Digital signatures offered by NatWest with OneID tech as UK considers regulation
NatWest has chosen UK government-certified digital ID startup OneID to make a new Customer Attribute Sharing service available in an embedded digital ID format for businesses to onboard customers and get their consent with digital signatures.
The announcement on LinkedIn Tuesday, explaining the digital ID tool addresses evolving open banking needs.
“NatWest’s API-based Customer Attribution Service provides businesses with access to personal bank data for e-document signing, quick onboarding and age verification requests,” the firm explains in the post.
The service reportedly enables end users to digitally verify their personal data when purchasing age-restricted services such as renting a car. Additionally, end users can share permissions with companies to receive notifications when their details are updated.
According to Claire Melling, portfolio manager, bank of APIs at NatWest, the Customer Attribute Sharing service will provide the business’ customers with a secure method to verify their identity online. It will also enable companies to facilitate customers’ online experiences.
eSignatures report published by UK govt
The OneID/NatWest contract comes at a time when regulation for electronic signatures is being considered in the UK.
In fact, the country’s Ministry of Justice published a final report by the Industry Working Group on the Electronic Execution of Documents last week, suggesting several steps toward a more digitalized world.
These include the concept that a qualified electronic signature (QES), primarily if supported by a regulated digital identity trust framework, would be capable of fulfilling the same goals as physical witnesses and attestations like deeds.
Additional recommendations include the establishment of a cross-border database of permissible regulatory and execution modes and further government initiatives to adopt the use of electronic signatures in its transactions with third parties. A complete list of recommendations is available in the report.
At the same time, the consultation highlighted a divergence of views within the group, particularly concerning the use of certification and self-certification technologies, with some members supporting a free-market view and others a pro-regulation one.