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BLOCKERS TO BLOCKCHAIN ADOPTION LIFT FOR 65% OF FINANCIAL ORGANISATIONS

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Four years of data from Visma | Onguard’s Fintech Barometer finds growing confidence in blockchain technology

 

65% of organisations have either adopted blockchain technology or worked out the first ideas for future adoption in 2021, up from 51% in 2018. Of this 65%, almost a third are already utilising the technology – a significant 12% increase on last year’s levels.

These are the latest findings by Visma | Onguarda leader in cutting-edge software solutions for the order-to-cash chain. Fresh analysis of four years of data from its annual Fintech Barometer has indicated the growing market trend towards blockchain adoption.

Blockchain’s uptake is likely to be closely linked to the variety of opportunities it presents to the financial sector. Enhanced data security was flagged as a key benefit by 28% of respondents, while 25% highlighted the greater ease with which international and corporate payments could be made.

The study found that while some hurdles remain on the journey to blockchain adoption, fewer respondents are identifying the biggest hurdle – security – as a challenge (from 40% in 2018 to 35% in 2021). This points to a rising confidence in blockchain’s decentralised security features and its built-in protections against cybercrime.

Finance professionals are also growing increasingly aware of where the biggest hurdles lie in relation to blockchain technology. The drop in respondents claiming to be ‘unsure’ of the challenges (from 12% in 2018 down to 9% today) is another indicator of blockchain’s rising credibility in fintech circles.

Blockchain is forecast to be more than a flash in the pan. In fact, growing numbers of financial organisations are now integrating it into much longer-term plans. With blockchain and robotic process automation (RPA) capable of working together, results from 2021 show that 40% of businesses are developing ideas on how to incorporate robotisation into their adoption of blockchain – a large jump from last year’s 25% and another indicator that blockchain technology is here to stay.

“The story of blockchain adoption has truly moved into its next chapter”, said Tim Blok, CTO of Visma | Onguard. “Only three years ago, many financial organisations discredited blockchain as a passing fad, but that’s certainly not the case now. Our 2021 study shows an improved awareness and understanding of how the technology works, which is driving its increased adoption. Blockchain looks set to become a key solution in the toolkit of financial organisations moving forward.”

 

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OneID® is now a certified Digital Identity Service Provider (ISP) under the UK Digital Identity & Attributes Trust Framework (DIATF)

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  • OneID® is now a certified Digital Identity Service Provider (ISP) under the UK Digital Identity & Attributes Trust Framework (DIATF)
  • OneID® is the first provider with a 100% digital process to achieve this certification
  • OneID® is also the first ‘Scheme Owner’ to be certified against the DIATF for any roles

 

OneID® has today announced that it is now a certified Digital Identity Service Provider (ISP) under the UK Digital Identity & Attributes Trust Framework (DIATF), becoming the first provider with a 100% digital process to achieve this certification.

The firm is also the first Orchestration Service Provider (OSP) to receive certification. As an OSP, OneID® plays the role of a ‘hub’ to connect all of the UK’s high street banks with providers of any online journey that needs customers to identify themselves.

OneID® is also the first ‘Scheme Owner’ to be certified against the DIATF for any roles. OneID® operates a multi-sector scheme that enables bank customers to consent to safely share their bank-verified identity information. OneID® ensures that all businesses in the scheme have been vetted and are given the OneID® Trustmark so you know that the business you are dealing with online is legitimate.

OneID® is unique as it is the only fully digital identity service. The customer’s journey is friction-free and requires no app or account setup, no scanning of paper documentation or selfie-taking, and no data entry. The service enables safe and frictionless identity proving for over 40 million people in the UK. If your customer uses internet or mobile banking, they already have everything they need to use the OneID® service.

The certification of Digital Identity Providers under the UK Digital & Identity Attributes Trust Framework is a huge step forward in establishing a national approach for digital identity solutions in the UK. Enabling people to prove who they are online easily and securely, improving user experience, increasing security, and boosting the UK’s economic growth.

OneID®’s core aim is to enable trust, and the firm believes that a national approach is needed to ensure the internet becomes a truly safe and trusted place for individuals and businesses. This certification recognises OneID®’s part to play in that world.

Why choose a certified Identity Service Provider? 

Digital Identity is a fast and evolving market with many providers, offering a broad variety of solutions to digital identity which can be confusing. Selecting a certified identity service provider gives businesses assurance that their service provider has met or exceeded all the necessary criteria to provide a trusted digital identity service.

Certification provides assurance to businesses and individuals that OneID® meets relevant framework rules and the standards and Level of Confidence for identities as set out in the trust framework.

This assurance follows a rigorous audit process undertaken by the Digital Identity Systems Certification service authorised by DCMS and UKAS, giving the confidence that OneID® has passed all the necessary checks to be certified to provide a trusted digital identity to businesses and give the level of protection consumers of digital identity require.

Disclosure and Barring Service (DBS) Checks 

Temporary alternatives to face-to-face ID verification for employers were put in place by the Government during the pandemic; these were quickly adopted by employers who have seen the benefits of moving to remote screening. In April 2022, legislation came into effect allowing UK employers to use the services of digital Identity Service Providers (ISPs) to carry out DBS checks. The temporary legislation expires in September 2022, by which time employers will need to revert to physical forms of identity verification or adopt digital identity from a certified supplier.

OneID® provides a 100% digital identity without the need for physical documents, removing the friction from the DBS process and improving the security of the check by using bank-verified information to perform the check.

 

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Lack of corporate disclosures forces asset managers to cast a wide net for ESG data

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Buy-side financial services firms using an average of close to ten ESG sources today

 

More than seven out of ten (71%) of executives working for buy-side financial services firms across the UK, US and Asia say their organisation uses more than five ESG data sources. The average number of sources used by these businesses is 9.3, with the US using the most (9.7) and Asia with the least at 8.9.

These findings are among the highlights of new research commissioned by Alveo, a leading provider of cloud-based market data management services, polling executives working for buy-side financial services firms in the UK, US and Asia. In terms of ESG data set types, organisations across all three regions are using multiple types, but are utilising ESG ratings provided by third parties most. In all, just under three-quarters (74%) of respondents said that their organisations were using these ratings.

Mark Hepsworth

The most common response in all three regions is to have between 6-10 ESG data sources, with corporate disclosures being the least common data source cited. External ratings is the most common, with far more use of sentiment data in the US when compared to the UK or Asia.

57% of firms overall are currently using third party expert opinions on factual information such as carbon emissions, but Asia respondents have more frequently centralized ESG data management with 68% of respondents in Asia stating there is a dedicated and separate ESG team in place that owns this data, compared to 52% in the US and 46% in the UK.

What is clear is that firms need to cast a wide net to get the ESG data they require including external ratings, expert opinions and sentiment data to supplement corporate disclosures.

“Asset management firms are looking to materially ramp up their ESG data management to fast-track the supply of consistent, aggregated ESG content to different stakeholders. Firms are looking to make use of the latest technologies for ESG data analysis but material issues in data quality can hamper the effectiveness of these. Drawing on the services of an expert solutions provider and adopting Data-as-a-Service models may prove to be the best route to address these,” said Mark Hepsworth CEO at Alveo.

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