Following this announcement, the new product was developed in order to optimise remote customer onboarding in financial services and adjacent sectors. The collaboration will focus on the shared commitment to enhance trust, security, and efficiency in robust identity verification, as well as improve the customer experience for onboarding in the UK market.
The companies will also address the growing demand for secure and privacy-focused Reusable IDs in the UK and beyond, with financial services being widely regarded as the catalyst for adoption given the significant number of UK customers who leverage banks, building societies, and fintechs.
Through this strategic deal, the four companies aim to drive the adoption of Reusable IDs at a critical time when important UK Government legislation is being passed. At the same time, through its network of Reusable ID providers, Select ID is expected to provide a new channel for the digital onboarding of users whilst meeting stringent Know Your Customer (KYC) regulatory requirements.
Furthermore, by leveraging their suite of solutions and expertise, the partners will focus on establishing a Reusable Digital ID network, that will eventually support cross-sector interoperability, under the UK Government’s Digital Identity and Attribute Trust Framework. In addition, the initiative aims to optimise the manner in which financial institutions enhance customer onboarding efficiency whilst providing individuals with a choice from Reusable ID providers who will in turn deliver improved control over their personal data. As the collaboration progresses, the institutions are expected to work closely with industry stakeholders, regulators, and financial institutions to refine and implement Select ID as a Reusable ID Network service.
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