Workiva Inc. (NYSE:WK) today announced that the Global Legal Entity Identifier Foundation (GLEIF) utilized Workiva’s cloud platform and global Inline XBRL expertise to create efficiencies and transparency when tagging data in its annual report process. The GLEIF 2019 annual report was recently showcased by ESMA as a paragon for European Single Electronic Format (ESEF)-compliance reporting.

Under ESMA’s requirements, more than 5,000 public European companies must tag data with Inline XBRL in the ESEF taxonomy for their annual reports. Inline XBRL enables a standardized, machine-readable format to support digital analysis and improve data transparency.

With the Workiva cloud platform, customers are able to connect data from source systems and applications, have it update automatically, tag and validate it under ESEF taxonomy rules and securely create Inline XBRL filing packages at any time and from any place with an internet connection.

“Workiva has a long history of helping customers quickly and successfully achieve compliance when new regulations are introduced,” said Dermot Murray, general manager of EMEA at Workiva. “We remain steadfast in delivering the world’s only connected reporting platform and best-in-class customer experience every day. ESMA’s showcasing of GLEIF’s report is further evidence that the continuous availability of the Workiva platform and support team is paramount for European companies as they work towards their timely ESEF compliance deadline.”

GLEIF provides trusted services and open, reliable data for unique legal entity identification worldwide through the Global Legal Entity Identifier (LEI) System. “As an organization focused on trust and transparency, it is critical that our annual report complies with ESEF reporting and serves as an example of industry best practice,” said Stephan Wolf, CEO of GLEIF. “The Workiva platform was an obvious choice that delivered many efficiencies and has set us up for success in future reporting. We truly valued Workiva’s support and guidance.” 

With many UK businesses re-opening their doors for the first time since lockdown, data from Barclaycard Payments, which processes nearly 40 per cent of all transactions in the UK, sheds light on the UK’s economic recovery.

In early signs of growth, by last week an additional 60 per cent of Barclaycard’s customers had returned to trading and taking payments compared to the first week of April, as lockdown restrictions continued to ease. Compared to the week commencing 7^th June – just before shops reopened – this figure shows a twelve per cent increase in active customers.

With more business open, Barclaycard also saw an 8 per cent increase in the total number of transactions compared to the week commencing 7^th June, with many consumers taking advantage of their first opportunity to shop for the non-essential items they had been missing during lockdown.

This also led to an increase in contactless transactions, with Barclaycard Payments processing ten per cent more contactless transactions than the week before.

Since the introduction of the new £45 contactless limit in the UK, Barclaycard Payments has processed almost 40,700,000 contactless transactions above the previous limit of £30 – helping to prevent the spread of coronavirus by allowing more people to pay without using cash or handling a card machine. The total value of these new contactless transactions above £30 is over £1.4 billion.

In further reasons to be optimistic, the total value of transactions processed also grew by 6 per cent compared to the previous week. When looking at the value taken specifically in-store, this figure increases to twelve per cent.

Small and medium businesses in particular benefitted from being able to open back up, experiencing a twelve per cent increase in the total volume of transactions, and a 9 per cent increase in the total value processed.

Rob Cameron, CEO of Barclaycard Payments, said: “It’s extremely heartening to witness the spike in activity that took place last week, and with some retailers still to open some or all of their stores, we expect sales volumes to continue to rise over the coming weeks. The ability of UK businesses to adapt and grow as they emerge from lockdown is a testament to how dedicated and resilient they are. It will be interesting to watch whether the measures they took to boost income during lockdown, such as turning to social media to increase sales, will become a permanent part of their business models from now on.”

As the retail industry settles into the ‘new normal’, eCommerce platform Kooomo advises on why sustainability still needs to be top of the agenda

Consumers are more conscious than ever about how their shopping habits affect the world at large. As Coronavirus readjusts most people's moral compass, consumers are choosing to invest their spending into more sustainable products and focusing their attention on brands dedicated to social issues and environmental efforts in all aspects of their business. This is according to digital eCommerce solutions specialist, Kooomo, which outlines that sustainability efforts still need to be very much at the top of retailers’ agendas and which responsibilities should be focused on.

Ciaran Bollard, CEO of Kooomo says: “Despite the disruption brought to the retail sector by COVID-19, online retail spend continues to increase, with stats showing that by 2024, online retail spend is expected to reach £75bn in the UK and €3.8bn in Ireland. But despite this expected growth, it’s important that retailers don’t rest on their laurels and still focus on continuously improving their offering. Those that ensure they focus on the customer experience and adhere to social and environmental duties seek to reap the benefits.”

According to a recent study, Gen Z consumers are 1.5 times more likely to refer to a brand on social media based on its values, 68% of Gen Zers expect brands to contribute to society, and 87% of consumers will buy from a brand with a social or environmental cause[1].

With this in mind, Ciaran outlines that sustainability is not restricted solely to packaging and waste and that the environmental impact of increased cargo planes, trains, and lorries must not be forgotten. He states that retailers should consider reducing packaging waste, reducing their carbon footprint and updating their brand ethos: “You should make arrangements to switch to eco-friendly packaging options as soon as possible. Source recycled boxes and inflatable packaging, which reduces the amount of packaging needed within the box itself. Recycling cardboard takes only 75% of the energy required to make new cardboard, so try looking into packaging providers such as Camvec.com or progresspackaging.co.uk. You should also bundle goods into one box instead of shipping in multiple boxes or bags and email receipts instead of using paper slips. These simple steps seriously add up to less waste and a better sustainability process over time.”

Reducing one’s carbon footprint starts with having very clear product information on a website with good context (measurements etc.). This way, customers know exactly what they are getting, and the chances of a return being made are reduced. Ciaran adds, “You should ensure you have a varied offering in shipping options, emphasise the rewards for longer wait times (ie. that they are cheaper) and it’s also beneficial to have your reasoning behind this displayed on the checkout as customers respect environmental responsibility.”

Finally, Ciaran believes that keeping audiences informed of one’s ethical responsibilities will increase relatability and humanity and will justify added costs to consumers in a positive manner. He says, “consumers prefer to spend their money on brands that display pro-social messages, apply sustainable manufacturing practices and exercise ethical business standards. You should therefore be sure to work your caretaking into your brand ethos; Inform your consumers of what can be recycled from their delivery and what parts of the delivery are made from recycled products. You can also utilise your eCommerce Store to move unwanted in-store merchandise and offer them as part of your sales promotions. Work sustainability into your mission statement too, and pepper it throughout your content - If you over-do it with self-praise, consumers may begin to feel isolated if you present yourself as a paragon of virtue.”

Ciaran concludes, “the conversation around sustainability is set to increase as years move on and ethical values will continue to become more of a priority for consumers. Gestures on your businesses’ behalf don’t have to be large and by no means should you run yourself into the ground trying to become more sustainable. However, it might make a positive impact on your business to educate your teams, educate your consumers, and take small steps to make sustainability a part of your business.”

[1] https://www.business2community.com/ecommerce/the-top-ecommerce-trends-you-need-to-know-about-for-2020-02270756

Finastra announced today the availability of Fusion LIBOR Transition Calculator, a service that enables banks to calculate Alternate Reference Rates (ARR) or Risk-Free Rates (RFR). The calculator service works independently of Fusion Loan IQ, Finastra’s commercial lending solution. Built on FusionFabric.cloud, Finastra’s open innovation platform, the calculator’s open API facilitates the integration with systems that don’t yet have a solution in place for calculating ARR/RFR rates, thereby significantly reducing operational risk.

“There is no doubt the LIBOR transition is the biggest change the market has seen in lending over the last 20-30 years. The shift away from LIBOR has become even more concerning against a backdrop of economic disruption. The need for a flexible service that can expand over time is more important than ever,” said Robert Downs, Senior Principal Product Manager, Corporate and Syndicated Lending at Finastra. “This calculator will be expanded as ARR methodologies and conventions evolve, protecting our customers from risks associated with complex system changes and ultimately future-proofing their businesses.”

The calculator service independently accesses the ARR/RFR from external official sources such as the Federal Reserve Bank of New York for SOFR. It then calculates compounded in arrears rates and daily non-cumulative compounded rates, along with corresponding interest accrual amounts for a set of inputs. Depending upon the rate method chosen, the calculator has the flexibility to calculate the daily compounding rates for the whole period or only for the end date. It follows Finastra’s Fusion Loan IQ ARR calculations, which gives market  participants consistent and accurate results.

Peter Rothwell, Partner at KPMG, said, “The imminent transition away from LIBOR is creating significant challenges for banks and lenders. Legacy systems lack the ability to process ARR and RFR priced loans and implementing complex system changes can be costly. The ability to tap into a calculator using APIs will save a significant amount of investment and operational risk.”

Fusion Loan IQ is Finastra’s solution for commercial lending, powering 71% of total syndicated loans around the world. It alleviates the high costs of system and process redundancy within commercial lending operations, as well as increasing transparency, improving risk management and simplifying entry into new markets or business lines. The latest version of the solution, enhanced to support ARR, became available at the end of 2019, providing banks with core capabilities to issue new loans using the replacement rates, allowing them to begin to transition their existing LIBOR portfolio safely.

Asto Business Capital loans are now available on the Funding Options platform as part of a long-term partnership with the business finance marketplace. The Santander-backed app joins Funding Options’ roster of more than 200 lender partners, offering loans of as little as £150 or as much as £150,000, to help small businesses plug urgent cash flow holes. 

With Asto business loans, customers remain in control. Businesses do not need to use the entire credit limit at once, can choose their repayment period between 6 and 12 months, will not incur early repayment fees, and can return to borrow from what’s left whenever an opportunity arises. Asto loans have no minimum turnover threshold, which means even early stage startups can secure funds. 

Access to small, business-friendly loans has been enabled by Funding Options’ proprietary technology, which harnesses the power of data analytics, algorithms and new technology enablers such as Open Banking to match companies with the right lending options based on their eligibility and needs. The time saving platform allows businesses to shop around to fulfil short or long term funding needs, whether it's to grow their business or take advantage of new opportunities.

As UK businesses reopen following the Covid-19 imposed lockdown the need for working capital at short notice will heighten. Last week, thousands of independent businesses and non-essential retailers opened, with the Government planning to allow hospitality and leisure businesses to reopen from the 4th July. 

In a climate where small businesses' finances have come under severe pressure, flexible and lower-cost solutions will prove essential. Funding Options has earned a reputation for helping small businesses access funding fast, with its record for application to approval being just 11 minutes. Similarly, if small business customers are happy with the terms, Asto Business Capital loans typically arrive in accounts in minutes.

Both companies have invested heavily in their hybrid models, combining smart tech with business finance specialists to empower customers to make informed decisions. This powerful combination enables business owners to scope out the best option to help them face the challenging headwinds. 

Simon Cureton, CEO at Funding Options comments: "The Funding Options team is incredibly excited to be partnering with Asto - one of a new breed of ambitious & innovative lenders laser-focused on providing truly flexible finance solutions for businesses. At a time when the SME finance sector is facing some huge challenges and is in real need of positive momentum, it is outstanding to see Asto step up to show its commitment to independent UK businesses. In Asto we believe we have a partner that can match our own ambition, together using new technologies to push the boundaries of SME lending as they have been perceived to date."

Nicolette Maury, CEO of Asto UK, commented: "We are thrilled to be partnering with Funding Options, beginning a long-term relationship that will further our mission to support people as they grow their businesses. At Asto, we understand that no two business’ needs are the same, which is why we’ve designed our Asto Business Capital product to offer business owners flexible financial support. Modern technology allows us to provide innovative solutions that are simple to use and accessible. Working with Funding Options, we are aiming to empower even more businesses to react quickly to the ups and downs in their business.”

corfinancial, a leading provider of specialist software and services to the financial services sector, reports that its clients have enjoyed uninterrupted trade matching and settlement during lockdown – even when trading volumes suddenly spiked.

One example is that of leading investment management company Baillie Gifford. The Edinburgh-based firm was using proprietary post-trade processing systems before choosing Salerio in 2018 and they believe that their smooth transition to remote working conditions, without any interruption to the service they provided to their investors, was testament to the software they had installed from corfinancial.

“In March we experienced a huge increase in equity, bond and FX trades. For example, our bond trading volumes more than doubled from the previous month and over a seven-day period we had more than 500 bond trades alone. In April, our bond trading volumes went up even further, by almost another 50 percent,” said Louise Laidlaw, Head of Settlements, Baillie Gifford. “It didn’t matter how many trades came through; we knew we had the ability to cope using Salerio. Working remotely, even with these exceptional trading volumes, has had no impact on our operations whatsoever. The transition to home working was seamless and this theme came across strongly in feedback from my Settlements team.”

Since lockdown, trade settlement teams have needed secure software that enabled them to adapt to both multiple working locations and unique market conditions. Salerio was designed to handle unprecedented surges in trading volumes even while operating remotely.

Bruce Hobson, Chief Executive at corfinancial said: “The system has been able to provide a remote service at the level that gold standard clients like Baillie Gifford expect, and this standard has not faltered during the unprecedented market conditions we are faced with today.”

The Chartered Institute for Securities & Investment (CISI) is delighted to announce that Michael Imeson, Chartered MCSI has been appointed Chairman of the CISI Fintech Professional Forum Committee.

Michael Imeson is a Contributing Editor of The Banker magazine, part of the Financial Times Group, and a Senior Content Editor at FT Live, the FT’s conference division. He also owns Financial & Business Publications, an editorial services agency providing services to banks and other organisations. Before setting up the agency he was a news reporter for The Times and Sunday Times in London.

He is an Advisory Board Member of the European Risk Management Council; a Member of the Institute of Internal Communication (MIIC); and an Alumni Mentor for the London School of Economics. He has written and edited several books including Dangers in E-Banking, The Future of the Building Society Movement, and Finance for Growth.

He studied at the London School of Economics for an MPhil in Government and at the University of Bradford for a BSc in History and Literature.

On his appointment, Michael said: “It’s an honour to take on the lead role in the CISI’s FinTech Professional Forum Committee. The Committee runs several events a year covering a diverse and exciting range of topics relevant for CISI members interested in financial technology. Since the coronavirus pandemic lockdown these have become virtual events – live webinars – and I must say they’re proving very successful, not least due to the excellent capabilities of the CISI’s events management staff with whom we work closely. I first become involved with the Institute in early 2015 when I moderated a lunch-time event on cyber security, and soon after that I joined the Institute as a Member. I joined the FinTech Committee in 2016, became Deputy Chairman in mid-2018 and now I am Chairman. I would like to thank Martin Watkins, the previous Committee Chairman, for his invaluable work in that position. I am also involved in some of the Institute’s other activities. For example, I am a reviewer of the Managing Cyber Security qualification workbook, and an occasional contributor to the Institute’s online magazine The Review. The CISI operates to the highest standards. Being a member has certainly helped improve my professionalism as a journalist, corporate copy-writer, events organiser and moderator.”

Richard Bennett, CISI Head of Membership said: “I would like to thank outgoing Chairman Martin Watkins for his leadership and guidance over the past two years. We look forward to working with Michael to help shape forthcoming virtual Fintech Professional Forum discussions and webinars to ensure members are up-to-date on themes and ideas emerging in this fast-moving sector.”

The CISI has 11 Professional Forums, these are: Bond, Compliance, Corporate Finance, Financial Planning, FinTech, International Regulation, Operations, Risk, Wealth Management, Paraplanner, and Training, Competence and Culture.

CISI members can join one, or all, of the 11 free Professional Forums. The events are conducted under the Chatham House Rule and provide the opportunity to network with like-minded professionals, listen to presentations from practitioners in the professional sector, engage in open discussion and share ideas and concerns in a confidential setting.

IDnow a leading provider of Identity Verification-as-a-Service solutions, sees strong volume growth for its artificial intelligence-based solution. Transactions via IDnow AutoIdent have increased tenfold in the first two quarters of 2020.

Since its launch in 2018, IDnow's AutoIdent has grown from strength to strength and expanded into new industries. In 2020 IDnow sees an exponential growth in volume. From January to June, an increase of over 1000% in the number of transactions was recorded. The customer base covers a wide range of different industries: insurance, banking, mobility, cryptographic currency platforms and telecommunications. The reasons are equally diverse: new business models, security maximisation, digitalisation - companies are increasingly turning to secure and efficient solutions.

"Identity verification in general, but especially AI-based products such as AutoIdent, have great growth potential - particularly in the current crisis, where digital products are in greater demand than ever before. Digitalisation must now move faster, and many new use cases - that have been performed with personal interaction - now require efficient digital products like AutoIdent. With short setup times and easy integration of a single API, this is the perfect product to be secure and compliant on the one hand, and to allow fast and easy onboarding without personal interaction on the other hand," says Andreas Bodczek, CEO of IDnow.

"AutoIdent has a huge international potential, especially due to the rapidly advancing digitalisation in many industries and the resounding success of FinTechs and InsureTechs, the demand for simple, lean solutions is growing. Whether in banking, mobility, telecommunications or economy platform sharing, everyone is interested in a fast, seamless and secure onboarding process that increases conversion rates and customer satisfaction while providing the highest level of security," Andreas Bodczek continues.

AutoIdent's artificial intelligence uses the smartphone's camera, to recognise the country and type of ID document without the need for user input. The technology then captures the machine-readable part of the ID document as well as non-machine-readable areas, such as address fields. In the next step, the artificial intelligence automatically checks the optical security features of the ID documents, such as holograms. With the subsequent biometric video check of the person and "liveness detection", the identification process is completed for the customer within a few steps. On the basis of the recorded data, the system is able to decide whether the identification is valid, with a reliability that far exceeds the legal requirements.

Artificial intelligence and machine learning technology guarantee the highest quality and accuracy in identification verification. Furthermore, the IDnow process relies on a hybrid approach that optimally combines the advantages of man and machine. In special cases, the AI is supported by a human identity specialist who acts as an additional verification and security level.

By enriching internal data with transactional data and external sources, Quantexa’s CDI technology builds a complete network view of customers to reveal hidden connections and suspicious activity. A contextual approach to risk detection empowers OFX to effectively identify complex risk and financial crime, such as money laundering, and enables it to make better operational decisions in a shorter time frame.

Vishal Marria, CEO at Quantexa, said: “We are delighted to be working with such a progressive organisation like OFX, who are leveraging our contextual decisioning technology to tackle an important global challenge, to help ensure international fund transfers are not exploited by increasingly sophisticated criminal networks, looking to move illicit funds across borders. Jointly we have created a solution that is ensuring the integrity of international payments.”