Digital verification has the potential to safeguard against £3 billion in fraud losses but also to act as a catalyst for new financial and cross-sectoral services, adding to economic growth across the UK. For instance, adapting digital data verification across a range of products and services could deliver circa £800m per annum to the UK economy, amounting to a potential £4.8bn in value added from 2024-2030 (source: City of London’s Vision for Economic Growth report). For businesses, digital verification could save time and cost by avoiding duplicating data entry. For banks and other financial institutions, it enhances and potentially streamlines their client on-boarding and KYC / KYB processes.
We believe enhanced business verification could help streamline and strengthen existing processes, such as onboarding and payment verification. It will instill confidence and trust in the ecosystem, and act as a catalyst to unlock different use cases across sectors, including Open Finance. The coalition’s work will demonstrate how, by enhanced business verification, there would be positive outcomes and tangible benefits, such as cost and time savings, for banks and businesses alike. In the next nine months, we will develop a scalable proof of concept that would validate the impact and devise a plan for implementation in the UK.
At CFIT, we recognise the transformative potential of bringing ecosystem stakeholders and industry experts together to develop innovative propositions. We are committed to providing safe and secure commerce and payments for UK businesses and consumers. Through our collective efforts, we aim to counter financial crime through enhanced digital verification of businesses in financial services.
Becoming a CFIT partner will give organisations the opportunity to contribute to the discovery of solutions that will positively impact the lives of millions of UK consumers and SME business owners.
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Find below CFIT’s Economic Crime Coalition meeting minutes and discover more about our work towards financial crime prevention.
External Sprint 5 Minutes (18.09.24)
Discovery Session 1 Minutes (24.07.2024)
Discovery Session 2 Minutes (07.08.2024)