Centre for Finance, Innovation and Technology (CFIT)

We are pleased to share an update on our ongoing efforts to combat economic crime and enhance digital verification. Our second coalition, which brings together leaders from finance, regulation, and technology, will create innovative solutions that will protect businesses and consumers across the UK. With fraud costing the UK economy billions annually, and with nearly £1.2 billion stolen from consumers in 2023 alone, our coalition’s work is more critical than ever. We are committed to developing robust, data-driven initiatives that will strengthen our financial defences, improve business legitimacy checks, and create a more secure and resilient economy. We are grateful to all our partners, including Amazon Web Services (AWS), A&O Shearman, Barclays, CRIF, Dun & Bradstreet, Financial Conduct Authority, Experian, EY, Global Legal Entity Identifier Foundation (GLEIF), HSBC, LexisNexis Risk Solutions UK & IRL - Financial Services and Businesses, Lloyds Banking Group, Mastercard, Monzo Bank, NatWest Group, OneID®, Payment Systems Regulator, Revolut, Santander, and Yoti, for their contributions so far. As we continue to build on this momentum, stay tuned for our interim findings coming in November and the final blueprint report in March 2025. Follow the link below to learn more and join the discussion 👇 https://lnkd.in/e3KGhEFe #EconomicCrime #FraudPrevention #FinancialSecurity #UKFintech #CFIT

We’ve had an exciting few weeks here at CFIT, connecting with other key industry players throughout the country to drive innovation across the fintech sector. 🚀Our CEO, Ezechi Britton MBE took the stage at Birmingham Tech Week SuperTech WM to explore the key role that Open Finance and digital verification solutions can play in building a more secure and inclusive financial future for businesses and consumers alike.    📈 Following the event, Ez caught up with Hilary Smyth-Allen for a special episode of the Beyond the Capital podcast, recorded live. Listen here: https://lnkd.in/eNs8sGKi?   🚧 We also joined Ghela Boskovich, Regional Director at FDATA Europe, Archi Shrimpton, Senior Manager at Lloyds Bank and Paula Sussex, CEO of OneID® at the NatWest Smart Data event to consider how smart data can break down barriers stifling economic growth. The work of our SME Finance Taskforce is highlighting the benefits that data-sharing can bring to consumers and businesses. 🎧Ez also sat down with FinTech Scotland alongside Jen Lothian, Founder of MyArk, to discuss the aims and achievements of Open Finance and how it is shaping the future of the financial ecosystem. Find the full episode here: https://lnkd.in/eGz86vcy We look forward to continuing this momentum, positioning the UK as a global frontrunner in FinTech innovation. #BTW2024 #OpenFinance #SmartData #DigitalInnovation #CFIT

The ScaleUp Institute has released its 2024 Annual Review report, laying out ten recommendations for how start-ups can overcome scale-up barriers in the UK and recognise scale-ups as a vital segment of the business economy.   Key recommendations, such as using data to identify and support scale-up businesses early, align closely with the Smart Data recommendations in our SME Finance Taskforce report. By prioritising data-focused legislation like the Data (Use and Access) Bill and advancing Open Data and Smart Data initiatives, we can unlock growth for SMEs and start-ups alike.   Our Chair, Charlotte Crosswell OBE, joined the annual review event on Monday, participating in a panel discussion with Zoe McDougall, Global Head, SVP, Corporate Affairs at Oxford Nanopore Technologies, Andy MacInnes, Chief Development Officer at Paragraf®, Charlie Guy, CEO & co-founder at LettUs Grow and Ana Stewart, serial entrepreneur, to address what’s needed for the fintech scaleup economy to thrive. The panel discussed:   📈What is essential to fully support scale-ups  📚 Insights we can draw from the fintech sector 📄 Essential areas for government policy  🍃 Support needed from local and national ecosystems     At CFIT, we’re committed to positioning the UK as a global leader in financial innovation by removing barriers, implementing effective solutions, and collaborating with like-minded individuals and organisations to drive growth forward.   🔗 Click the link below to view the ScaleUp Institute’s full recommendations. https://lnkd.in/ef2uiP6Z

Yesterday, our Head of Communications Andrew Silverman attended the Tackling Financial Exclusion Together Parliamentary reception at the House of Commons, hosted by Fair4All Finance and Graham Stringer MP. The event brought policymakers and industry leaders together to discuss fostering a more inclusive financial environment. Key highlights included:   🔹 Tulip Siddiq MP, who spoke on the Government’s National Inclusion Strategy and its approach to tackling financial barriers from the ground up 🔹 Daisy Cooper MP, who emphasized the need for cross-party collaboration to address financial exclusion 🔹 Brian Holland, Director of Customer Vulnerability at NatWest, who discussed the importance of supporting vulnerable customers and enabling access to affordable lending 🔹 Vikki Brownridge, CEO of StepChange, who highlighted the importance of collaboration between the government and industry to improve access to capital for those who struggle to secure funds   Through our Open Finance and Smart Data coalition, CFIT has demonstrated the significant potential for inclusivity, transparency, and innovation within the financial services industry. The successes of Open Banking and now Open Finance showcase how collaboration and investment from both policymakers and the industry can yield substantial benefits for businesses and individuals, especially those who are traditionally underserved.   #OpenFinance #SmartData #Innovation #CFIT

🚀 NEXT PODCAST EPISODE OUT NOW! 🚀 🎙 Beyond The Capital brings you a special mini-series recorded live from Birmingham Tech Week 2024! This episode dives deep into financial innovation as Hilary Smyth-Allen sits down with Ezechi Britton MBE, CEO of the Centre for Finance, Innovation and Technology (CFIT). Together, they unpack: 💡 CFIT’s pivotal role in driving financial innovation across the UK 📂 The power of open finance in today’s digital economy 📜 How the Digital Innovation and Smart Data Bill marks a major milestone for the financial sector 📊 The exciting momentum around smart data and open finance Join us for an insightful conversation on how CFIT is helping shape the future of finance in the UK! 🎧 LISTEN NOW: https://lnkd.in/eeDH6S_g #FinancialInnovation #OpenFinance #SmartData #DigitalInnovation #BTW2024

Today the Chancellor, the Rt Hon Rachel Reeves, announced the Autumn Budget, with headline reforms in areas including tax policy, minimum wage and public spending.   With CFIT’s focus on the changes that will affect financial innovation, we welcome the government’s commitments to maximising the growth and benefits of the UK's thriving digital and technology sectors. Important developments for the fintech industry, SMEs and the fight against economic crime include:   🏛️ Post-implementation reviews of the Bank Referral Scheme and Commercial Credit Data Sharing Scheme – one of the key recommendations within the seven-point action plan published by the CFIT-chaired SME Finance Taskforce over the summer.   📙 The extension of the SME Digital Adoption Taskforce, which will produce an interim report in 2025 – tallying with CFIT’s work in identifying how digitising and automating processes at SMEs can help them to access finance, among other benefits.   📊 A strengthened role for the Department for Science, Innovation and Technology, as the digital centre of Government under one department, recognising the power of digital, data and technology to deliver value for the British public.   📝 New collaboration between the DWP with HM Revenue & Customs and DSIT on tackling fraud, underlining how data sharing and new data innovations can help combat economic crime.   🤖 Following on from the Government’s recently published ‘Invest 2035’ Green Paper, which rightly recognised financial technology as a high-growth sector and strategic priority for the UK, a new Artificial Intelligence Opportunities Action Plan will set out a roadmap to capture the opportunities of AI to enhance growth and productivity, while a National Data Library will unlock the full value of our public data assets.   🟥 A new Regulatory Innovation Office to unlock growth opportunities across the UK, building on UK regulators’ proud track record of supporting innovation and embracing new technologies.   🌱 Finally, a review of ‘Technology Adoption for Growth, Innovation and Productivity’, led by Dame Angela McLean and Dr Dave Smith, to review the barriers affecting the adoption of transformative technologies that could enhance innovation and productivity. Read the full budget below: https://lnkd.in/dSRzgevU

📈It’s estimated that £500 million could be added to the economy annually by mitigating fraud losses through digital verification solutions alone. At CFIT, we’re striving to unlock this potential growth through our industry-led coalition on economic crime. Working with coalition partners, including NatWest, Monzo Bank, Lloyds Bank and CRIF UK, we’re developing effective digital verification methods to help facilitate secure and easier access to financial services for businesses. 🤝Collaboration across the fintech ecosystem is vital for the UK to remain a leading force in financial innovation and we are grateful to all our coalition partners for their ongoing support. Watch this space for further updates!  #DigitalVerification #EconomicCrime #UKFinTech #CFIT

🎤 Exciting News! I am thrilled to share that Ezechi Britton MBE CEO Centre for Finance, Innovation and Technology (CFIT) will be joining us as an Official Speaker at https://lnkd.in/enq-j5YV! #EFGF24 A serial tech entrepreneur, Ez’s journey has taken him from Software Developer to Co-Founder and CTO to Venture Capital to CEO of CFIT, the industry body backed by the HM Treasury and the City of London Corporation, with a mission to unblock the barriers to growth for #financial #technology by bringing together the best minds from across the UK to drive better outcomes for consumers and SMEs. Ez was previously Principal and CTO in Residence at Impact X Capital Partners LLP LLP a venture fund focused on supporting underrepresented entrepreneurs. He is the Co-Founder of Code Untapped, a digital skills accelerator that helps companies gain access to diverse and underrepresented technologists through their innovation labs events. He is a former Co-Founder & founding CTO of Neyber (part of the Salary Finance family) a multi-award-winning Fintech firm, focused on financial well-being. In 2023 Ez was appointed as Trustee to the board of Crisis, one of the UK’s leading homelessness charities, where he also supports as a strategic advisor to the Venture Studio from Crisis which invests in, supports, and creates startups to end homelessness. In January 2022 Ez was named on the New Year's Honours list for 2022 to receive an MBE for services to Diversity and to Young people. We’re looking forward to the insights that Eze will bring, and we invite you to join 100+ leaders for this opportunity to learn and connect! --- For more information on the ESG Future Growth Forum London, visit https://lnkd.in/enq-j5YV Looking forward to seeing you all there! UK Tech Cluster Group Yiannis Maos MBE Tech London Advocates & Global Tech Advocates Tech Nation

Open Banking is transforming rapidly, creating an interconnected and fast-evolving landscape. The latest report by by @11:FS and @Go Cardless highlights the next stage of steps we can take to push Open Banking to the next level.   The report has three key findings: 🌱 The rise of Open Banking payment and their growing adoptions 🚀 Why certain sectors are embracing Open Banking payment faster that others 📈 The steady growth forecast for Open Banking Payments   Our Chair, @Charlotte Croswell OBE shares her insights in the report, discussing the opportunities and challenges of broadening Open Banking adoption, with a focus on pay-by-bank solutions and identifying the sectors likely to adopt next. The impressive work by 11:FS and Gocardless, alongside other contributors is key to driving Open Banking into mainstream, as demand from both consumers and businesses continues to rise.    The findings align closely with CFIT's mission to drive innovation in the financial sector through tech solutions, an idea which is at the core of our Smart Data industry coalition, which demonstrated how facilitating easier and more secure payment solutions could boost the UK's economy significantly.   🔗Read the full report below: https://lnkd.in/dxVM7Gnr   #OpenBanking #SmartData #Innovation #FinTech #CFIT

We welcome the introduction of The Data (Use and Access) Bill into Parliament today. The UK is already a leading force in fintech innovation, and this legislation marks a significant step forward in recognising a Smart Data economy.   Legislation such as this is vital for encouraging secure innovation, paving the way for widespread adoption of Smart Data and Open Finance solutions that provides benefits to both businesses and consumers alike.   As highlighted by our industry-led coalitions at CFIT, Smart Data has the potential to transform our daily lives. We look forward to continuing our collaborative efforts with industry experts and the government, finding solutions to support a more secure, efficient, and inclusive financial future.   Read the full bill here: https://lnkd.in/eBqK7bN9   #SmartData #OpenFinance #DigitalVerification #FinTech #CFIT