The Investing and Saving Alliance (Tisa) is trying to deliver a consolidated digital identity service for financial institutions in the UK. The organization demonstrated its Proof-of-Concept with the help of a government grant in July of 2021, and is now preparing to move forward with a pilot in 2022.
Tisa has completed is procurement process and will announce the Hub provider for the pilot sometime later in the summer. Its broader goal is to create an interoperable digital ID that will be recognized by all of the UK’s major financial services providers. Once the program is up and running, consumers would be able to register for a digital ID, and then use that ID for proof of identity with any organizations that are members of the Alliance. For example, people could use their Tisa ID to open a bank account, or to apply for mortgage or pension services.
On that front, Tisa already has significant buy-in from financial institutions and digital identity providers in the UK. Lloyds, NatWest, and Onfido are the three newest members, though Daon, OneSpan, Signicat, and Barclays have also signed on in recent months, while Yoti, the UK Post Office, and Fidelity are amongst those that have been around since the Proof-of-Concept phase.
During that Proof-of-Concept, the vast majority (84 percent) of participants enjoyed a better user experience thanks to their use of a digital ID. Those IDs helped improve onboarding rates, and reduced fraud prevention costs for financial institutions.
“Digital ID is at the core of the upcoming fintech revolution, and will improve productivity as well as the security of digital services,” said Tisa Digital Innovation Director Harry Weber-Brown. “With 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.”
Many Tisa members have already moved forward with their own digital identity projects. The Post Office has partnered with Yoti to release its own EasyID app, while Onfido has provided biometric onboarding services for UK establishments like TSB and Tesco Bank.