OneID and Equifax UK to simplify customer onboarding with new digital ID tool

As far as modernizing customer onboarding processes goes, OneID has partnered with Equifax UK to launch a new digital identity system for application abandonment in credit journeys.

The partnership leverages OneID’s document-free digital ID verification system, integrated with Equifax’s data sources, with the goal of enabling more secure verification processes, and reducing the friction often encountered in onboarding new customers, particularly in regulated industries such as finance and telecommunications.

Speaking about the partnership, Paula Sussex, CEO at OneID, says: THe inclusion of Equifax’s innovative identity and fraud solutions suite is a natural extension to our products. Integrating this with our technology offers a transformative solution for lenders and consumers alike, supporting consumers on their credit application journeys to safely and securely access the finance they need with minimal friction.”

OneID’s digital identity service allows individuals to verify their identity in real-time, without the need to share sensitive data repeatedly.

“Application abandonment remains a persistent challenge across the lending industry, but our technology provides a streamlined and secure onboarding process that enhances operational efficiency for clients and strengthens consumer trust in the digital ID verification process,” says Craig Tebbutt, chief strategy and innovation officer at Equifax UK.

“Leveraging the power of Open Banking, we’re able to reduce friction in the onboarding process as well as reliance on manual document checks, leading to improved customer experience and boosting financial inclusion.”

OneID’s commitment to security and compliance was further solidified with its recent recertification under the UK’s Digital Identity and Attributes Trust Framework (DIATF).

Building on its success in the UK, a month later, OneID’s digital identity verification service was extended by NatWest across the Nordics, with the digital identity verification service anticipated to help NatWest offer a more secure customer onboarding experience across Scandinavia, where regulations often make it challenging for financial institutions to streamline customer journeys.

David Birch, a digital payments consultant and advisor to digital identity verification service OneID, commented on the broader context of digital identity tools in the UK, noting that improving productivity and preventing fraud are key drivers for businesses adopting digital ID systems. As the UK government continues to rethink its digital identity strategy, partnerships like those between OneID, Equifax, and NatWest are expected to play a role in the adoption of digital ID.

Article Topics

biometrics  |  digital identity  |  Equifax  |  identity verification  |  onboarding  |  OneID  |  open banking