TISA encourages firms to join Digital ID following success of pilotTISA, the investments and savings alliance, is leading the charge, in collaboration with key industry players, to deliver a Digital ID for UK financial services consumers.

A first of its type in the financial services industry, attendees at TISA’s Annual Conference today were updated that the project has moved into the pilot testing phase to understand consumer reactions to creating a Digital ID. The pilot tests three key processes that matter to consumers: opening a current account, taking out an ISA and setting up a pension.

The success of the project to date is due to the collaborative nature of its approach, being supported by Accenture, Experian, Fidelity, FNZ, HSBC, LexisNexis Risk Solutions, SS&C DST and Zurich Insurance. The findings from the pilot will feed into the prototype phase commencing in January 2019, and TISA is now inviting additional firms to come on board and to participate in this next stage of the project.

TISA’s vision is to create a portable assured single Digital ID that meets all relevant KYC and AML regulatory requirements and that provides consumers with a single, secure and simple ID key for their bank, insurance, investments and savings. This would also support the development of Fintech services and initiatives like the Pensions Dashboard.

Justin Pearson, Product Innovation Manager at Zurich and a member of the project steering committee said:

“Establishing a person’s identity has traditionally been achieved using passports, driving licences and in-person checks together with a range of supporting digital services. Moving from a hybrid paper based to a full digital solution would mean consumers benefit from quicker account opening and transfers, enhanced online security and a more competitive market. Equally, a digital solution for establishing identity could deliver considerable benefits both in reducing costs and in preventing financial crime.”

Lawrence Hopper, Head of Policy & Strategy at GOV.UK Verify commented:

"The Government Digital Service are appreciative of the TISA Digital ID pilot and are keen to work together to ensure interoperability of GOV.UK Verify and Financial Services digital identity schemes and standards, for the benefit of the customer.”

“This is a hugely exciting project that will deliver real benefits to consumers. No such digital identity scheme exists in the private sector. Our pilot has delivered real insights into this complex challenge that we are now feeding into the prototype development. A Digital ID has potential applications far beyond financial services with the possibility of transforming consumer experiences in energy, healthcare and more. We are also committed to ensuring interoperability with the Government’s Digital Services and the Verify scheme and it is great that both the GDS and DMCS are collaborating with us on the project.”

Brian Smith, Senior Director of Product and Innovation SS&C DST and a member of the project steering committee said:

“The successful adoption of a Digital ID would create immense value for both UK consumers and the financial services sector by increasing account openings, amplifying privacy by design and dramatically reducing the costs of AML and KYC checks. We are pleased to work with TISA on the user experience, technology and trust framework required to launch this solution.”

Ends….Issued on behalf of TISA by Atlas Partners, for further information please contact:Sarah Evans, telephone: 020 7183 7154 or 07523 609413, email sarah.evans@atlas-partners.co.uk Email: tisa@atlas-partners.co.uk

About the project TISA’s project is made up of three streams. The first stream is focused on creating the standards needed to meet the regulatory requirements applicable to financial services and that will be interoperable with other identity standards in the UK and Europe.

Stream 2 is concentrated on constructing a trust frame work comprising the specifications, rules, agreements and governance model. To give consumers greatest access it is proposed that a Digital ID could be created via multiple identity providers and financial services firms.

In stream 3 the infrastructure is being developed, matching the technical requirements, data control and user experience to create a service that operates seamlessly and that the consumer will enjoy using.

Elements of all three streams are currently being tested in the pilot with the intention of creating the optimum user journey to create and then use a Digital ID.

About TISATISA is a unique, rapidly growing, consumer focused membership organisation. Our aim is to improve the financial wellbeing of UK consumers by aligning the interests of people, the financial services industry and the UK economy. We achieve this by delivering innovative, evidence-based proposals to government, policy makers and regulators; the proposals provide practical solutions to major consumer issues.

TISA’s increasing membership comprises over 200 firms involved in the supply and distribution of savings and investment products and associated services. These members represent all sectors of the financial services industry, including the UK’s major investment managers, retail banks, online platforms, insurance companies, pension providers, distributors, building societies, wealth managers, third party administrators, FinTech businesses, financial consultants, financial advisers, software providers and stockbrokers.

TISA’s current strategic policy and industry solution developments include financial guidance; digitalisation including the development of a Digital ID, developing open standards that support the growth of FinTech and increase consumer access to financial services, while lowering costs for providers; financial education for children; retirement savings; consumer engagement; the TISA and KPMG Savings Index.

TISA also provides support on a range of operational and technical issues targeted at improving infrastructure and processes, standards of good practice and the interpretation and implementation of new rules and regulations. This work currently includes: MiFID II, CASS, the UK Fund Trading and Settlements initiative and Payments Strategy Forum. TISA Exchange (TeX) is providing a model for transfers and re‑registrations.