Fintech on-boarding made easy
The Fintech Pledge commits to nurturing the relationship between start-up technology companies and banks; to partner with each other to drive better consumer and client outcomes.
A world-first initiative, the Fintech Pledge will set global-leading standards for the establishment of efficient and transparent commercial partnerships between banks and Fintech firms.
The UK Financial Services sector is a critical part of the UK economy, and banking institutions represent a major part of its financial infrastructure, contributing £132 billion to the UK economy in 2018 (6.9% of the total economic output). Subsequently leading to record levels of scale-up investment into UK Fintech firms of £4.9bn in 2019.
In recognition of the vital role banks play in the economy, fostering growth through innovation for their customers; signatories to this pledge are committed to creating smooth and collaborative relationships between start-up and scaling tech firms through on-boarding into their businesses and adhering to the Five Fintech Principles. This relationship that The Co-operative Bank hopes to foster with technology companies will hopefully bring new, innovative services and digital capabilities to our customers.
On-boarding in six, clear steps
As we’re signatories to the Fintech Pledge, we’re committed to making the on-boarding process as simple as possible.
- Initial contact with our procurement team. This could be by engaging us directly at procurementhelpdesk@co-operativebank.co.uk, or it may be that you’ve already had initial discussions with a contact at The Co-operative Bank, who would then engage with our procurement team.
We’ll review your request and give you a point of contact. Our procurement team will review your request and assess the requirements against it. At this stage, you’ll be given a named contact to liaise with.
Exchange of information. At this stage we may require further details of the proposed service or solution to continue to conduct due diligence and gain further insight. This is likely to include IT requirements and design, amongst other elements dependant on the service being provided.
We’ll work together to create the contract. Our procurement and business teams will liaise with you to agree the details of the contract, including terms and conditions and commercial arrangements etc. aiming to ensure all parties are comfortable with this and everything is documented accurately.
Once everyone’s happy, on-boarding will begin. This process will include things such as supplier records set-up to reflect correct company information, establishing payment details and relevant authorisations, and services will commence.
Support managing on-going pledge requirements. As agreed at contracting stage (stage four) on-going management will take place to review performance measures, compliance, ongoing due diligence etc. But the frequency of this, required content and governance obligations will be discussed during contracting— so it will be a pre-agreed arrangement you’re happy with.
Not found what you're looking for?
Contact our support team