National Grid secures green loan for clean energy project
The UK's National Grid has secured a green loan worth US$743m to finance the Viking Link interconnector. This 760 km undersea electricity cable will connect Bicker Fen in Lincolnshire and Revsing in South Jutland, Denmark to enable National Grid to share clean energy. Once complete, it will be able to supply renewable energy to 1.4 million homes, representing a significant step in the UK’s journey to net zero.
This the first ever multi-credit export agency (ECA) covered green loan and follows the launch of National Grid's first green bond earlier this year, which raised €500m to finance UK electricity transmission projects with environmental benefits.
Both financings are part of National Grid’s Green Financing Framework. As part of the firm's responsible business strategy, the financings fund projects that reduce its carbon footprint, use resources responsibly and protect the natural environment.
The Viking Link project is a joint venture between National Grid and Danish system operator Energinet. It is due to be complete in 2023 and will enable more effective use of renewable energy, access to sustainable electricity generation and improved security of supply.
Federal Reserve to help organisations classify fraud involving payments
The Federal Reserve has published the FraudClassifier model - a set of tools and materials designed to help provide a consistent way to classify and better understand the magnitude of fraudulent activity and how it occurs across the payments industry. The model was developed by the Fraud Definitions Work Group, which was comprised of Federal Reserve and payments industry fraud experts.
The Fed says that the key advantage of the FraudClassifier model is the ability for organisations to use it to classify fraud independently of payment type, payment channel or other payment characteristics. The model presents a series of questions, beginning with who initiated the payment to differentiate payments initiated by authorised or unauthorised parties. Each of the classifications is supported by definitions that allow for consistent application of the FraudClassifier model across the industry.
The Fraud Definitions Work Group also developed and recommended an industry adoption roadmap, which outlines a strategy and potential steps to encourage voluntary industrywide use of the FraudClassifier model.
HSBC launches remote account opening solutions for Hong Kong businesses
HSBC has launched a remote business account opening solution targeting small and medium enterprises (SMEs) in Hong Kong. The bank says that business owners can now open an account anytime and anywhere, without having to schedule face-to-face or video meetings, or submitting physical documents and signature. The application process is completely digitised and paperless.
Customers can apply for a business integrated account remotely and obtain the account number immediately through HSBC’s online Account Application Centre and Business Express mobile app by following a few steps:
- Create profile and complete the online account opening form.
- Upload digital copies of required documents.
- Input one-time password delivered via SMS.
- Authenticate ID using selfie verification technology.
Customers will also be directed to register for Business Internet Banking and activate their Mobile Security Key. A dedicated team has been formed to process remote business account applications, and reach out to customers to understand more about their businesses over the phone. Following the assessment, an SMS will be sent to applicants to confirm account activation. Customers can also seek real-time help from a customer service officer through HSBC Live Chat, an online messaging service on the bank’s digital platform.
Cyber Risk Aware partners with BUI on ‘Track and Train’ cyber security platform
Cyber Risk Aware, Microsoft Azure’s cybersecurity training platform provider, has announced a partnership with BUI, Africa’s highest Microsoft Azure consumption partner. In times of high uncertainty and staff having to work remotely, there is a demand in South Africa for ‘real-time’ cyber security solutions. Cyber Risk Aware’s training platform brings education, human cyber risk assessment and phishing simulation solutions and is now available via its partnership with BUI.
Cyber Risk Aware’s integration with Microsoft made partnering with BUI, Southern Africa's largest Microsoft Partner, an effective means to support a multitude of businesses secure their security systems. Being fully integrated with Microsoft Azure and Microsoft Sentinel, Cyber Risk Aware and BUI can help businesses ‘Track and Train’ employees with real-time intervention training, identifying where employees are making mistakes and sending the necessary training material to help improve their behaviours.
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