3. Reduces Red Tape and Costs for both SMEs and Financial Institutions

Digital Company ID reduces regulatory and administrative burdens on businesses, especially SMEs, cutting compliance costs for financial institutions by £1.7 billion annually and generating significant improvements in productivity for businesses. Our POC found the Digital Company ID could deliver the following benefits:

• Over a 50% drop in the current costs associated with business verification and bank KYB procedures for financial institutions.
• Over 60% reduction in the time required for verifying and onboarding businesses during bank account openings.
• 33% improvement in drop-off rates, attributed to the more efficient bank onboarding process.