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
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
Ensures Digital ID providers meet the regulatory guidance for AML KYC ID Proofing and due diligence requirements of financial services.
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ID Providers are certified to the UK Digital Identity and Attributes Trust Framework
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Compliance with financial services regulatory guidance for ID proofing is met through supplementary Digital ID rules that Select ID sets for ID Providers
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Record keeping requirements are met by providers returning all required evidence to the relying party
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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
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
NEWS
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