Verify a customers identity to a set of trusted standards
MyIdentity supports the creation and adoption of secure and trusted digital identities
Improving the customer Identity Verification Process
In residential property sales, each customer will have to prove their identity, and carry out anti-money laundering checks, up to 5 times with different parties. This also impacts gifters and commercial entities. This creates huge friction and frustration for the customer and introduces greater operational inefficiencies for organisations.
Why pay multiple times to have an identity verified when it can be done once, by a certified identity provider, working to industry and Government trusted standards?
Supplementary Codes
The UK Digital Identity & Attributes Trust Framework (DIATF) sets out baselines rules which organisations follow to become approved digital identity verification service providers (IDSPs). Additional requirements, known as supplementary codes, can be developed on top of the DIATF to meet sector specific requirements, which is very useful when dealing with multiple regulatory standards.
Organisations can choose to be certified against different codes, in addition to gaining certification against the DIATF trust framework.
See who the current certified identity providers are here. If identity providers are not certified then you should check what standards they are working to and whether they carry liability.
LET’S START BY HAVING A DISCUSSION
How the MyIdentity framework works
To complete a residential property transaction stakeholders — new home builders, estate agents, lawyers, conveyancers, brokers, and mortgage lenders — must collaborate seamlessly. Unfortunately, they currently operate under different standards and regulations, leading to a lack of trust. Each party relies on distinct identity service providers (IDSPs), each with unique processes, technology, information and associated costs.
MyIdentity has addressed this fragmentation by working with the industry establishing the additional requirements they need. These additions ensure that they can trust and rely on the customer's identity, adhering to a unified, trusted standard. This eliminates the need for repeated identity verifications and addresses a major barrier to the use of digital identity services in that one organisation does not know how another creates a digital identity.
MyIdentity aims to enable people to use and reuse trustworthy digital identities and attributes with people and organisations for a variety of use cases such as property transactions and financial services. The DIATF intends to accelerate innovation, investment and uptake, while ensuring services are safely developed for the benefit of all who wish to use them
The UK digital identity and attributes trust framework will let people use and reuse their digital identities. It will also give them a way to share their attributes with other people and organisations more easily. One reason why this does not currently happen is because one organisation does not know how another creates digital identities or attributes. This means they’re not able to trust if the processes the other organisation followed are secure and meet their needs. DSIT