TISA has launched Select ID, which it describes as a market-leading Digital ID scheme and marketplace. The launch is backed by a number of prominent financial and technological institutions including Barclays, Visa and Northern Trust. Select ID will allow consumers to choose their preferred Digital ID provider. At the same time, it will make 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 is open to all financial service firms and digital identity providers. It aims to simplify 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.
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Secure, inclusive, reusable: an enhanced identification solution for consumers
Offering access to a range of digital identity providers will enable a secure and simplified onboarding experience for consumers. This reduces 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. This will include consumers who do not have ID documents, such as passports or driving licences.
Commitment to compliance and security
Select ID says it is committed to ensuring and facilitating regulatory compliance. It will create 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 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. This has explored and defined the Digital ID needs in this space 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. It also gives them an inclusive choice of ID providers. We expect financial services firms to immediately benefit from higher online conversion rates and happier customers”.
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By GlobalDataAntony Stephen, Head of Digital Platforms for Barclays UK added: “Barclays is excited to invest in Select ID. This partnership will enable the next stages of the open economy to progress. It provides 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”.
