TISA has launched Select ID – a Digital ID scheme and marketplace backed by Barclays, Visa and Northern Trust.
Select ID will allow consumers to choose their preferred Digital ID provider while making 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.
CUSTOMER JOURNEYS
Select ID, which is open to all financial service firms and digital identity providers, will be at the forefront of the Digital ID rollout, simplifying 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.
By providing access to a range of digital identity providers, Select ID will enable a secure and simplified onboarding experience for consumers, reduce 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, including for those consumers who do not have ID documents, such as passports or driving licenses.
Select ID is the culmination of the TISA Digital ID Project, which has explored and defined the Digital ID needs in this space, together with financial services and identity provider partners, 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.
EASIER AND QUICKER
Larry Banda, TISALarry Banda, Chief Executive of TISA Commercial Enterprises, says: “We are delighted to bring Select ID to the market.
“It will make accessing financial services much easier and quicker for end users, whilst also giving them an inclusive choice of ID providers.
“We expect financial services firms to immediately benefit from higher online conversion rates and happier customers”.
Antony Stephen, Head of Digital Platforms for Barclays UK, adds: “Barclays is excited to invest in Select ID. This partnership will enable the next stages of the open economy to progress, providing 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”.
COMPLIANT
Toby Glaysher, President of Global Fund Services, Northern Trust, says: “Select ID will allow all financial services firms to access a market of regulatory compliant ID providers with confidence, whilst increasing end user onboarding success rates in an inclusive way. We are pleased to be collaborating with our fellow financial services sponsors to bring this ground-breaking service to market.”
Mathieu Altwegg, VP and Head of Product UK&I at VISA Europe, adds: “We are excited to be part of establishing Select ID which will bring together Digital Identity providers and financial services firms and allow consumers to choose their preferred Digital Identity approach when needed.
“Common rules and standards create predictability for the market and lays the foundation for innovation and trust at scale. Digital identities are an essential ingredient in a digital society and will help to foster trust in digital interactions and transactions. We look forward to contributing to an efficient market for identity services”.
