Finance & Economics

NatWest Rolls Out Digital ID Service

NatWest Group has made the customer attribute exchange service available to businesses.

NatWest Rolls Out Digital ID Service

Source: Pixabay.com

This service is a built-in digital identifier. You can use this technology after signing an agreement with the OneID identification service provider.

Natwest’s API-based customer identification service, which complies with the principles of open banking, provides businesses with access to personal data for signing electronic documents, quick registration, and age confirmation requests.

A financial institution describes the service as a way to speed up customers’ online experience. In this case, there is no need to fill out online forms or scan and upload documents.

The Bank is implementing this service as part of its partnership with OneID for a wide range of use cases, including electronic document signing and digital adaptation.

Martin Wilson, CEO of OneID, says that the solution, developed in partnership with a financial institution, will allow businesses to optimize the client service process and reduce the level of costs, for example, when registering new customers or when setting up direct debit payments.

The Bank plans to conclude partnership agreements with a large number of suppliers in the coming months in order to expand the range of options for using the service. For example, a new solution can be implemented in e-commerce systems in order to simplify the process of online transactions.

Claire Melling, head of API Natwest Bank, says that the financial institution is aware that users spend a significant part of their time on digital platforms and, based on this objective fact, strives to make its services part of the everyday life of consumers. She also noted that the bank, having the trust of its customers, understands the need to play a key role in the concept of digital identification, which is currently being formed.

Claire Melling says that the new attribute exchange service will provide clients with a secure and convenient way to verify their identity online, while simultaneously allowing companies to speed up and optimize work on the Internet.

The Mobey forum supported by the bank, in February, called on financial institutions to be more active in the developing digital identity space. It was also noted that ignoring the new realities may cause banks to mismatch with the advanced trends of our time. The Mobey Forum report testified to the possibility of financial institutions becoming trusted intermediaries in the digital economy by using the position of personal data custodians.

Earlier in March, Lloyds banking group directed investments in the amount of 10 million dollars for the development of the company Yoti, which specializes in digital identification. These funds will be spent on the creation of a reusable digital identification offer, the launch of which is scheduled for the end of 2023. Users will be offered a more private and convenient way to verify their identity.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.