Connect with us

News

CHECK-IT, CHASE-IT, COLLECT-IT: KNOW-IT LAUNCHES NEW STANDARD FOR CREDIT MANAGEMENT

Published

on

First of its kind cloud-based platform streamlines approach to the credit management process, helping businesses mitigate credit risk, boost cash flow and tackle late payments

Know-it (https://know-it.co.uk/), a Scottish fintech start-up, has launched its beta cloud-based credit management platform. Founded by Lynne Darcey Quigley, the new platform gives businesses and its finance teams the tools to automate and simplify the way it manages credit risk and the credit control process, helping save time, reduce debtor days and increase cash flow.

The platform, which is the first of its kind, ensures that businesses can credit check and monitor, chase for payment, collect overdue unpaid invoices, and more all from one place. By partnering with some of the UK’s leading accountancy software and credit reference agencies – such as Xero, QuickBooks, Sage, FreeAgent and Graydon – users can instantly credit check companies, get live data and real-time updates to monitor customer’s credit behaviour and mitigate potential credit risks.

The beta platform also gives finance teams and business owners a simple way to check their customers credit worthiness. It also ensures customers pay on time through scheduled reminders and customisable chaser emails, letters and SMS, helping reduce debtor days and increasing cash flow. Users can also get instant quotes to collect unpaid invoices quickly and efficiently through their debt recovery partner Darcey Quigley & Co, as well as monitoring and acquiring reports on commercial debts.

Lynne Darcey Quigley, CEO and founder of Know-it explains: “Know-it is a fresh perspective on a traditional process – while the credit control process hasn’t really changed over time, our new unique platform brings together all credit control functions into one place. By removing the need to access and subscribe to multiple different platforms, our cloud-based platform streamlines the credit control process so you can credit check and monitor, chase for payment, collect overdue unpaid invoices and more all from one place. This is set to transform the way businesses view the credit control process, as it will immediately help them save time and costs by providing real-time data all from the convenience of one place.

“With light now at the end of the tunnel in terms of the pandemic, the road to recovery is underway for many across the business community. This is now a crucial time for technology to step in and offer a helping hand through an affordable and innovative credit management platform. In the past, smaller businesses in particular have been unable to access the necessary resources required to automate this process, which has left many on the receiving end of late payments and financial fraud. With the launch of Know-it’s platform, businesses of all sizes are now able to Check-it, Chase-it and Collect-it , all in real-time and without the headache of manual processing.”

The Know-it platform has launched against the backdrop of Covid-19, as well as an increasing culture of late payments and financial fraud, which have both mounted pressures on businesses and their finance departments. According to recent research, around 60% of SME owners believe that the government must offer greater support for businesses, this is despite the various support schemes having already been introduced.

Jack Malcolm, Relationship Manager, West Scotland, Royal Bank of Scotland said: “Royal Bank of Scotland is proud to have played a part in Know-It’s journey, helping support Lynne and the team from their inception and beta testing, through to providing funding to achieve its growth plan and the launch of today’s credit management platform. As a leading champion of Scottish SMEs, we look forward to continuing to work with Know-It, and are excited to see what the future holds for this promising Scottish fintech.”

Lynne concludes: “Although this platform has been several years in the making, it was not our intention to launch the Know-it platform in the wake of a global pandemic, but there is a timely opening for the platform to provide an additional layer of support for vulnerable businesses at a time when they need it most. Support from automated and effective credit management systems have traditionally been out of reach until now, so we hope this pioneering technology will provide businesses with the comprehensive and holistic solution they need to work smarter, just as we begin to return to a sense of normality across the working world.”

 

News

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

Published

on

By

  • 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.

 

Continue Reading

News

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

Published

on

By

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.

Continue Reading

Magazine

Trending

Business18 hours ago

Four ways traders can manage risk

By Dáire Ferguson, CEO at AvaTrade   Understanding the markets in which you are trading is incredibly important to optimising...

Top 101 day ago

Pro Tips To Consider Before You Decide To Refinance Your Vacation

Refinancing debt is when you attempt to apply for a new loan or debt instrument. The goal is to get...

Finance1 day ago

The Rise of the Modern CFO: A Leader for the Information Age

Adam Zoucha, Managing Director, FloQast EMEA   Financial management is one of the oldest professions in the world, and for...

Business1 day ago

Out of office, home and away, moving up, moving on; when security goes AWOL

Steve Bradford, Senior Vice President EMEA, SailPoint    The financial services industry has one of the highest rates of insider...

Top 101 day ago

Looking to the future: How the insurance sector can meet new customer demands

By James Harrison, Head of Insurance at Dun & Bradstreet   It’s been over two years since the pandemic began,...

Business1 day ago

How IT optimisation can reduce costs and increase efficiency for businesses

by Alan Hayward, Sales and Marketing Manager, SEH Technology   In today’s digital world, business success is centred around technology....

The data literacy gap The data literacy gap
Business1 day ago

How Strong Customer Authentication can Prevent Cart Abandonment

Sham Careem, Telecom Solutions Consultant, Infobip   In 2020-21, UK residents and businesses lost over £2.5bn to fraud and cyber-crime....

News1 day ago

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

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

News1 day ago

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

Buy-side financial services firms using an average of close to ten ESG sources today   More than seven out of...

Business1 day ago

Why mid-sized businesses are the driving force behind global B2B payment innovation

By Spencer Hanlon, Head of Europe, Nium   Change is coming to global B2B payments, and it is being heavily...

Business2 days ago

Finance brands need a new approach in the Privacy-first era

By Richard Wheaton, UK MD of global data company fifty-five   Trust is a brand value that pertains to every...

Finance2 days ago

Why You Should Work on Your Financial Literacy

Ebo Aneju   A lack of financial understanding plagues our society. Most people have very little understanding of finances, which...

Business3 days ago

A new beginning for financial services B2B marketing

Michael Richards, Managing Director, alan agency   Financial services B2B marketing is dead. A bold statement with B2B ad spend...

Finance3 days ago

Boosting Blockchain Security with Graph Technology

Dan McGary is Senior Sales Executive for Mid-Market Enterprise East at graph database leader Neo4j   As blockchain-backed cryptocurrencies become...

Business3 days ago

Need a business broadband package? Here’s what you need to know

Author: Kerry Fawcett, Digital Director at Radius Payment Solutions   Does your business have a broadband supply that is speedy,...

Finance3 days ago

Double and triple extortion tactics cornering financial services organisations

By Ian Wood, Senior Director and Head of Technology, UK&I at Veritas Technologies   Ransomware continues to keep those in...

Banking3 days ago

How are Variable Recurring Payments set to revolutionise the future of banking?

Sean Devaney, Vice President of Banking and Financial Markets at CGI UK   The adoption of Variable Recurring Payments (VRP)...

Top 103 days ago

Energy Storage Represents Latest Investment Opportunity in the Clean Energy Transition

Alan Greenshields, Director of Europe, ESS Inc.  The ongoing transition to clean energy has spurred new technologies, new markets and...

Business4 days ago

Innovate UK £25 million up for grabs: July deadline approaching

By Emma Lewis, Myriad Associates   The latest instalment of Innovate UK’s SMART grant competition was launched in April and...

Business4 days ago

Is telephone Hot Desking really needed anymore?

By Simon Horton, VP of International Sales at Sangoma   The world of work has totally transformed as we all...

Trending