TISA launches initial phase of digital ID
22 July 2018
TISA has launched the initial phase of its industry project to develop a digital ID, designed to give consumers greater control and access over their money.
The savings and investments membership organisation said the new project will revolutionise the way people manage their money and make it easier for them to save. The digital ID will enable consumers to easily transfer funds between accounts and make it simpler to communicate with providers should their personal circumstances change.
Over the next six months, TISA, along with a group of financial service providers, will develop several prototype consumer “digital identities” designed to test different methods of customer verification.
At the end of the six month period, the test group will have a clear set of standards and levels of assurance to create a trust framework in keeping with anti-money laundering regulation, TISA said. The digital identity will be based on an open set of standards, aimed at making it easier for the financial services industry to adopt the new technology.
The pilot phase follows consumer research and an earlier emulation phase of the project.
David Dalton-Brown, TISA director general, commented: “It’s clear that people would save and invest more if the process of opening savings and investment products and transferring money was made easier. Too many customers are left frustrated when they are unable to complete financial processes online. That’s why the Digital Identity is vital to helping people manage their money better.
“As the Digital ID project has progressed, we have opened up the potential for a full Digital Ecosystem, allowing consumers’ data to be managed securely on their behalf. Both businesses and consumers will be able to take greater control of their information, in a trusted and easy to use way.
“We see the Digital ID providing a vital foundational component in the digitisation of UK Financial services.”
Pilot working group member Dave Willdig, head of IT architecture UK, Zurich, said: “Digital identity will increasingly become a core requirement in any online transaction and we are very pleased to be involved with this project. It is crucial that the resulting Digital Identity is fit for purpose and we look forward to working with TISA as they liaise with government, the Information Commissioner’s Office and other key stakeholders.
“Whilst this activity is a crucial area, it highlights the complexities that the Digital Identity pilot will help address for the whole of the financial services industry.”
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