Banks and tech companies collaborate to trial corporate digital IDs

A coalition of prominent organisations, including major financial institutions, technology firms, and regulatory bodies, has come together under the leadership of CFIT to tackle the challenge of fraud in the UK. Participants include entities such as Amazon Web Services, Barclays, HSBC, Mastercard, Revolut, and Santander, alongside regulatory bodies like the Financial Conduct Authority and the Payment Systems Regulator.

The coalition’s primary focus is on conducting data-driven research to develop advanced digital verification systems for businesses in the UK. A key component of this effort involves a proof-of-concept project led by Lloyds Bank, NatWest Bank, and Monzo. This initiative explores the potential of a digital corporate ID to enhance fraud prevention measures and contribute to a more secure economic environment.

The digital corporate ID aims to standardise and verify business information, ensuring interoperability with other financial systems. By enabling data cross-referencing and more robust authenticity checks, this solution is expected to introduce advanced fraud detection tools that strengthen the integrity of financial transactions.

The project is expected to culminate in a comprehensive blueprint report by March 2025. This report will outline recommendations for implementing digital verification solutions across UK institutions. The aim is to provide a scalable and efficient approach that can adapt to evolving threats while supporting the broader goals of economic stability and resilience.

This collaborative effort underscores the importance of leveraging collective expertise and innovative technologies to address economic crime. By uniting diverse stakeholders, the coalition seeks to deliver practical solutions that safeguard businesses and consumers, contributing to a more secure and trustworthy financial ecosystem in the UK.