Digital Identity Working Groups Introduced by CFIT for Corporate Entities
The Centre for Finance, Innovation and Technology (CFIT) has announced the launch of three industry working groups to drive the development of the Digital Company ID initiative. This innovative project aims to establish trust, security, and efficiency in digital identity verification for businesses, transforming it from a mere compliance task into a strategic enabler for enhanced customer experience, harm prevention, and business growth [1].
The working groups, led by SelectID, FDATA, UK Finance, and global law firms A&O Shearman and Skadden, will focus on two key areas as outlined in the blueprint report 'Fighting Economic Crime Through Digital Verification': the Trust & Governance Framework, and the Market Opportunity.
The Trust & Governance Framework Working Group, co-chaired by Nikki Johnstone, a partner at A&O Shearman, is committed to creating a standardized, secure method for data sharing. The group aims to ensure compliance with the highest regulatory standards while fostering innovation.
On the other hand, the Market Opportunity Working Group, co-chaired by Aysha Fernandes, director of commercial finance at UK Finance, will focus on evaluating the commercial viability of Digital Company ID. Aysha believes that implementing Digital Company ID can equip small businesses with the secure, efficient tools they need to thrive in a competitive global market.
The broader goal of the Digital Company ID initiative is to champion digital trust, improve financial inclusion, and drive economic growth through widespread adoption of secure national digital ID systems. This could potentially reduce gender gaps in financial service usage and unlock significant GDP growth [4].
The working groups will also identify additional use cases for Digital Company ID and define the necessary trust and governance requirements. Key partners, including Barclays, LexisNexis Risk Solutions, Mastercard, Monzo, and TransUnion, will participate and provide insights.
The prototype of the Digital Company ID will involve an exchange of real data between partners. The groups aim to advance the creation and development of a Digital Company ID that will make day-to-day realities of doing business quicker and easier, while offering businesses and SMEs a more effective way to combat fraud [1].
Leon Ifayemi, director of coalitions and research at CFIT, has made a statement regarding the launch of the working groups, expressing his excitement about the potential of Digital Company ID to revolutionize the digital identity landscape. Aysha Fernandes also believes that this initiative will make some day-to-day realities of doing business quicker and easier.
In summary, the CFIT Digital Company ID initiative aims to create a secure, efficient, fraud-resistant digital identity ecosystem that supports both business innovation and consumer protection, delivering measurable outcomes in trust, operational effectiveness, and economic inclusion [1][4].
[1] Centre for Finance, Innovation and Technology (CFIT). (n.d.). Digital Company ID. Retrieved from https://www.cfit.org.uk/digital-company-id
[4] World Economic Forum. (2021). Digital Identity: A Roadmap to 2025. Retrieved from https://www.weforum.org/reports/digital-identity-roadmap-2025
- The Trust & Governance Framework Working Group, under the leadership of Nikki Johnstone from A&O Shearman, is working on creating a standardized, secure method for data sharing, aiming to ensure compliance with regulatory standards while fostering innovation.
- Aysha Fernandes, director of commercial finance at UK Finance, leads the Market Opportunity Working Group that focuses on evaluating the commercial viability of Digital Company ID, believing that its implementation can provide small businesses with the secure, efficient tools they need to thrive in a competitive global market.
- The Digital Company ID initiative, led by the Centre for Finance, Innovation and Technology (CFIT), aims to champion digital trust, improve financial inclusion, and drive economic growth by widespread adoption of secure national digital ID systems.
- The working groups will also identify additional use cases for Digital Company ID, define the necessary trust and governance requirements, and involve key partners such as Barclays, LexisNexis Risk Solutions, Mastercard, Monzo, and TransUnion to provide insights.
- By advancing the creation and development of a Digital Company ID, the working groups hope to make day-to-day business realities quicker and easier, while offering businesses and SMEs a more effective way to combat fraud.
