This alliance aims to combine OneID's bank-verified identification with AperiData's real-time consumer credit insights to simplify and secure the customer's experience. It will also provide lenders with real-time identity and affordability checks, allowing them to make quick and fair decisions.
OneID is a government-certified, regulated by the FCA, and a BCorp business. Moreover, the company is an identity service with access to bank-verified data, having around 50 million UK adults already set up to use their services for real-time verification. OneID's digital ID services use counter-fraud measures to help protect banks, businesses, and consumers from online identity fraud. By streamlining existing ID processes, OneID helps businesses reduce operational costs, increase sales, and improve customer engagement.
AperiData is also an FCA-authorised Credit Reference Agency and Open Banking provider, built on the capabilities of Open Banking to provide real-time risk insights. It has extended expertise in credit risk management and data analytics, providing insight into the suite of services that can be derived from the Open Banking initiative. The company provide API-first and AI-powered products to help organisations serve their customers digitally, more accurately, and in real-time.
According to the official paper, this partnership has the potential to unlock possibilities for many sectors, including automated direct debit set-up/reinstatement, improved employee screening processes, and ethical gambling. In addition, by providing real-time identity and affordability checks, lenders can be more confident in their decision-making processes, and consumers can have more confidence in their financial position.
Moreover, OneID officials stated that the collaboration with AperiData came as a natural fit for the company and that the bank-verified digital identity and AI-powered real-time credit analysis give its joint customers a more suitable way to support them in the credit decision-making processes.
OneID offers a digital identity solution that aims to simplify the process of sharing a customer's bank-held data with a new business to confirm their identity and expedite their online experiences. This eliminates the need for customers to fill out lengthy online forms or scan and upload documents, saving them time and reducing the risk of manual errors. Furthermore, since the data comes directly from the customer's UK bank, stolen identity data cannot be used in the process, thus reducing the risk of identity theft.
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