TISA announces rapid expansion of pioneering Digital ID scheme for financial services
Barclays, Signicat, OneSpan and Daon among leading firms joining TISA Digital ID programme
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 that is developing a Digital ID scheme. This is part of a significant expansion of the TISA Digital ID Live Trial in 2022.
Barclays, Signicat, OneSpan and Daon have joined 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.
TISA completed the proof-of-concept phase of its Digital Identity Programme in July 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 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.
The previous testing phase included building and implementing a test platform. TISA has recently completed an RFP process and is about to announce the new Hub provider for the live pilot, which is planned to be placed in the FCA sandbox.
For further information about the progress of TISA’s digital ID scheme, join TISA’s second Annual Digital Conference on Wednesday 16th March 09:15 – 15:30. The conference will further discuss the Digital ID scheme, future of financial advice post-covid, the increasing interest in digital assets investing, the risks and opportunities that come with it, market regulation and VC investment in climate tech.
Join us to hear from the Government, Regulator, industry practitioners and experts about the latest digital trends and technologies in the financial sector. Register in advance here: https://www.tisa.uk.com/product/tisa-annual-digital-conference-2022/?event_date=2022-03-16
Michael Forrest, Lead Architect, Open Banking, Identity, Fintech and External Engagement at Barclays Chief Technology Office, said: “Barclays have recently joined the TISA Digital ID Project that strongly aligns with the DCMS Alpha framework, KYC and AML principles in use today. We’re excited by what we’ve seen to date and look forward to working with TISA on what could grow into an industry wide scheme, supporting opportunities to reduce fraud and deliver new innovation for our customers.”
“As a global leader in digital identity and anti-fraud solutions, OneSpan brings an extensive understanding of the regulatory landscape to the TISA Alliance,” said OneSpan Sales Director, Dave Allsopp. “TISA’s close relationship with key stakeholders in the financial sector and the development of the Digital ID programme will demonstrate a public and private partnership to collaborate on technologies that better detect fraud and improve the customer experience.”
Harry Weber-Brown, Chief Executive Officer at TISA Digital, said: “The number and caliber of firms joining our digital identity scheme demonstrates the value of having a digital identity for financial services. Digital ID is the next step in the online services revolution, simplifying customer journeys and providing safe, secure and widely available verification and authentication services for the financial services sector. The results coming from our scheme testing thus far have been impressive, and we are well on our way to creating a market-leading framework for digital ID.
Once our new Hub provider will be announced shortly and we are signing up firms to test in the Live Pilot, which will be rapidly followed in the full roll-out of a world class digital ID. I therefore welcome Barclays, Signicat, OneSpan and Daon to the Digital ID scheme and look forward to working with their brilliant teams.”
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: firstname.lastname@example.org.