Backed by UK-based banks and building societies UK Financehas completed initial testing of a new voluntary digital verification service that allows customers to securely share verified personal information through banking apps. Barclays, HSBCLloyds Banking Group, Nationwide Building Society, NatWest Group and Santander We are developing the initiative together with technology partner Select ID.
The project has now completed its proof of concept study, which uses synthetic data to conduct technical evaluation. legal and operational requirements.
A live pilot program in a controlled real-world environment is planned for the coming months.
The service aims to alleviate the frustration many people face when proving their identity over and over again online.
Instead of uploading passports, driver’s licenses or utility bills multiple times, customers can directly access details such as their name, age or address. banking APPLICATION.
With explicit consent, this verified information can then be securely shared with third parties to complete transactions or access services.
Potential uses include online shopping, age checks on digital platforms, purchasing property and opening new accounts.
The entire process will remain voluntary and customers will have full control over what information is shared, when and with whom. New approval will be required for each case. data sharing.
Jana MackintoshUK Finance’s Managing Director of Payments and Innovation said the financial sector was well positioned to offer reliable digital verification.
He stated that information that has already been verified by should be used. banks and community building, shared only with the customer’s explicit permission, can give people full oversight of their data while making digital transactions safer, faster and easier.
Nick MothershawSelect ID CEO welcomed the opportunity to support industry efforts and highlighted how bank-verified information can improve both security and ease of use for customers and businesses.
The project is run separately from broader parts of government digital identity program but complies with the UK Digital Authentication Services Trust Framework.
It focuses on private sector commercial and retail applications and aims to complement rather than replace public sector initiatives.
Key benefits highlighted by partners include stronger privacy protections, reduced risk fake Benefits like anti-fraud and synthetic identities provide greater convenience for individuals who no longer need to send documents over and over again, and greater efficiency for organizations that can verify customers more reliably and at lower cost.
UK Finance asks retailers to express interest, digital platforms, other participants in the digital verification ecosystem, and businesses looking to streamline online customer verification processes.
Organizations interested in participating in future pilots or exploring how the service could support their operations customer Journeys are encouraged to contact the team.
Based on the trust established between banks and its customers, the voluntary digital verification service represents a practical step towards simpler, more secure online interactions around the world England economy. further updates expected following the upcoming live pilot.
