Pioneering TISA Digital ID scheme for financial services continues expansion
Pioneering TISA Digital ID scheme for financial services continues expansion
The Investing and Saving Alliance (TISA), the cross-industry financial services membership body, today announced it had onboarded several leading financial services firms and identity companies into its Digital ID programme for financial services. TISA’s scheme for a single, interoperable digital ID has made further progress and is proceeding to a Live Pilot this Summer.
Lloyds Banking Group, NatWest and Onfido have just joined other leading firms participating in TISA’s Digital ID programme, which is entering its Live Pilot phase, during which TISA will connect identity providers to live onboarding processes using a Hub and connectors.
Other firms that have recently joined the programme include: Barclays, OneSpan, Signicat and Daon, alongside participants in the proof-of-concept phase Fidelity, MoneyHub, Profile Pension, the Post Office, Yoti, Digidentity and Ardent.
The objective of TISA’s programme is to create a Digital Identity scheme that allows consumers to set up and reuse an identity to interact with financial institutions. This can then be used when applying for financial products and services, such as opening a new bank account, transferring a pension or applying for a mortgage. Financial services providers will be able to easily verify and then authenticate a customer’s Digital Identity. This scheme is also exploring how these identities can be used across other sectors too.
TISA completed a highly successful proof-of-concept phase of its Digital ID programme in July 2021, which was part funded by a Government grant, to assess the viability of its system. Participants tested real-life user journeys, including setting up a digital identity to open a new account.
84% of participants were successful in utilizing a Digital ID that could be used to open a new account, demonstrating how the Digital Identity System would improve the onboarding rates for financial services, reduce AML costs and provide a streamlined customer experience overall.
TISA has recently concluded a procurement process to select a Hub provider for the live pilot, which will be announced in the summer of 2022.
Matthew Peake, Global Director of Public Policy at Onfido said: ““We are delighted to join TISA. Its vision to create a reusable Digital ID that meets all relevant regulatory requirements, such as Know Your Customer (KYC) and Anti-Money Laundering (AML), and also help consumers securely prove their identity to UK Financial Services is admirable,” said Matt Peake, Global Policy Director. “It is an excellent initiative which will drive powerful innovation and help reduce compliance costs in the sector – we look forward to helping drive it forward”.
Harry Weber-Brown, Digital Innovation Director at TISA, said: “Digital ID is a groundbreaking technology that will simplify customers’ interaction with their financial services providers, streamline KYC procedures and improve connectivity for users of remote services everywhere. It is at the core of the upcoming fintech revolution, and will improve productivity as well as the security of digital services.
“With the likes of established industry leaders like NatWest and Lloyds, as well and innovative identity providers such as Onfido, joining the TISA scheme, we are ready to build a truly world-class digital ID system and improve the experience of using financial services digitally for all.”
GET INVOLVED
TISA is currently running the “Live Pilot” where they connect identity providers to live onboarding processes using a Live Hub and a single API. TISA wishes to run the live test with financial services of all sizes. Those who would be interested in a demo of the service, hearing about the research results and discussing the next steps can register their interest here: harry.weber-brown@tisa.uk.com.
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