Accenture selects digital ID platform Nugget for FinTech accelerator

22 February 2021 Consultancy.uk 3 min. read
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Self-sovereign digital ID and payments platform Nuggets has been selected as part of Accenture’s FinTech Innovation Lab accelerator programme, in London. The move will see Accenture aim to help Nuggets fine-tune and develop their technologies and business models over the coming months.

Identification techniques were already rapidly digitising before the coronavirus pandemic emerged. Now, in a time when security has taken on an added need for contactless interfacing, biometrics is fast catching on among companies looking to re-open for business in the near future. Techniques such as facial recognition and thermal screening for access control, as well as biometric confirmation of deliveries, identification of people wearing protective gear, and mobile apps, all look set to be a major part of the new normal, even after the Covid-19 crisis recedes.

Nuggets is a decentralised, self-sovereign ID and payments platform looking to provide solutions to that end. The startup aims to offer organisations a safe and secure digital method of identifying employees, while hosting its platform via Blockchain technology, to help users maintain control of their own data. Now, as the world of business looks for ways to open up in the post-pandemic future, Nuggets is looking to scale the business.

Accenture selects digital ID platform Nugget for FinTech accelerator

Accenture’s FinTech Innovation Lab is currently running an accelerator programme in London, with a cohort of 20 startups benefitting from the initiative until the end of March 2021. After 450 companies applied – with entries including efforts to proffer solutions in climate risk analytics, security, green finance, debt-management platforms, data risk, using AI to remove bias, and sustainable investing, among others – Nuggets has been announced as part of this cohort.

Seema Khinda Johnson, Co-Founder and COO of Nuggets, said, “Being accepted into the programme is a tremendous opportunity that will enable us to showcase our technology to every bank and financial institution who are all looking for a fast, safe path to innovation, especially when it comes to privacy,” she stated, adding that they are excited to work with Accenture “…to help banks and financial institutions explore the benefits of SSID whilst maximising data privacy and security for business and consumers.”

During the cohort program, startups will benefit from the expertise of executives of about 40 UK companies. These include a number of major companies with a vested interest in effective digital ID, such as NatWest, Lloyds, HSBC, and JP Morgan. The move will also help Nuggets establish useful contacts and connections with some decision-makers to help enhance the profile of their technology.

Graham Cressey, FinTech Innovation Lab Programme Director with Accenture UK, said of the importance of the cohort, “If there’s anything we’ve learnt from such a challenging time, it’s that there’s never been a greater need for purposeful organisations to make a difference at speed. With a customer-first outlook and innovative capabilities, FinTechs may hold the key to quickly helping society on its road to recovery, making them valuable partners in the industry."