Federated Digital ID for the UK

The Federated Digital Identity for UK Consumers aims to be the prime means by which consumers securely identify themselves to UK private sector (initially financial services) and public organisations . It will enable consumers and services providers to meet all consumer regulatory verification obligations meaning that, once created, consumers will be able to re-use their verified digital identity to access different private sector services and public organisations. This will deliver benefits to the customer, product providers, Fintech's and the country.

TISA believes that developing a secure digital identity will transform how consumers understand and manage their personal data online as well as accessing services in an easier and more secure manner. For financial services, it will lead to increased competitiveness amongst providers allowing consumers to benefit from lower charges, stimulate the development of innovative new online services and enhance personal financial wellbeing.

The scheme will initially focus on Financial Services, who will be able to save on the costs of on-boarding customers, better protect their customer's personal data against identity fraud and create new revenue streams through the development of new products and services, which utilise digital identity (such as trust brokerage services, behaviour based insurance). The Federated Identity scheme will be applied across other sectors.

Importantly, the Digital ID will be foundational to the digitalisation of financial services and the move towards an Open Finance environment comprising new developments such as the pensions dashboard and other online applications and services. This will benefit all consumers, including the most vulnerable and help secure the UK's position in the growing, global digital financial services marketplace.

The Project is overseen by a Governance Steering Group that is made up of senior representatives of each of the participating organisations including TISA, Barclays, HSBC, Santander, Lloyds Bank, Aviva, Zurich, Experian, Fidelity, LexisNexis, SS&C, Yoti, Accenture and Northern Trust. This Group has oversight of delivery of the Project (budget, risks, dependencies and outputs) and makes key strategic decisions relating to the Project.

Stakeholders also include HM Treasury, Government Digital Service (Verify) and the FCA. The project will also seek to collaborate with all the major trade bodies (Innovate Finance, UK Finance, ABI, PLSA, City UK etc). The Digital ID is designed to align with the Government's identity service to deliver an interoperable private sector equivalent. The vision is for the Digital ID to be applicable for use by other (non-financial services) sectors.