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 must follow to become approved digital identity verification service providers (IDSPs). Additional sets of rules, known as schemes or supplementary codes, can be developed on top of the DIATF trust framework to meet sector specific requirements, which is very useful when dealing with multiple regulatory standards.
Organisations can choose to be certified against different schemes, in addition to gaining certification against the DIATF trust framework.
Click HERE to see who the certified identity providers are. 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 trust framework works
To complete a residential property transaction stakeholders — new home builders, estate agents, lawyers, conveyancers, brokers, and mortgage lenders — must collaborate seamlessly. Unfortunately, these parties currently operate under different standards, 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 establishing additional rules for the industry. These rules 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, reducing operational costs and accelerating customer onboarding.
MyIdentity works on the basis that a customer gets their identity verified once, by a certified and trusted provider. Once verified, customers can seamlessly share their verified identity throughout their property transaction and effortlessly reuse it for various purposes beyond home buying.
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