Umazi, a pioneer in digital identity verification solutions, has welcomed the latest report from CFIT, Fighting Economic Crime Through Digital Verification:
The Case for Adopting a Digital Company ID in the UK. The report highlights the potential to revolutionise business operations in the UK by improving efficiency, security, and trust.
Innovating business verification
CFIT has convened over 70 pioneer organizations to design and develop the Digital Company ID—a unique digital representation of a business entity for digital verification. Umazi has been very supportive of this initiative, playing an active role in discussions with CFIT throughout the Minimal Viable Product (MVP) phase, and is joining two Working Groups established by CFIT.
Driving compliance innovation
Cindy Van Niekerk, CEO & Founder of Umazi said: “We have eagerly anticipated this report, and it’s fantastic to see momentum building behind such a transformative initiative. At Umazi, we’ve spent the past four years driving innovation in ‘Know Your Business’ (KYB) and compliance to combat economic crime, and we are proud to contribute to this critical effort.”
“We have been in close discussions with the CFIT team, and it’s encouraging to see the UK leading the way in fostering fintech solutions that address fraud and financial crime at scale”.
Van Niekerk continues: “For us, Digital Company ID is not just about preventing fraud and financial crime—it’s about driving efficiency, reducing redundancy, and empowering businesses with more trusted, seamless processes."
Securing Business Ecosystems
Umazi has accumulated significant knowledge and experience around the pain points
Van Niekerk further highlighted the urgency of addressing economic crime, stating "Over 1.2 million incidents of fraud were committed in the UK in 2023—equivalent to nearly two fraudulent acts every minute, according to ONS data.”
“This staggering figure underscores the need for robust, digital-first solutions like the Digital Company ID to enhance trust, security, and transparency across the business ecosystem. By leveraging innovation and collaboration, we can significantly reduce the prevalence of fraud and create a more resilient financial landscape."
During the last four years of building and piloting its reusable digital business identity platform Umazi has accumulated significant knowledge and experience around the pain points which can be solved with digital IDs and the R&D grants from Innovate UK have helped particularly with developing some of the more cutting edge, AI-related aspects of its product suite.
Streamlining compliance
CFIT has established a group tasked with building and testing a consented SME data exchange
With Umazi being invited to join both the ‘Trust and Governance’ and ‘Market Opportunity’ Working Groups that CFIT has recently formed, Van Niekerk anticipates Umazi will be able to make a significant contribution to laying the foundations for digital business IDs in the UK to
CFIT has also established a group tasked with building and testing a consented SME data exchange to create a MVP for a Digital Company ID solution and facilitate its use in processes such as opening a new bank account.
This is truly a UK initiative at the forefront of innovation, pioneer the charge of streamlining business verification without reducing the level of compliance.
Empowering business security
Van Niekerk concluded: "Umazi is committed to supporting CFIT's vision by offering our expertise in business digital identity verification to ensure the successful implementation of the Digital Company ID.”
“We believe that this initiative aligns with our mission to create a more secure and efficient business environment in the UK and it’s heartening to see UK based and funded firms being supported in taking a leading role in shaping the future in this space.”
“We are proud to be flying the UK flag as a UK-established organization funded and supported by UK angels and growth support infrastructure. It is a true testament to what is possible."
