LexisNexis® Risk Solutions and UK Fintech startup Nuggets have teamed up to enable the implementation of self-sovereign digital identity (SSI) solutions.
SSI solutions are one of several emerging technology-led innovations that are transforming how organisations authenticate an individual’s identity digitally when they transact online. Right now, if someone wants to open a bank account, or apply for a financial product or service, consumers often must manually send personal documentation to authenticate themselves, either physically or electronically. This is repeated each time an application is made.
Self-sovereign digital identity represents a fundamental shift in the way personal data is owned, shared and controlled; consumers choose when their data and identity documents are accessed and by whom, and it scraps the need for documents to be sent away and stored physically or electronically in data silos.
The partnership between the companies aims to validate the benefits and strengths of the self-sovereign identity model. LexisNexis Risk Solutions and Nuggets have been working collaboratively since 2019, running discovery initiatives that have culminated in a joint go-to-market commercial arrangement.
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