The Investing and Savings Alliance's (TISA) digital ID program for financial services is expected to go live in the summer of 2022 and several of the UK’s major investment managers, retail banks, wealth managers, and financial advisers will take part.
The program aims to develop a digital identity for consumers so they can create and reuse identities while interacting with financial institutions.
Barclays, OneSpan, Signicat and Daon, Fidelity, MoneyHub, Profile Pension, the Post Office, Yoti, Digidentity, and Ardent are also involved.
TISA's program aims to create a digital identity scheme which can be used by consumers when applying for financial products and services, such as opening a new bank account, transferring a pension, or applying for a mortgage.
The scheme will also explore how digital identities can be used across other sectors.
In July 2021, TISA completed a proof-of-concept phase of its digital ID programme, which was partially funded by a UK government grant, and has recently concluded a procurement process to select a hub provider for its live pilot.
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