UK Finance and banks develop voluntary digital identity verification service via banking apps
Summary
UK Finance and major banks are developing a voluntary digital verification service that would allow customers to securely verify personal details (such as name, age, or address) through their banking apps, eliminating the need to repeatedly share physical documents for online processes. The service leverages the trusted relationships banks have with their customers to share verified information with third parties.
Source
bskyUK Finance and banks develop voluntary digital identity verification service via banking appsukfinance.org.ukKey quotes
· 2 pulledThis service would therefore aim to provide a simple and secure way for customers to verify personal details digitally through their banking app.
Based on the trusted relationships banks and building societies have with their customers, the relevant verified information – such as name, age or address – would be shared securely with a third party to enable someone to complete a transaction.
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