Centre for Finance, Innovation and Technology (CFIT)

We’ve been on a mission to develop digital verification solutions for businesses that will enhance secure access to finance, working alongside partners from a range of industries including finance, technology, policy and academia. The interim findings report from our economic crime coalition highlights the work we have done to build models which will inform how a digital company ID will be created. Through collaboration with banks, data providers and leading fintech firms, we are working towards producing a working prototype, with a final report to be published by CFIT in March 2025. This new digital company ID will allow businesses to store, manage and share their financial data, enabling them to trade better and quicker, through the elimination of fraud. The development of digital IDs has the potential to transform the UK’s finance sector, driving innovation, facilitating competition and ensuring security, as outlined by the Chancellor, the Rt Hon Rachel Reeves, in her inaugural Mansion House speech. We would like to thank our coalition partners for their invaluable contributions to this work, and we look forward to building on this momentum, unlocking the full potential of financial services innovation. Read the full White Paper here: https://lnkd.in/e4PXMt3p #FinTech #Innovation #FinancialServices #EconomicCrime #DigitalVerification

CFIT welcomes Which?’s ‘Building Consumer Trust with Smart Data’ report, featuring insights from our Head of Programmes and Policy, Teresa Lam. Key highlights include: 📈 How Smart Data schemes can be leveraged to drive economic growth, with CFIT’s recommendations on fraud prevention and SME lending highlighted as quick and effective solutions. ⚠ How the lack of accessible data can lead to consumers being offered unsuitable financial products. 💡 A consumer-first approach to data empowers individuals to take control of their personal information. We’re proud to support trust-building in smart data through the work of our Open Finance coalition, which is being put into action with Citizens Advice. Similarly, the CFIT-chaired SME Finance Taskforce and our coalition on Economic Crime are working to prevent fraud and improve SME access to finance.   With the UK’s Open Banking sector worth £4.1bn, the potential is immense, but regulatory clarity and consumer trust are key. That’s why CFIT remains dedicated to building a trusted smart data economy in the UK through collaboration, transparency, and innovation. 👇 Read the full report below #SmartData #OpenFinance #FinancialServices #Innovation

Earlier this week, we released the interim findings from the CFIT-led coalition addressing Economic Crime. 💡Our Chair, Charlotte Crosswell OBE, shares her insights on the work below. #FinTech #Innovation #FinancialServices #EconomicCrime

This week, we published the interim findings White Paper from our Economic Crime coalition, revealing progress made towards creating a digital company ID which will contribute to the £600 million annual addition to the UK economy from the widespread use of secure digital identities. Our Chair, Charlotte Crosswell OBE, sat down with ComputerWeekly.com to discuss the progress made towards developing a digital company ID model that simplifies business operations and strengthens security. This digital ID will exclude bad actors upfront, reduce compliance costs for financial institutions, and improve customer experience by streamlining verification across platforms. We’d like to thank our coalition partners for their invaluable contributions. A&O Shearman, Alliance Manchester Business School, Bank of England, Ctrl-Shift, Daon, FinTech Wales, Funding Circle UK, Global Legal Entity Identifier Foundation (GLEIF), UK Home Office, Konfir, LexisNexis Risk Solutions, NayaOne, Oliver Wyman, Revolut, Smart Data Foundry, Sopra Steria, The Payments Association, UK Finance, Virgin Money, Visa Read the full piece here: https://lnkd.in/dSr9nZgK   #FinTech #Innovation #FinancialServices #EconomicCrime #DigitalVerification

We’ve been on a mission to develop digital verification solutions for businesses that will enhance secure access to finance, working alongside partners from a range of industries including finance, technology, policy and academia. The interim findings report from our economic crime coalition highlights the work we have done to build models which will inform how a digital company ID will be created. Through collaboration with banks, data providers and leading fintech firms, we are working towards producing a working prototype, with a final report to be published by CFIT in March 2025. This new digital company ID will allow businesses to store, manage and share their financial data, enabling them to trade better and quicker, through the elimination of fraud. The development of digital IDs has the potential to transform the UK’s finance sector, driving innovation, facilitating competition and ensuring security, as outlined by the Chancellor, the Rt Hon Rachel Reeves, in her inaugural Mansion House speech. We would like to thank our coalition partners for their invaluable contributions to this work, and we look forward to building on this momentum, unlocking the full potential of financial services innovation. Read the full White Paper here: https://lnkd.in/e4PXMt3p #FinTech #Innovation #FinancialServices #EconomicCrime #DigitalVerification

Digital verification innovation will transform how consumers and businesses engage with the financial services sector  Centre for Finance, Innovation and Technology (CFIT) leadership bringing together a range of stakeholders in tackling economic crime will make it easier for businesses to access financial services.  The White Paper published today highlights how this industry leadership can have real positive impact. Terrific leadership by Leon Ifayemi Teresa Lam #FinTech #Innovation #FinancialServices #EconomicCrime #DigitalVerification  Charlotte Crosswell OBE Alex Marsh ★ Madush Gupta ★

Digital identities hold huge potential, bringing estimated economic benefits of £600 million per year while mitigating up to £3 billion in fraud losses.    🤝 CRIF was pleased to work as part of the CFIT-led coalition to design a digital company ID prototype in the UK, giving businesses greater legitimacy, certainty and confidence when trading. We look forward to continuing to work with CFIT and other partners on this important work that will further innovation, boost productivity and support economic growth. https://lnkd.in/dM4rwAwx

Centre for Finance, Innovation and Technology (CFIT) have progressed its industry-wide coalition towards creating a digital company ID that will counter economic crime, contribute to the £600M annual ADDITION to the UK economy 🇬🇧 🪪 🏦 The coalition of over SEVENTY leading FIs and technology companies, led by CFIT, have worked to design a digital company ID to make securing finance and conducting day-to-day business quicker AND less vulnerable to fraud. 👏 🛡️ Supported by Rt Hon Rachel Reeves, the research undertaken by the coalition since its launch has PROVEN that widespread adoption of a digital company ID would help prevent fraud, boost efficiencies for banks and other FIs by saving them time, reduce financial services compliance costs AND enable the creation of a SECURE smart-data economy. 👨💻 Monzo Bank Business, General Manager, Jordan Shwide said: “Driving innovation and supporting initiatives that make life easier for SMEs is in our DNA – so we’re incredibly excited to be part of this coalition exploring the potential positive benefits of digital verification. This not only enables quicker access to financial services for legitimate businesses, but it also means lots of business information lives in one place. This should make it harder for scammers to set up fake companies and ultimately help prevent people falling victim to fraud.” Read more on the link below! 👇 Ezechi Britton MBE Charlotte Crosswell OBE Andrew Silverman Ksenia Grant Lloyds Bank Daniel Stewart Elyn Corfield Phale M. Stephanie Melrose NatWest Group Irina Sukhikh #cfit #digitalID #economiccrime #fraudprevention #ukeconomy #regulatorycompliance #banking #financialservices #digitalcompanyID #smarteconomy

The Centre for Finance, Innovation and Technology has revealed details of the progress made towards creating a digital company ID that it hopes will counter economic crime and add millions to the UK economy. Find out more here #tech #news #digitalID Centre for Finance, Innovation and Technology (CFIT)

New white paper from Centre for Finance, Innovation and Technology (CFIT) on Fighting Economic Crime Through Enhanced Verification stresses the importance of being able to connect company IDs to UK PSC data as well as to work out who the UBO is (OpenCorporates, Open Ownership)