Timestamping, promotional price transparency solution launched

by | Nov 16, 2023 | Business, Features, Innovation, Technology | 0 comments

Timestamping launched to help with e-commerce

Vaultinum has launched a certified Timestamping offer, enabling the creation of traceable digital proofs.

Among other uses, Vaultinum’s Timestamping solution will enable companies to demonstrate their compliance with the EU Omnibus Directive (28/05/2022). This helps in promoting price transparency and fair consumer practices.

The Christmas shopping season kicks off at the end of November. Black Friday promotions and discount scams are becoming commonplace. It is well known that most Black Friday promotions mislead, and that in most cases, companies inflate product discounts.

In other words, most of the offers still don’t comply with European trade regulations. These state that the reference price must be clearly displayed. Also, the discount must be calculated on the cheapest price of a product in the last 30 days.

Launching Timestamping

To address this, Vaultinum is launching its powerful Timestamping tool. It will help companies prove that their promotional pricing information is accurate, reliable and complies with regulations such as the EU Omnibus Directive.

This directive significantly increases the penalties associated with misleading promotions, fake reviews and aggressive door-to-door selling. This is in order to strengthen consumer protection, especially for those who shop online.

The text provides for heavy fines and even imprisonment for companies that do not ensure strict compliance. The fine reaches 75,000 euros for companies and in the case of large-scale, repeat breaches, the fine can even be as high as 4% of the company’s average annual turnover.

In July 2023, the French controlling authirity (DGCCRF) fined Showroomprive 600,000 euros for fake promotions.

Easy to implement and use

Vaultinum Timestamping can handle large volumes of data, using a machine-to-machine API that automates the timestamping process. Vaultinum’s solution offers a single interface, a Rest API and an online sandbox to enable any client platform to connect seamlessly to its timestamping platform.

The Vaultinum solution complies with the RFC3161 timestamping protocol, thus offering high levels of performance and security.

In an era marked by digital advances and rapid technological innovation, ensuring transparency and accountability in markets is critical. Governments and regulators around the world strive to maintain fair and efficient market conditions.

“In this context, Timestamping emerges as an effective tool to demonstrate traceability and compliance. The tool records the date and time of an event in a secure way, providing an unalterable record that companies can use as undisputable proof in case of controls or litigations,” explains Josh Nunn, Vaultinum’s Managing Director for the United Kingdom. “During sales periods such as Black Friday, companies that timestamp their reference prices and discounts can easily prove that they comply with local regulation on price transparency.”

Ensuring price compliance and wider traceability

Another of Vaultinum’s Timestamping’s qualities is its versatility of use. As well as use in promotional websites that need to demonstrate that discounts are real and comply with consumer transparency regulations, Timestamping can be used by finance managers and supply chain managers for traceability needs such as:

  • supply chain traceability: Timestamping records and timestamps product information at every stage of the supply chain allowing businesses to trace products all the way from their origin to their final destination, capturing critical information along the way. This enables companies to address a range of challenges, such as product recall, quality control, ethical sourcing and regulatory compliance.
  • providing evidence of an event: Timestamping helps prove that an event occurred on a specific date and time in order to win a case, whether it is damage to a person or property, accident, infringement, etc.
  • ensure compliance and audit readiness with time stamping: Timestamping is the best way to ensure compliance of digital documents such as invoices, payroll, financial transactions, legal documents, etc.

more latest news ➡

British Garden Centres

How big is Christmas for British Garden Centres?

The highly-anticipated Christmas season has arrived early this year for British Garden Centres, as it opened its doors to customers in September to an influx of pent-up shoppers. Following a temperamental and wet summer and a few years of subdued Christmases due to...

Bradford garden centre group wins award

Bradford garden centre group wins community award

The team at a Bradford-based garden centre group is celebrating after winning a regional business award. Yorkshire Garden Centres, owner of Tong, Tingley, Bingley and Otley Garden Centres, won the Community category of the Yorkshire Post Excellence in Business...

Feverfew launched new gardening apparel for women

Meet the supplier: Feverfew Garden Co

Taking the gardening glove market by storm, Feverfew Garden Co is the UK’s first garden wear brand exclusively designed for women, by women. Garden Centre Retail catches up with Rachel Eunson, the driving force behind the brand. As with many recent ventures,...

HSBC economist

Ex HSBC economist to speak at GCA conference 2024

Former HSBC Head of Economics will be helping delegates at the Garden Centre Association’s (GCA) annual conference understand the resurgence of inflation and the challenges that it continues to bring (January 28 until 31, 2024). Mark Berrisford-Smith, who worked...

Primeur Whiskey Barrel

Primeur launches new range of recycled planters

Looking to the 2024 season, garden retailers can step up their sustainability game and enhance their outdoor offer with a brand-new Primeur range of recycled planter designs and colourways. If you are keen to stay ahead of the curve and meet the increasing demand...

Sustainable pest control launched on GROW platform

GCA GROW launches sustainable pest control course

Garden centre staff can now gain knowledge to help customers to deter and combat pests in a more natural, sustainable way via the GCA GROW (Garden Retail Online Workshops) e-Learning platform. The organisation has launched its new Sustainable Pest Control course....

Rising stars with Gordon Emslie

Rising Stars finalists announced

Five individuals from GCA member garden centres have reached the finals of the industry body’s Rising Stars programme sponsored by Westland Horticulture. The staff were put forward by their garden centres and took part in a series of workshops this year. GCA...

Read GCR's latest edition!

Subscribe ToThe Wednesday Word

Subscribe To
The Wednesday Word


Get all the latest news, events & more straight to your inbox every Wednesday.

You have Successfully Subscribed!

Pin It on Pinterest

Share This