NatWest will use OneID’s bank-verified digital identity solution for NatWest’s business in Sweden, Finland and Norway.
Now, any individual who has online banking in the UK, Sweden, Finland and Norway can verify their identity using their bank before signing a NatWest leasing agreement.
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The switch to OneID comes after NatWest reviewed the existing verification processes for document and contract signing for its leasing business in the Nordics.
The traditional ‘text authorisation’ or ‘one-time password’ method typically added as a security measure to make sure the right person is signing a document was found inadequate for their requirements of both security and efficiency. It introduced friction and the possibility of fraud in a process where certainty and speed are paramount.
A more robust and frictionless solution was required
Instead of restricting people to just one method of verifying their identity, NatWest wanted to offer a single solution that would combine different methods of verification, thereby allowing more people to benefit from the improved process.
The one thing that has greater reach than a physical ID document in the digital age is the digital relationship people have with their bank.
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By GlobalDataKevin Dearing, Head of Bank of APIs at NatWest, commented: “Through utilising OneID’s Digital Identity solution within ADOBE Acrobat Sign, NatWest is streamlining business processes while strengthening the security of signatories. NatWest has been enabling customers to consent to share bank-held identity attributes with OneID so it is great to see a use case for these services emerge from within NatWest.”
Simon Jacobson, Application Owner NatWest Nordisk Renting, added: “Through allowing signatories from across the Nordics and UK to verify their identity with their Bank with OneID and Adobe Acrobat Sign, the business process is being reduced from days to hours, while also allowing us to improve against our commitment to sustainability.”
