(2 September 2024 – United Kingdom) The UK Government-backed Centre for Finance, Innovation and Technology (CFIT) has partnered with major banks and tech companies to explore digital verification as a solution to rising economic crime.
Participants in the CFIT-led initiative include prominent firms like Amazon Web Services (AWS), A&O Shearman, Barclays, CRIF, Dun & Bradstreet, Ernst & Young, Experian, GLEIF, HSBC, LexisNexis Risk Solutions, Lloyds Bank, Mastercard, Revolut, Santander, and Yoti, along with regulators such as the Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR).
This coalition will conduct data-driven research aimed at enhancing digital verification processes for UK businesses. Contributions from Lloyds Bank, NatWest Bank, and Monzo will help shape a proof of concept that tests the effectiveness of a digital corporate ID in preventing fraud and creating a more secure economic environment.
Ezechi Britton MBE, CFIT CEO, says: “I am delighted that so many leading companies will be uniting to combat fraud, which can have a devastating impact on businesses and place immense stress on individuals. Their technical knowledge and expertise will empower CFIT to produce effective solutions that will protect organisations and consumers and make the UK economy more resilient. We look forward to supporting the new Labour government in delivering on its manifesto pledge to combat economic crime and drive economic growth.”
The initiative seeks to establish standardised and verified business information that can be integrated with other financial systems for cross-referencing, improved authenticity checks, and advanced fraud detection.
A final report with recommendations on implementing a digital verification solution for UK institutions is expected by March 2025.