decide that a POC will support delivery, our standard set of POC Terms and Conditions will be shared with you to sign. At this point, we may want to gather some initial data on your organisation and the risk controls you have in place at a POC stage.
- Following a POC, if the product you are offering is of interest to us, we’ll work with you, alongside our partner organisation Aquanima, to make sure that your proposition is commercially and operationally attractive and we can develop a partnering relationship.
- On successful completion of due diligence or following a POC, the final contract will be drafted and completed through electronic signature, a start date will be agreed, and we’ll share a purchase order with you as soon as we’re able to.
- To make sure we continue to get the most out of our relationship, your service manager will continue to keep in close contact.