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PAS NOTES


IF YOU’RE INTERESTED IN DEVELOPING A PAS WITH BSI AND WANT TO KNOW MORE, CLICK HERE


BANKING ON INNOVATION


PAS Case study: How ‘PAS 201: Supporting


fi ntechs in engaging with fi nancial institutions’ is supporting growth and innovation in the fi nancial sector


B


SI has played a critical role in bringing together the banking industry and fi nancial technology (fi ntech)


companies to develop a PAS that supports collaboration to help deliver more innovative fi nancial products and services for customers. BSI’s credibility, neutrality and consensus- based approach were important factors in creating the conditions for large fi nancial institutions and agile, innovative fi ntech companies to work together for their mutual benefi t. PAS 201, published in November 2018,


provides guidance for fi ntechs to help them understand the requirements of fi nancial institutions that they are seeking to collaborate with on new products and services.


It has been written with the purpose of


helping early-stage fi ntechs with limited experience of working and partnering with fi nancial institutions. It is intended to reduce the complexity of collaboration between fi ntechs and banks and make what is known as the ‘onboarding’ process more straightforward.


Ultimately the guidelines aim to accelerate


fi ntech growth and reinforce the UK’s place as a global centre of innovation in fi nancial services, in line with the Treasury’s fi ntech sector strategy. The PAS was sponsored by Tech Nation, a membership organization made up of banks and other industry stakeholders. Tech Nation is an accelerator of change, bringing the banking industry together to solve industry- wide issues. The development of the PAS was


supported by the government-backed FinTech Delivery Panel’s (FDP) commitment to drive collaboration between fi ntechs and fi nancial institutions. The need for guidelines in this area was originally identifi ed in research commissioned by BSI in 2016 as part of the UK Fintech Standards roadmap. Jonathon Lyons was BSI’s commercial manager for the PAS, and he emphasised how BSI helped the different parties work together; “Our role is consensus building. We are the neutral party that brings together all the different stakeholders, the banks, large and small, Government, Tech Nation, the fi ntechs and consumers.


“There was healthy debate between banks


and fi ntechs but we didn’t come across any issues that were impossible to overcome. Everybody was able to air their opinions which enabled a consensus to be reached. “We were able to demonstrate ‘what good


looks like’ and ensure that the outcome was not biased towards one party. It has been well-received by banks and fi ntechs.” The PAS aims to reduce time spent, cost and risk for all parties. It is freely available to the 1,600 fi ntech companies currently operating in the UK and also to those international fi ntech companies wanting to engage with UK-based fi nancial institutions. Click here to see PAS 201.


Jonathon Lyons


WHAT IS FINTECH? CLICK TO READ


WHAT PAS 201 PROVIDES CLICK TO READ


CONTENTS


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