Intelligent Fin.tech Issue 22 | Page 6

NEWS

NatWest integrates OneID in Adobe Acrobat Sign

Nik Storonsky , CEO of Revolut

The integration reinforces NatWest ’ s commitment to leveraging innovative technologies to deliver seamless , simplified , and secure customer experiences .

Setting a precedent for other UK banks , NatWest Bank will use OneID ’ s bank-verified digital identity solution for NatWest ’ s Structured Finance business in Sweden , Finland and Norway . The solution brings certainty of identity that transcends borders .
Now , any individual who has online banking in the UK , Sweden , Finland and Norway can verify their identity using their bank before signing a NatWest leasing agreement .
The switch to OneID comes after NatWest reviewed the existing verification processes for document and contract signing for its leasing business in the Nordics .
The traditional ‘ text authorisation ’ or ‘ one-time password ’ method typically added as a security measure to make sure the right person is signing a document was found inadequate for their requirements of both security and efficiency . It introduced friction and the possibility of fraud in a process where certainty and speed are paramount .
A more robust and frictionless solution was required .
Instead of restricting people to just one method of verifying their identity , NatWest wanted to offer a single solution that would combine different methods of verification , thereby allowing more people to benefit from the improved process .
The one thing that has greater reach than a physical ID document in the digital age is the digital relationship people have with their bank . NatWest decided to confirm the identity of individuals using bank-verified identity through OneID .
Kevin Dearing , Head of Bank of APIs at NatWest , said : “ Through utilising OneID ’ s Digital Identity solution within Adobe Acrobat Sign , NatWest is streamlining business processes while strengthening the security of signatories . NatWest has been enabling customers to consent to share bank-held identity attributes with OneID so it is great to see a use case for these services emerge from within NatWest .”

Revolut ’ s revenues surpass US $ 2.2b , with record profits of US $ 545m in 2023

Revolut released its Annual Report for the year ending 31 December 2023 . Revolut delivered record profits and revenue growth , while navigating an increasingly complex geopolitical , macro-economic and regulatory environment .

Group revenue increased by 95 % from US $ 1.1b (£ 0.92b ) in 2022 to US $ 2.2b (£ 1.80b ).
Revolut has now been net profitable for three years in a row . Profit before tax was US $ 545m (£ 438m ), and net profit grew to US $ 428m (£ 344m ), up from US $ 7m (£ 6m ) in 2022 . The Net profit margin for the year was 19 %, reflecting the inherent efficiency and scalability of Revolut ’ s business model , improved partner unit costs , and continued growth of highmargin revenue streams .
Nik Storonsky , CEO of Revolut , said : “ This year , we took our biggest steps yet on our mission to deliver the best product and the best customer experience at great value to customers , everywhere . Our customer base is expanding at impressive rates , and our diversified business model continues to fuel exceptional financial performance , delivering revenues of over US $ 2.2b in 2023 and a record profit before tax of US $ 545m . With a net profit of US $ 428m , 2023 was our third profitable year in a row .
“ Every day , our products create value for new customer segments and new global markets . We remain committed to our ongoing UK banking licence application in addition to bringing the Revolut app to new markets and customers around the world . Even as we reached 45 million global retail customers six months into 2024 , Revolut remains poised for exponential growth in 2024 and beyond , continuing to redefine the financial services landscape as we ’ ve known it .”
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