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Home Digital Trust ServicesDigital Identity Camerfirma presents its proposals for the financial sector at Innovation Finance Week
Innovation finance week

Camerfirma presents its proposals for the financial sector at Innovation Finance Week

by Camerfirma

The financial sector is one of the most relevant for Camerfirma in Spain, as this is the sector where the company is reaching agreements with major partners and where it has also been directing efforts from its offices in Latin America (Peru and Colombia).  It is therefore an area in which Camerfirma seeks to have a key presence.

Based on this, Camerfirma has taken part in Innovation Finance Week, an event held in Spain from 28 September to 2 October. This forum, in which Camerfirma has participated as a gold sponsor, has covered the social, economic, technological and regulatory trends that are revolutionising the economic and financial landscape.

Big Data and Artificial Intelligence, open banking, digital lending, different sales and marketing practices and customer experience, as well as payment trends and security, are some of the topics discussed at this event.

Attendees, professionals from banking and financial entities, Fin Tech, Big Tech and Reg Tech companies, telecommunications operators and consultants have attended an extensive programme of presentations and discussions. For their part, Camerfirma, had a prominent role in two of the events included in the programme:

28 September, from 12:30 to 13:45: Alfonso Carcasona, Camerfirma CEO, participated in the discussion “Change in the World Financial System: More than a reality, a requirement”, in which participants discussed the change of the global financial system, in addition to how Big Tech and Fin Tech companies are now organised as integral players of a whole that is key in the social development of countries around the world.

During his presentation, Carcasona stated that “we live in a world of trust, the financial system provides trust in society and for this we have to adapt to changing realities” and pointed out that “financial departments can be seen as those that allow us to develop the business if you are able to adjust to and anticipate whatever the future will bring. ” He continued, “we must take consumers, SMEs and self-employed people into account in any digitalisation process. They must anticipate change at the same speed we do.” In addition, “in these times of crisis the need for digital identities is evident and I would work towards facilitating the easy identification of natural persons, from the viewpoint of interoperability”, he affirmed.

Regarding the new concepts of risk, Alfonso Carcasona pointed out that “we live in a world of multiple transactions in which the risk is changeable, in which it is necessary to verify who is signing what, how data is being stored and under what security measures, and this leads to changes in the processes of financial entities. ” Therefore, “it is no longer a question of biometrically verifying who’s who, but rather, of being able to prove that the document is what it is. This opens up a whole range of new operations that were not necessarily carried out in the past, in which we have to analyse the security and trust that both the consumer and the entity have in each other.” “Users are being empowered to enable them to have confidence in whatever they put their money into,” he continued.

To conclude, Carcasona stated that “the future lies in empowering ourselves so that we are able to prove our identity in any situation. What we call Self Sovereign Identity. ” “It is important to provide technology with a layer of security to help users feel they can trust  it. The new identification mechanisms not only comply with regulations, they can also generate new business ”, he concluded.

29 September, from 11:50 to 12:20: David Elizaga, Presales Manager, and France Vidal Leca, Business Compliance Manager,for Camerfirma, were responsible for the innovation pitch “New regulation on money laundering and online contracting: key points to be prepared for legislative changes.” During this presentation, attendees learned about existing requirements for online contracting  according to current Law 10/2010, of 28 April, on the Prevention of Money Laundering and what aspects and processes will be affected by its modification. This law will involve banking entities having to make changes at the time of contracting and signing processes with customers, as such processes will require a qualified signature. In addition, the speakers also presented ‘TOP’, Camerfirma’s fully digital solution for the identification of customers and the signing of contracts, as a proposal to help solve the problems and needs of banking or financial entities when contracting their products and services, in accordance with both current and future regulations. To conclude, they also analysed the different types of identification (AML ID, Video ID, Fast ID…) and other modules available with ‘TOP’ and how it can help financial institutions to comply with all current and future requirements.

Elizaga, in his speech, emphasised that “TOP is a multi-module software platform designed to become integrated into a financial institution, among other sectors, to achieve a complete onboarding process.” “It is in TOP’s identification modules that the prevention of money laundering coincides with the validation of the information, which is what we trust service providers do”. “TOP provides lots of flexibility, facilitating a very simple customer journey”, he concluded.

For her part, France Vidal declared that “the idea is to create a pan-European provider that provides trustworthy services, taking advantage of eIDAS regulatory framework.” Vidal reminded everyone that “on 12 June, the Draft Law modifying Law 10/2010 on Money Laundering and Terrorism Financing was published and it incorporates the advantage of applying new technologies to facilitate compliance with those regulations”, and she explained that “a qualified eIDAS signature is recognised in any EU member state because it is based on  European regulations. In case of conflict there is a presumption of validity.”

The sector’s inevitable digital transformation involves a mandatory restructuring  and change in  the financial culture of consumers, companies and service providers, which, combined with technological advances, obliges us all to keep up to date. Camerfirma, as a qualified provider of Digital Trust Solutions, is committed to the digital transformation of businesses through tools that increase productivity and reduce costs while complying with legal requirements.

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