The Centre for Finance, Innovation and Technology (CFIT) has launched three industry working groups led by SelectID, FDATA and UK Finance, among others, to advance the creation and development of a Digital Company ID.
The three groups will focus on building a “viable” Digital Company ID prototype, with an exchange of real data between partners, as well as identifying additional use cases for Digital Company ID and defining the necessary trust and governance requirements.
The working groups will be led by the financial service associations UK Finance and the Financial Data and Technology Association (FDATA), reusable ID marketplace Select ID, and global law firms A&O Shearman and Skadden.
Key partners, including Barclays, LexisNexis Risk Solutions, Mastercard, Monzo, and TransUnion will also participate and provide insights.
The new working groups will address two of the seven recommendations for implementing Digital Company ID as set out in the blueprint report ‘Fighting Economic Crime Through Digital Verification’ last month.
Leon Ifayemi, director of coalitions and research at CFIT, said: “These three working groups reflect the collaborative effort required to build a Digital Company ID, and the collective determination to thwart fraudsters entering the financial system.
“By focusing on real-world applications, market testing and robust governance, we aim to make the UK a global leader in economic crime prevention and drive innovation.”
Aysha Fernandes, director, commercial finance at UK Finance and co-chair, Market Opportunity Working Group, called the market opportunity for Digital Company ID “vast”.
“It will offer businesses and SMEs a more effective way to combat fraud, as well as making some of the day-to-day realities of doing business quicker and easier,” she said.
“Our small businesses are the backbone of our economy, and by implementing Digital Company ID, we can equip them with the secure, efficient tools they need to thrive in a competitive global market. This working group will focus on evaluating the commercial viability of Digital Company ID.”
Fernandes added: “By examining priority use cases and testing commercial models, our working group will ensure that this initiative not only combats economic crime, but also unlocks significant growth opportunities for our small and medium-sized businesses.”
Nikki Johnstone, partner at A&O Shearman and co-chair, Trust & Governance Framework Working Group, said: “Our working group, which combines legal and sector experts, is committed to creating a standardised, secure method for data sharing, enabling us to foster innovation while ensuring compliance with the highest regulatory standards.”
Further reading: UK banks call on industry to get CFIT’s proposed Digital Company ID ‘off the ground’
