The UK government-backed Centre for Finance, Innovation and Technology (CFIT) has partnered with leading banks and technology firms to test the use of corporate digital IDs as a strategy to combat rising levels of economic crime. Together, they will conduct data-driven research to develop improved digital verification methods for UK businesses.
The coalition includes major companies such as Amazon Web Services, Barclays, HSBC, Mastercard, and Revolut, as well as regulators like the Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR).
The initiative aims to create a standardized and verified digital ID for businesses that can be integrated with other financial systems. This would enhance cross-referencing of data, improve authenticity checks, and provide additional tools for fraud detection.
Lloyds Bank, NatWest Bank, and Monzo are collaborating to deliver a proof of concept, testing the ability of digital corporate IDs to prevent fraud and contribute to a more secure economic environment.
Ezechi Britton MBE, CEO of CFIT, expressed optimism about the initiative, crediting the caliber of the organizations involved.
“Their technical knowledge and expertise will empower CFIT to produce effective solutions that will protect organisations and consumers and make the UK economy more resilient,” he said. “We look forward to supporting the new Labour government in delivering on its manifesto pledge to combat economic crime and drive economic growth.”
CFIT was launched following the 2021 Kalifa Review of UK Fintech, which recommended creating a body to support and scale the UK’s position as a global leader in financial innovation. Its primary objectives include supporting the creation of high-income tech-based jobs across the UK, enabling fintech firms to achieve global scale, and improving access to financial services for individuals and small businesses.
CFIT was officially launched on February 28, 2023, with seed funding from the UK government. Ezechi Britton leads the organization in collaboration with Chair Charlotte Crosswell OBE.
A final report with recommendations on implementing digital verification in the UK is expected by March of 2025.
Source: Finextra
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September 3, 2024 – by the Mobile ID World Editorial Team
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