(2 December 2024 – United Kingdom) A coalition of leading financial institutions and technology companies, spearheaded by the UK’s Centre for Finance, Innovation and Technology (CFIT), is developing a digital company ID designed to make securing finance and conducting business faster, more efficient, and less susceptible to fraud.
The coalition’s proposed model envisions a virtual passport for UK businesses, with CFIT and the finance sector working collaboratively to create a functional prototype.
Over 70 organisations are participating in the initiative, including Lloyds Bank, NatWest Group, Monzo, Mastercard, Companies House, Barclays, Santander, HSBC, Virgin Money, Moody’s, A&O Shearman, Dun & Bradstreet, CRIF, Ernst & Young, Experian, GLEIF, LexisNexis Risk Solutions, OneID, Revolut, Visa, and Yoti. Regulatory bodies such as the Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR) are also involved.
The initiative has garnered government support, with the Chancellor recognising the importance of digital verification solutions in combating economic crime. In the National Payments Vision published in November, the Chancellor pledged to “consider any findings that emerge from CFIT’s work in due course.”
CFIT Chair Charlotte Crosswell remarked on the coalition’s progress, stating: “Economic crime remains a major threat to the UK’s economic security and has a profoundly distressing impact on consumers and businesses. At CFIT, we are committed to addressing this and making the financial services industry more robust against fraud. The dynamic elements of Smart Data and Digital ID, along with cross-sector interoperability, have been key to the success of the coalition to date and demonstrate a further milestone in CFIT’s mission to boost economic growth through financial innovation.”
CFIT plans to announce the program’s outputs, recommendations, and next steps in March 2025, marking a significant stride in the UK’s effort to advance digital financial security and innovation.