TISA Launches Select ID Scheme – a new trusted and inclusive Digital ID scheme and marketplace with user choice, supported by leading financial and technological institutions
Backed by leading financial and technological institutions including Barclays, Visa and Northern Trust, TISA is delighted to announce the launch of Select ID, which aims to be a market-leading Digital ID scheme and marketplace.
Select ID will allow consumers to choose their preferred Digital ID provider while making it easy for companies to benefit from digital identity services that meet relevant regulatory requirements such as KYC and AML. Select ID will be positioned as the prime means for consumers to securely identify themselves to UK financial institutions with their choice of a reusable, secure Digital ID.
Select ID, which is open to all financial service firms and digital identity providers, will be at the forefront of the Digital ID rollout, simplifying customer journeys, supporting opportunities to reduce fraud and providing safe, secure, and widely available verification and authentication services for consumers and the financial services sector.
A Secure, Inclusive, Reusable and Enhanced Identification Solution for Consumers
By providing access to a range of digital identity providers, Select ID will enable a secure and simplified onboarding experience for consumers, reduce the risk of fraud, and make it easier to access new financial products. A broad range of providers of re-usable Digital ID services will be available to provide consumer choice and ensure financial inclusion, including for those consumers who do not have ID documents, such as passports or driving licenses.
A Commitment To Compliance And Security
Select ID is committed to ensuring and facilitating regulatory compliance by creating a ‘supplementary scheme’ for financial services under the new UK Digital Identity and Attributes Trust Framework to which ID providers must be certified to meet the regulatory requirements for AML and KYC. In addition, Select ID will ensure all ID providers it offers will meet the commercial and regulatory due diligence requirements for financial services.
Forging The Future of Digital Identify Together
Select ID is the culmination of the TISA Digital ID Project, which has explored and defined the Digital ID needs in this space, together with financial services and identity provider partners, over the past four years. By bringing together the expertise of industry experts across financial services, Select ID will bring trust to digital identity transactions and create a market-leading solution for consumers, identity providers and financial institutions.
Larry Banda, CEO of TISA Commercial Enterprises said: “We are delighted to bring Select ID to the market. It will make accessing financial services much easier and quicker for end users, whilst also giving them an inclusive choice of ID providers. We expect financial services firms to immediately benefit from higher online conversion rates and happier customers”.
Antony Stephen, Head of Digital Platforms for Barclays UK said: “Barclays is excited to invest in Select ID. This partnership will enable the next stages of the open economy to progress, providing benefits for consumers and businesses alike. Select ID will allow for common standards to be created and being ‘open for all’ we hope to see other participants joining this scheme to drive adoption and benefit the UK economy”.
Toby Glaysher, President of Global Fund Services, Northern Trust said: “Select ID will allow all financial services firms to access a market of regulatory compliant ID providers with confidence, whilst increasing end user onboarding success rates in an inclusive way. We are pleased to be collaborating with our fellow financial services sponsors to bring this ground-breaking service to market”
Mathieu Altwegg, VP and Head of Product UK&I at VISA Europe said: “We are excited to be part of establishing Select ID which will bring together Digital Identity providers and financial services firms and allow consumers to choose their preferred Digital Identity approach when needed.
“Common rules and standards create predictability for the market and lays the foundation for innovation and trust at scale. Digital identities are an essential ingredient in a digital society and will help to foster trust in digital interactions and transactions. We look forward to contributing to an efficient market for identity services”.
For more information:
Josh Mackenzie-Lawrie
H/Advisors Cicero
07470 766592
Josh.mackenzie-lawrie@h-advisors.global
Notes to editors
- Select ID is a scheme and market for access to digital identity providers to make it easy for financial service firms and other companies to get a consistent service from a range of providers of reusable digital identity and for the consumers to have a choice of which provider to use to create and manage their digital identity. – https://www.selectid.co.uk/
- Digital ID in the UK has been a long journey, from the attempts at a national ID card in the 2000s, through gov.uk/verify in the 2010. We are now at a point where private sector providers are able to become certified digital ID providers to a cross-sector, generic trust framework – the Digital Identity and Attributes Trust Framework.
- The generic rules for the DIATF must, by design, be specialised to meet sector specific use cases needs. Select ID will do that for financial services by creating a Supplementary Scheme under the DIATF as an industry utility through collaboration with financial services stakeholders.
- Collaboration with industry is a key part of Select ID’s approach to market to ensure we shape solutions that benefit customers in an inclusive manner with the right regulatory guardrails in place.
- Another important part of Select ID’s approach to market is the enablement of choice, for users and financial services firms to ensure inclusion and drive a competitive market of ID providers with high success rates.
- Finally, through using open standards, and conformance to these standards by Select ID’s suppliers, information is delivered to financial services firms in a consistent way regardless of which ID provider the firm or the user chooses. This means no vendor lock in and ensures innovative new approaches to ID proofing can easily be included as the market evolves.
- The Investing and Saving Alliance’s (TISA) ambition is to improve the financial wellbeing of all UK consumers by working collectively with the financial services industry to deliver solutions and champion innovation, for the benefit of people, our industry, and the nation. We do this by working with our member firms to deliver practical solutions and devise innovative, evidence-based strategic proposals for government, policy makers and regulators that address major consumer issues. TISA is a not-for-profit membership organisation and a trusted partner of key industry stakeholders in helping shape the future of the UK financial services and the environment in which we operate. We have over 270+ member firms involved in the supply and distribution of savings, investment products and associated services. More here: https://www.tisa.uk.com/about-tisa/