TISA gains more member mass in bid to create digital ID for finance sector
A multi-industry UK organization focused on opening the financial services and savings sectors to more people is adding more partners for its digital ID program.
Joining The Investing and Saving Alliance, or TISA, are Onfido, NatWest and Lloyds Banking Group. They will be part of TISA’s ongoing project to create a common digital ID that is accepted among the organization’s members and, possibly, become a standard across the United Kingdom.
Two hundred entities have joined so far from industries and niches as seemingly disparate as investment and wealth management, retail banking, online platforms, insurance, pension providers, distributors, building societies, third-party administrators, fintech, financial consultants and advisers, data infrastructure providers and stockbrokers, in addition to the biometrics providers.
A live pilot of the digital ID is expected to begin this summer. The goal will be to connect ID providers to live onboarding processes via a network hub and connectors.
Work on a proof of concept was completed last July after the scheme was introduced in April.
The organization’s objective is, of course, to grease the skids on consumer spending and investing, something the digital ID industry says will naturally follow large-scale electronic identification.