TISA launches marketplace to deliver digital ID choice to UK consumers

The Investing and Saving Alliance (TISA) has unveiled its new initiative designed to reshape the landscape of digital identification in the UK. The Select ID scheme is intended to provide a marketplace of trusted and reusable identity verification, and counts Barclays, Visa and Northern Trust among its initial members.

Select ID offers a choice of digital ID providers to consumers to provide security and inclusivity. The scheme will function as a digital ID marketplace for individuals to select a digital ID provider which in turn allows financial institutions to meet their requirements as relying parties, such as for KYC and AML regulations.

Larry Banda, CEO of TISA commercial enterprises, says: “We are delighted to bring Select ID to the market. It will make accessing financial services much easier and quicker for end users, whilst also giving them an inclusive choice of ID providers. We expect financial services firms to immediately benefit from higher online conversion rates and happier customers.”

Nick Mothershaw, CEO of Select ID, announced on LinkedIn the organization’s search for a business development manager to drive the scheme’s adoption and growth. “This is a great opportunity to join Select ID as we bring digital ID providers to UK financial services,” he adds.

The role involves building partnerships, enhancing market penetration, and ensuring that Select ID meets the evolving needs of businesses and consumers.

Mothershaw has also been with the Open Identity Exchange (OIX) for eight years, first as co-chairman then chief identity strategist. He became the CEO of Select ID three months ago, and is continuing in his role with OIX, which fosters connection and collaboration in the field of ID.

The Select ID scheme is creating a “supplementary scheme” for financial services under the UK Digital Identity and Attributes Trust Framework (DIATF), in which ID providers must be certified to meet the regulatory requirements for AML and KYC.

Antony Stephen, head of digital platforms for Barclays UK, adds: “Barclays is excited to invest in Select ID. This partnership will enable the next stages of the open economy to progress, providing benefits for consumers and businesses alike. Select ID will allow for common standards to be created and being ‘open for all’ we hope to see other participants joining this scheme to drive adoption and benefit the UK economy.”

Article Topics

digital ID  |  Digital Identity and Attributes Trust Framework (DIATF)  |  financial services  |  identity proofing  |  identity verification  |  Select ID  |  UK