The objective of Tisa’s programme is to create a digital identity scheme that allows consumers to set up and reuse an identity to interact with financial institutions. This can then be used when applying for financial products and services, such as opening a new bank account, transferring a pension or applying for a mortgage.

Other firms that have recently joined the programme include: Barclays, OneSpan, Signicat and Daon, alongside participants in the proof-of-concept phase Fidelity, MoneyHub, Profile Pension, the Post Office, Yoti, Digidentity and Ardent.

Conducted in July 2021, the PoC - which was part funded by a Government grant - tested real-life user journeys, including setting up a digital identity to open a new account. Up to 84% of participants were successful in utilising a Digital ID to improve onboarding rates, reduce AML costs and provide a streamlined customer experience.

Tisa has recently concluded a procurement process to select a Hub provider for the live pilot, which will be announced in the summer of 2022.

Harry Weber-Brown, digital innovation director at Tisa, comments: “Digital ID is a groundbreaking technology that will simplify customers’ interaction with their financial services providers, streamline KYC procedures and improve connectivity for users of remote services everywhere. It is at the core of the upcoming fintech revolution, and will improve productivity as well as the security of digital services.

“With the likes of established industry leaders like NatWest and Lloyds, as well and innovative identity providers such as Onfido, joining the TISA scheme, we are ready to build a truly world-class digital ID system and improve the experience of using financial services digitally for all.”