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OneID digital identity verification extended across the Nordics by NatWest

OneID digital identity verification extended across the Nordics by NatWest
 

NatWest has adopted identity verification from DIATF-recertified OneID for its Structured Finance business in Sweden, Finland, and Norway. This new system allows individuals with online banking in the UK, Sweden, Finland, and Norway to verify their identity before signing NatWest leasing agreements.

The bank says it is the first UK bank to implement bank-verified digital identity for individuals from different countries to be able to prove their identity.

The change to OneID in the Nordics reportedly comes after NatWest reviewed its existing verification processes, which included text authorization and one-time passwords. Natwest claims these methods were found to be insufficient and could lead to potential fraud.

In fact, a recent study from Juniper Research found the number of fraudulent banking and money transfer transactions in the UK will increase 111 percent over the next five years; from 4.2 million in 2024, to 8.8 million in 2029.

Kevin Dearing, head of bank of APIs at NatWest, states: “Through utilizing OneID’s Digital Identity solution within Adobe Acrobat Sign, NatWest is streamlining business processes while strengthening the security of signatories. NatWest has been enabling customers to consent to share bank-held identity attributes with OneID so it is great to see a use case for these services emerge from within NatWest.”

Additionally, Simon Jacobson, application owner at NatWest Nordisk Renting, highlights that the new process reduces verification time from days to hours, aligning with NatWest’s commitment to sustainability.

The OneID tool offers NatWest customers three ways to verify their identity. This includes UK-based bank-verified digital identity for customers with UK bank accounts, local bank ID software like Sweden or Norway’s BankID for customers with Nordic bank accounts, and document-scanning ID technology using government identity documents.

NatWest’s adoption of OneID’s tool spans the UK and the Nordics. Additionally, the bank says it is part of a broader effort to improve efficiency and customer satisfaction, following last year’s announcement of OneID incorporating NatWest Group’s Customer Attribute Sharing proposition.

The bank also adopted HooYu’s selfie biometrics for user onboarding back in 2019.

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