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Giving People and Businesses choice online

Inclusive Digital ID through a marketplace of trusted providers

What is a Digital ID?

A Digital ID will enable a user to prove who they are to multiple financial service providers using a re-usable trusted Digital ID from a certified Digital ID Provider

Diagram showing a user passing their digital ID to several organisations
Diagram showing that SelectID links multiple digital ID providers to multiple other organisations

Where Does Select ID fit?

Select ID provides choice

There will be multiple Digital ID providers offering different proofing and ID management services.

 

Users will choose their Digital ID provider and each provider will service millions of users

For People

Choice

Allows end users to select which Digital ID provider best meets their needs to digitally prove their identity so that they can instantly access financial products.

Confidence

Explains Digital ID to users to allow them to confidently select their provider and share their information with financial services firms

 

   For Businesses   

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Ensures Digital ID providers meet the regulatory guidance for AML KYC ID Proofing and due diligence requirements of financial services.

  • ID Providers are certified to the UK Digital Identity and Attributes Trust Framework

  • Compliance with financial services regulatory guidance for ID proofing is met through supplementary Digital ID rules that Select ID sets for ID Providers

  • Record keeping requirements are met by providers returning all required evidence to the relying party

  • Inclusion is maximized through Access to ID Providers with a board range of ID proofing techniques

Benefits for you and your customers

Faster opening of new accounts
No need for paper documents
No need to go to a branch
No need to wait for contracts in the post
Easy periodic reverification

INCREASE

REDUCE

See-saw diagram showing that Costs and Fraud are reduced and Inclusion, Compliance, and Onboarding Services are increased
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What problems does Digital ID solve?

01

Poor Digital onboarding success rates

Increased success rates through broader ID proofing options

02

Financial Exclusion

Inclusion improved through more options to proof each Individual

03

Keeping KYC up to date

ID providers will keep their records up-to-date and you can recheck periodically

04

Costly manual onboarding and re-verification processes

More users can complete ID Proofing in the digital channel

Members

Working With the Best

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