PAS 201:2018

What is PAS 201 – fintech guide about? 

Financial technology (fintech) refers to the integration of technology into offerings by financial services companies in order to improve their use and delivery to consumers.  

PAS 201 provides a guide to fintech on the terms and approach used by many financial institutions for collaboration and commercialisation of new fintech propositions. It forms part of a wider body of work to develop a set of industry standards that will support fintech firms by providing them with a consistent understanding of what financial institutions will need from them before entering into partnership arrangements. 

PAS 201 specifies: 

• Key terms and definitions 
• A framework of the categories of information and checks and controls necessary to establish a commercial partnership 
• Guidance on the preparation, data gathering and steps that a Fintech can undertake to facilitate the due diligence, on-boarding, commercial and contractual processes 
• Data protection and information security considerations 

Note: PAS 201 does not cover: 

• Specific statutory, regulatory or legal requirements 
• Every jurisdictional or geographic, regulatory or market specific requirement 
• In-depth definition of processes which might be applied as part of establishing a partnership 
• Specific acceptance standards, as these can differ institution to institution 

Who is PAS 201 – fintech guide for? 

PAS 201 on Fintech Guide is useful for: 

• Fintech companies 
• Banks and other financial institutions 
• Technology accelerators and incubators 
• Industry related start-ups technology companies 
• Regulators 

Why should you use PAS 201 – fintech guide?  

Fintech companies partner with banks and other financial institutions to provide technology-driven commercial, customer or business propositions. However, the process of engaging with and onboarding to a bank can be time-consuming, costly and complex on both sides (involving legal, procurement and innovation teams). 

PAS 201 guides you to collaborating with financial institutions. It gives fintechs help with onboarding, establishing partnerships and with the commercialization of new fintech propositions. 

PAS 201 provides a framework to help fintech companies partner with banks and other financial institutions.  

PAS 201 provides you with an overview of both the commercial considerations as well as checks and controls that need to be satisfied to meet the business and regulatory demands of regulated financial institutions. It also supplies signposting to relevant standards, services etc.