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Why Software is Eating the World 

Deloitte Latvia`s collaboration with start-ups

Deloitte Latvia has started cooperating with three technology companies - Graphdo, Notakey and Blockvis.

Deloitte Latvia has started cooperating with three technology companies - Graphdo, Notakey and Blockvis.

The world is going through a critical point of change with technologies and data exponentially transforming our clients, the profession and society at large. Companies in search of innovative solutions for current business challenges develop incubators and form external partnerships to start operating on a new level. As they become aware that it is no longer efficient to rely solely on internal resources for innovation, companies are beginning to look at start-ups as sources for ideas and solutions.

The consulting company Deloitte has been actively collaborating with new technology companies worldwide for several years — for example through the Technology Fast 500 nomination that recognizes and rewards the 500 fastest growing technology companies in the EMEA (Europe, the Middle East and Africa) region. In the course of the project, Deloitte has started collaborating with several global start-up companies and has integrated their solutions into its offer. Likewise, Deloitte Latvia has started cooperating with as many as three technology companies at the same time, namely Graphdo, Notakey and Blockvis.  Notably, one of them – Notakey – has already been mentioned by the Latvian business paper “Dienas Bizness” among the 10 companies that deserves to be closely followed.

“Start-ups develop their ideas and build solutions with a view to the future. In the financial services' sector the future is already a reality of today,” says Jānis Kauliņš, Deloitte Latvia Financial Advisory Assistant Director. Our collaboration is, on the one hand, based on the advantages of our global network that we make available to new companies for expanding their export opportunities.  On the other hand, start-ups offer technology-based, innovative tools that enable us to respond to the most complex issues of our customers. Moreover, we have experience to share with new companies as regards commercialisation strategies.  This is a “win-win-win” collaboration from which both the start-ups and our clients stand to gain”.

Notakey has developed an online KYC client identification solution that might be particularly interesting for companies in the finance sector. “Typical financial companies identify clients face-to-face and manually. We make the process fully automatic, and the clients can be identified remotely, by signing the information collected and recording it on a blockchain.  With a solution like ours it takes as little as 7 minutes to understand who the customer is,” says Jānis Graubiņš, co-founder of Notakey. “We are happy about our strategic cooperation with Deloitte, since it is going to make our solutions available to a wider range of customers.”

Graphdo offers a solution for analysing and visualizing payments made by the clients of financial institutions, which is of critical importance for in-depth customer analysis. “This solution helps to transform complicated cash flows (the client's, his partner’s, the partner’s partners', etc.) into a clear graphical model with a complexity and risk assessment, and makes it a lot easier to identify AML (Anti-Money Laundering) risks. Semantic analysis of payment details detects significant mismatches in the clients' or external partners' profile of behaviour and sends warnings about potential AML risks”, says Dmitry Ozernov, owner of Graphdo. 

The strategic focus of Blockvis is the so-called “smart contracts” that secure digital rights on a blockchain platform.  “With the help of the solution Civic.com that we represent (by implementing it in the European market together with the US company “Civic” and its CEO Vinny Lingham) digital personal identity documents can be accepted by any type of civil service,” says Anatoly Ressin, CEO of Blockvis.  “However, we are also engaged in blockchain product audits, and this is where our cooperation with Deloitte might be particularly valuable. In the contemporary world, traditional components like business processes, movement of funds and security, are integrally interrelated with blockchain solutions. This is precisely the reason why we can offer highly competitive solutions to our customers by merging Deloitte's consultancy experience with our blockchain expertise.”

 

 

Why Software is Eating the World © Marc Andreessen

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