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TISA announces new Digital ID partnership with market leader Experian

November 7, 2022

The Investing and Saving Alliance (TISA), the cross-industry financial services membership body, today announces the joining of Experian, the multinational data and consumer credit company, to their innovative Digital ID scheme. This builds on a wide range of other existing participants including global businesses such as NatWest, HSBC, Barclays, Santander, Onfido and Lloyds Banking Group.

TISA completed the proof-of-concept phase of its Digital Identity Programme in September 2021 to assess the viability of its new Digital Identity 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 and reduce AML costs.

The previous testing phase included building and implementing a test platform and TISA have now been accepted by the FCA into their regulatory sandbox and the scheme will undergo further testing within a live market environment.  

Once TISA’s Digital ID is market-ready, it will be formalized into an official entity under ID Connect. The objective of TISA’s project 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 can easily verify and then authenticate a customer’s Digital Identity.

Harry Weber-Brown, CEO TISA Digital, said: “The number and caliber of firms who continue to join our digital identity scheme is excellent to see and once again shows the significance of the work we are doing. Digital ID is the next step in the online services revolution and is the gateway to opening up the full digitization of UK financial services. The results of our live pilot scheme thus far have been impressive, and we are well on our way to creating a market-leading framework for digital ID.

At a time of so much uncertainty in the marketplace for both consumers and industry an effective Digital ID scheme, which allows for faster and less complicated access to financial services, is imperative to assist in economic and fiscal recovery.”

Eduardo Castro, Managing Director, Identity and Fraud, Experian UK&I, said: “Experian was one of the founding members of the TISA Digital ID project and we are thrilled to be involved again, rejoining the scheme at a pivotal time for all businesses operating in the digital space.

“Many of the largest companies in the financial services sector already use Experian digital identity services and we are excited to continue our work with TISA members, helping them to meet the expectations of increasingly sophisticated consumers who demand a frictionless-as-possible digital experience.”

Experian was one of the founding members of TISA back in 2018 and we are thrilled to be re-joining the scheme at such a pivotal phase. 8 out of top 10 Banks in UK, 4 largest telco networks, and 4 out of 6 BNPL providers use Experian digital identity services with over 90% match rates. We are excited to continue our work with TISA members to help build reusable and inclusive Digital Identity for consumers with much improved user experience

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