Interview with Ralph Bragg-Founder of Raidiam

Can you tell us more about Raidiam and what your role as its Founder entails?

Raidiam is at heart an Identity and Access Management technology consultancy – it’s even in the name! I founded the company to help fill a gap at the centre of the UK’s open banking thinking in how to deliver a suitable security framework. Raidiam developed and delivered the FAPI security standard which is now used across the globe, and has developed and delivered the core technology enablers crucial to unleashing a successful open banking ecosystem anywhere. We are also the only consultancy involved from prototype through design, delivery and support of the UK’s Open Banking Implementation Entity, which is seen as the world’s most advanced open banking ecosystem.

In my role as Founder, I am involved in all aspects of the business: from operational issues such as finance, legal and HR, through to our core purpose of serving the amazing customers who have supported our growth over the past 3 years. I really enjoy working with our customers to understand and solve their issues for compliance and growth. There are also significant strategic aspects to my role; although I do still find some time to write code, I find that I am increasingly busy with leading conversations about what is happening and what could happen to
Open Banking around the world.

What does it mean to be an identity specialist?

Quite simply, it means to specialise in identity! It is the process of codifying, assigning, confirming and validating that identity. Raidiam’s role is to be the architect and the builder of those identity frameworks, security standards and to be an evangelist about the need for a truly interoperable standard.

You talked about an interoperable process of identity and authentication management. Can you please tell our readers more about this?

At the heart of any successful Ecosystem for data sharing are the ideas of identity and authentication. Without these, no party would feel safe and secure in sharing any data, let alone the significantly sensitive data involved in banking. Interoperability works on two levels – first is the localised level in that the identity and authentication for (e.g.) banks and TPPs needs to be interoperable to facilitate (e.g) open banking – and second is the
sector level in that multiple sectors could embrace the same benefits more quickly by using interoperable base standards for identity. This would mean that you could use your bank account to identify you with your energy provider, and potentially link the two services to provide more inclusive
or innovative propositions.

How is Raidiam helping to pursue a digital transformation that creates value for everyone?

The digital economy is transforming the world in terms of speed, accessibility,and capability. 50 years ago there was no way to access bank services except through a branch and no need for a bank statement more than once a month. These days, millions of people have instant access, visibility and control over their bank services via their smartphones, and millions choose to check their balances daily. Unbundling of bank services – for
example overdrafts – is a great example of digital transformation to help connect consumers with better services for their needs. We are building the frameworks and technology that will help to unlock the benefits of “Open X” for everyone.

What advice can you give to aspiring entrepreneurs and startups in the tech field?

• Go for it! Get your first idea up and running and then set it loose. Your first ideas may not be the ones that the market really responds to, but if you keep going, keep listening and adapting then you will soon craft your compelling proposition.
• Be prepared for the emotional rollercoaster of running a business. In the early days, any customer potentially has the power to make or break the
  entire business. As you grow, so do your commitments in terms of costs (office, technology, people), but so do your opportunities.
• Share the pain and success. If you surround yourself with supportive (but not subservient) people you will get the robust challenge as well as the support you need.
• Above all – try to enjoy it – you would not have thought it a good idea if you didn’t enjoy it to start with, so despite the bumps (which there will be), try to keep hold of that principle throughout the journey.