In the realm of financial evolution, CDI has emerged as a vital tool for banks to authenticate corporate entities efficiently and securely.

CDI, or Corporate Digital Identity, plays a crucial role by electronically capturing and consolidating a corporate customer’s unique attributes and data in real-time. This establishes a strong digital identity for authentication purposes, combining customer-provided specifics with information sourced from third-party data providers such as official records and commercial databases.

By verifying the customer’s identity, outlining the corporate structure, and identifying beneficial owners as per jurisdictional regulations, CDI facilitates seamless access to services without repetitive documentation requirements.

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A key application of CDI lies in meeting stringent regulatory compliance mandates globally. By standardizing CDIs to include essential regulatory attributes, banks not only enhance customer due diligence but also ensure transparent operations and accurate financial reporting. This transparency is critical for detecting potential financial misconduct, safeguarding the financial system, and upholding regulatory standards.

The portable nature of CDI enables its use across different industry sectors, minimizing customer service obstacles and supporting the introduction of new banking services while adhering to regulatory obligations.

While regulatory compliance remains a priority, CDI offers additional advantages. It allows banks to manage access to sensitive data through integrated systems that comply with privacy regulations, providing granular, role-based control managed centrally across multiple internal systems. Furthermore, CDI ensures transaction integrity and authenticity through applications employing multi-factor authentication and public key infrastructure.

CDI’s standardized attributes also facilitate secure interactions within complex ecosystems, supporting KYC onboarding and due diligence processes. International standards like the Global Legal Entity Identifier (LEI) system contribute unique identifiers for legal entities, simplifying ownership tracking across jurisdictions and promoting transparency in beneficial ownership verification.

Automation of beneficial ownership identification processes through such standards streamlines operations, integrates real-time updates, enhances security, and maintains data consistency.

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Accurate identification of Ultimate Beneficial Owners (UBOs), including ownership details and decision-making authority, is facilitated by CDI, driving efficiency in KYC onboarding and compliance with global regulations such as GDPR, KYC, and AML.

By establishing robust CDI standards, banks streamline beneficial ownership identification, reduce manual processes, and enhance the accuracy and reliability of ownership data, thereby fortifying the financial system against illicit activities.

Source: fintech.global

The post How corporate digital identity enhances compliance and security in banking appeared first on HIPTHER Alerts.

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Global Consultancy Recognised for Purpose, Culture and Impact Delivered to Clients

GENEVA, July 2, 2024 /PRNewswire/ — Geneva-based dss⁺, a global operations management consultancy with over 1,500 experts operating in 41 countries and a broad, diverse roster of industrial clients, has been named one of Switzerland’s Best Managed Companies for 2024, an award sponsored by Deloitte Private, Julius Baer and SIX Swiss Exchange.

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Switzerland’s Best Managed Companies programme recognises privately held companies for their organisational success and achievement. The programme provides a distinct framework for management teams to challenge themselves and benchmark against some of the best private companies in the world. 

dss+ provides operations consulting services that empower organisations to enhance safety, manage risk, achieve sustainability, optimise performance, and cultivate organisational and human capabilities for more resilient and sustainable operations. 

“We pride ourselves in helping our clients save lives and create a sustainable future, which makes this recognition especially meaningful and underscores the passion and impact of our work not only in Switzerland, but also around the world,” said Davide Vassallo, CEO of dss⁺. “We are grateful for this honor, and I’m particularly proud of my dss⁺ colleagues and stakeholders whose expertise, acumen and insight serve as the foundation of our success.”

The programme’s jury singled out dss⁺ for its achievements in several areas, including its purpose of saving lives and creating a sustainable future through its commitment to delivering impactful, quality outcomes to its clients. The jury also distinguished dss⁺ for its culture that empowers employees and encourages innovation and for creating value for its shareholders – investors, employees and clients alike. 

“This award underscores and recognises the record of achievement among the dss+ team,” said Alistair Cox, Chair of the Board, dss+. “The designation of ‘best managed’ connotes exemplary levels of commitment to deliver on our global priorities and a dedication to people development and our culture.”

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About dss⁺

dss⁺ is a leading provider of sustainable operations management consulting services with a purpose of saving lives and creating a sustainable future. dss⁺ enables companies to build organisational and human capabilities, manage risk, improve operations, achieve sustainability goals and operate more responsibly. Additional information is available at https://bit.ly/dssplus-best-co.

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LONDON, July 2, 2024 /PRNewswire/ — Aquiline Capital Partners LP (“Aquiline”), a private investment specialist in financial services and related technologies, has agreed to a majority investment in Isio Group Limited (“Isio”), one of the fastest growing pensions, reward and benefit and investment advisory businesses in the UK.

Since Isio was launched in 2020 it has undergone four successive years of double-digit organic growth and continues to gain market share. It has completed two acquisitions which expanded the company’s scale, geographical footprint, and range of services. Isio is now one of the UK’s largest retirement advisory businesses, with 1,200 employees and 10 offices across the UK.

Aquiline is well-established as an investor in the global retirement and wealth management services sectors.  In the UK, Aquiline has invested in Smart Pension, the global pension software and solution provider, Wealth at Work, the provider of workplace financial education, guidance and advice and Landytech, the private markets investment management technology provider, among others.  In addition, Aquiline has invested in Ascensus, the US’s largest provider of independent retirement and college savings services, Mirador, a tech-enabled middle office solution for private markets investors and SageView, a registered investment advisor serving retirement plan sponsors and individuals.

Aquiline’s investment will support Isio’s growth strategy of innovation by expanding its core services and growing adjacent practices, including rewards & benefits, investment advice and private capital. This will be achieved through a combination of targeted M&A to build additional service lines and advisory capabilities, and by attracting new talent to the business.

Aquiline is acquiring its majority shareholding from Exponent Private Equity LLP, who have backed Isio since its carve out.  Isio’s management team will continue to retain a significant minority investment.

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Igno van Waesberghe, Managing Partner at Aquiline, said: “We are delighted to be investing in Isio.  It operates in sectors where we have extensive experience and deep networks. 

“Isio is a business we have admired and got to know well, not simply as an investment, but first as our advisor and then our partner.  We have been particularly impressed by the depth of their expertise in creating better outcomes for clients.  It has delivered impressive organic growth and successful expansion through strategic M&A. We look forward to working with Isio’s management team to continue to develop their offering, diversify the business, and support them in further accelerating growth.”

Andrew Coles, Isio’s CEO, said: “This new investment from Aquiline will enable us to continue the journey of bringing high quality service and better outcomes to our clients. Key to this is having a culture that appeals to the best talent in the sector with long-term, high quality career opportunities. I am personally excited about the future and look forward to continuing to lead Isio in its next phase of evolution and growth.”

The transaction is subject to standard regulatory approvals. 

Aquiline were advised by RBC Capital Markets and Herbert Smith Freehills LLP.  Exponent and Isio were advised by Evercore (financial adviser) and Macfarlanes (legal adviser).  Isio’s management were also advised by Liberty Corporate Finance and Proskauer.

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Notes to Editors

About Aquiline Capital Partners LP

Aquiline Capital Partners LP is a private investment firm based in New York, London, Philadelphia, and Greenwich, Connecticut, that is dedicated to financial services and related technologies. The Firm has approximately $10.4 billion in assets under management as of March 31, 2024.

For more information about Aquiline, its investment professionals, and its portfolio companies, visit www.aquiline.com 

About Isio

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Isio is a leading independent UK provider of actuarial & consulting, pensions administration, investment advisory, employee reward & benefits and wealth advisory services. With a national team of 1,200 people across ten UK offices, Isio is committed to promoting financial wellbeing for all and works with companies, trustees and individuals to help them make informed decisions to protect their financial future.  

For more information about Isio, please visit www.isio.com 

About Exponent

Established in 2004 with a presence in London, Dublin and Amsterdam, Exponent is a leading private equity firm. The Firm invests in mid-market companies headquartered across Europe (UK, Ireland, Benelux and Nordics). Exponent has a distinctive approach, central to which is identifying the potential in corporate, family or founder owned businesses.

Exponent has raised more than €3 billion to date. A selection of Exponent’s current and past investments include market leading businesses such as Trainline, Moonpig, Ambassador Theatre Group, H&MV, Xeinadin and Quorn Foods.

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Exponent has been investing in corporate carve out deals since its inception, with the acquisition of TES from News Corporation in 2005. In recent years the Firm has acquired Enva from DCC plc in 2017, SHL from Gartner, Inc. in 2018, Gü from Noble Foods in 2021 and most recently, in 2023, Natara from International Flavors and Fragrances, Inc.

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