As a leading business law firm, Shoosmiths has a long track record acting for clients, and on matters, in both the Technology and Financial Services sectors. We are used to supporting businesses (including financial institutions and service providers) across the entire technology landscape and lifecycle.
As well as this grounding in the foundations of FinTech, we also have deep experience in those areas where it has wider real world application and impact -including Retail, Telecoms, Banking and Wealth Management, M&A, Investment, Trading and Mobility.
As FinTech has evolved, so have we. Our team of specialist lawyers have the expertise and experience needed to guide and support clients across the FinTech ecosystem - from solution providers, disruptors, and investors, through to businesses and institutions looking to procure new products and services or to partner and collaborate.
We understand the unique balance which those engaged with FinTech must strike between innovation, complex commercial and technical arrangements, and wide-ranging legal and regulatory requirements. We also appreciate that the pace of change and fierce competition make agility and speed to market key.
If you are a FinTech business, our team can help you (amongst other things):
- establish and run a suitable business structure;
- understand and navigate regulation (including Financial Services, Credit, Payments, Consumer and Data Protection rules);
- design products, services and customer journeys in a compliant manner;
- protect and commercialise new ideas, innovations, and brands;
- manage HR, employment, and work permit issues;
- create terms and conditions of use; and
- put in place strategic supply and partnership arrangements.
If you plan to use FinTech to grow and transform your business, we can assist you in assessing potential new partners or suppliers, in running procurements, and in negotiating new collaboration or procurement agreements.
Finally, if you are looking to seize the investment opportunity presented by FinTech we can help you raise finance and investments, enter into joint ventures or strategic partnerships, acquire or dispose of businesses and assets, and ultimately carry out listings.
We achieve this through a combination of industry knowledge and experience (gained by many of our team having worked in-house), and market-leading expertise in key areas including:
- Software and systems development and implementation;
- Infrastructure, cloud, and other technology and sourcing arrangements (including by regulated businesses);
- Payments and e-money, including Buy-Now-Pay-Later;
- Peer-to-peer lending;
- Automated trading, including AI and ML-led strategies, systems, products and services;
- Open banking and finance;
- Consumer finance;
- Litigation and disputes;
- Investigations and enforcement;
- White collar crime;
- On-boarding, KYC / AML;
- AI / machine learning, and automation;
- Crypto assets and tokenisation;
- Corporate governance; and
- Competition and anti-trust.
Our team’s recent experience includes:
- Advising an international point of sale finance provider on a range of matters including, Financial Services and Payments regulation, Data Protection compliance, marketing and promotions, partnership agreements with payment platforms and merchants, affiliate and introducer arrangements, and terms and conditions
- Acting for a leading car sales business in connection with the creation of its new online channel including advising on its contracts for the sourcing of payment and related services and, for its (API) integration with finance brokers
- Advising the UK Government on its standard procurement terms for the purchase of a range of payment and related services including fraud detection and prevention and new “Open Banking” alternative payment methods. In 2020 the terms were used for the appointment of the first Payment Initiation Services provider (under PSD2) to the UK Government framework
- Acting for a number of financial services businesses (including household names) on digital transformation and procurement projects including: cloud hosting, bespoke reporting software, cloud-based SWIFT systems, payment transaction processing software, Applications Development and Maintenance, an API interface system for Open Banking, and the proposed outsourcing of a Bank’s entire IT operation on an end to end basis to one of the world's leading IT providers
- Advising suppliers of AI, analytics, and other tools to the banking and investment sectors
- Reviewing processes and systems for compliance (such as authentication processes, interfaces and contingency mechanisms), and advising on the content of customer journey screens in light of regulatory guidance and industry standards (e.g. Open Banking)
- Advising the provider of a SaaS / API based payment card programme management platform
- Advising a specialist provider of retail transaction analytics and fraud detection on its terms and conditions, Data Protection arrangements, and contracts with key customers
- Guiding clients (including household name retail and consumer businesses, transport operators, and solution providers) on their terms and arrangements for the supply and purchase of payment and related services (including acquiring, gateway, remittance, credit, e-money, digital wallets, closed loop cards, white-label arrangements, and buy-now-pay-later)
- Drafting a range of customer-facing documents including for cards of all types, online and mobile banking, e-wallets, overseas money transfers, payment apps and account information and payment initiation services
- Advising clients on regulatory issues ranging from data protection, to perimeter issues affecting retailers, and the limited network and telecommunications exclusions. Steering our clients and their products through regulatory approvals and change, whether short term (such as in response to Covid-19) or ongoing (e.g. European Banking Authority and FCA guidance)