Mvine & Factern Collaboration
Mvine Limited announces today it is to collaborate with Factern Limited on an important new pilot project for digital identity attribute sharing that the innovators claim will reset the bar in financial services and retail banking. The move comes at a time when information privacy and cyber-security is being moved to the top of Board agendas at the large corporates not just at technology firms.See the Article
“Our collaboration with Factern presents new opportunities for businesses in financial services and retail banking facing Open Banking, PSD2 and GDPR compliance. We’re delighted to be involved early in this project,” said Frank Joshi [director at MVine]."
Factern [...] also offers the potential to significantly reduce the burden of B[usiness] C[urrent] A[ccount] opening for SMEs, [...] enabling the pre-filling of parts of on-line application forms. The application also offers the potential to enhance access to business lending.See the Article
As we set out in section 15, we consider the CMA could do more to promote a central data routing mechanism such as BDI Factern for SMEs in owning and controlling their own data.See the Article