Established in 2020, OneID's primary objective is to enhance the digital experience of UK citizens by enabling banks to offer identity verification services to their customers. OneID's system eliminates the requirement for physical identification documents, allowing both individuals and businesses to instantly and digitally prove their identity. Notably, it streamlines the identity verification process without necessitating user registration or the storage of personal data, eliminating the need for document scanning or selfies for online identity authentication.
To utilise OneID, an individual selects the service as their identity verification method when registering for an online product or service. Subsequently, they grant OneID permission to contact and authenticate their details with their bank, whether through online or mobile banking. Once validated, OneID securely confirms the user's identity to the online service provider.
This approach aligns with a growing trend observed in various European countries, where bank-verified digital identification has gained prominence. Notably, according to tech.eu, Sweden's BankID service sees an average of two uses per day for every adult, culminating in 6 billion transactions annually. Similarly, in Belgium, the itsme identity app serves millions of users and facilitates 25 to 35 million monthly actions.
OneID stands as one of the prominent angel-backed startups in the UK, backed by 170 angel investors. In the company press release, officials from OneID highlighted the significance of the investment from ACF Investors as well as their shared vision of improving digital identification accessibility and safety in an increasingly digital-first world.
Representatives from ACF Investors echoed this sentiment, mentioning OneID's potential to positively impact the lives of UK citizens by making bank-verified digital identification a commonplace practice in the country. According to OneID, the GPB 1 million investment will be allocated towards further product development.
In July 2023, OneID collaborated with UK-based ID verification company IDVerse to extend its identity offerings globally. Through this partnership, OneID’s aimed to expand its offerings to a global scale. The real-time identity services provider’s current main solution enables individuals with UK online bank accounts to digitally verify their identity. As OneID’s identity-verification product has access to bank-verified data, it can be used to ensure that transactions between organisations and individuals are protected by strong fraud control measures.
As a result of this joint effort, OneID’s customers received the option to verify the identity of individuals all around the globe. Moreover, the provider expressed its intention to broaden the identity-verification offerings for those in the UK who either do not have an online bank account or opt not to use one. The company is also extending ID checks that comply with regulations that require document scans.
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