Based on an open set of standards, the digital identity is expected to facilitate adoption of new technology and introduction of new services in the UK financial services industry. The project was launched following the completion of consumer research and emulation phases. The pilot phase will last six months and will be conducted by Tisa and other financial institutions to evaluate different customer verification methods.
After completion, the test group will devise a new set of standards to develop a secure Trust Framework complying with the existing rules and anti-money laundering regulations. It is expected to provide the customers greater control over their finances and expedite communication with their financial service providers.
Moreover, the digital identity process will reduce operating cost for the financial service providers and offer better security for the customer’s personal data.
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