October2024 | SelectID

SelectID Newsletter

October 2024

The Select ID team is delighted to update you on our progress! We have been pushing forward since the summer announcement that we had secured investment from Barclays, Northern Trust and Visa.

We have now recruited a strong team of 7, all of whom are seasoned identity professionals with strong market and policy knowledge.

We have completed the build and testing phase that proves Select ID delivers confirmed digital ID evidence to our clients.

We have also now done two rounds of design testing to establish that users can understand and select a Digital ID from our presented marketplace.

We have also now completed writing our policies and technical specification documentation. Importantly, we have also overseen the first of our partner integrations through our elegant and easy to use SDK.

So, it has been a busy few months finalising the initial product design, raising awareness of our offering and working with partners in the lead up to our live marketplace launch in November 2024! So, just before then, here are the things you should know…

What is SelectID?

Select ID is a digital marketplace which allows our client institutions to access certified identity service providers who themselves offer reusable digital IDs for their new customers.

Each identity service provider, from within the Select ID marketplace, will deploy the latest fraud mitigation technology and a fully tested user journey to enable improved onboarding success rates.

The Select ID network of identity service providers are all fully certified to the UK government’s digital identity and attributes trust framework and will also be audited by Select ID for conformance to UK money laundering requirements for ID verification. In addition, Select ID performs commercial and technical due diligence on our partner ID companies so that they can be accessed through a single contract and a single integration point.

The Select ID marketplace allows both client institutions and identity service providers to join with minimal fuss through an easy-to-use SDK which allows for full configuration of tailored onboarding acceptance rules and selection of identity service providers to present to the customer, based on preferred identity proofing specifications

Why is Select ID important for you to know about?

Select ID responds to growing technological trends that client institutions will be keen to leverage:

Growth

the growth of digital IDs, initially across younger more tech savvy demographics who demand better digital experiences

Evolving Regulation

evolving UK policies, laws and regulations which allow business to accept digital IDs as valid proofs of ID verification

Opportunity

the UK economy now openly leaning more towards digital marketplaces

Select ID allows clients to:

Improve onboarding success rates
Access a range of different Digital ID providers, to achieve an inclusive and seamless onboarding process.
Keep customers in the digital journey, avoiding costly manual and back office processes.

Select ID is an enabler to allow clients to access digital IDs. We will add more ID providers as the marketplace evolves to continually improve your customer onboarding, without the need for contractual or technical change along the way.

Larry Banda,

Executive Chair of Select ID

“We are delighted to bring Select ID to the market. It will make accessing financial services much easier and quicker for end users, whilst also giving them an inclusive choice of ID providers. We expect financial services firms to immediately benefit from higher online conversion rates and happier customers”.

Nick Mothershaw,

CEO of Select ID

“It’s been an initial period of great progress for the Select ID team. We have now built the foundation of a new technology concept which aggregates certified digital ID platforms to make them easily accessible to firms who wish to prioritise better digital onboarding success rates. We are very excited to be launching our product next month and believe this will be an important technology offering for TISA members to become involved with”

How do you find out more information?

We invite you to learn more and find out how you can participate through a quick and easy integration process, entirely supported by the Select ID team. Please get in touch

enquiries@selectid.co.uk