CFIT coalition provides first real-world pathway to Digital Company ID

Source: Seven Hills BPI

The Centre for Finance, Innovation and Technology (CFIT) today unveiled the outcomes of its Digital Company ID coalition, marking a major milestone in the development of reusable digital identity for UK businesses.

The showcase event brought together leaders from financial services, technology, government and legal sectors to present the outputs of three industry-led working groups focused on translating CFIT’s Digital Company ID blueprint into practical, real-world deployment.

Over the past year, this coalition has convened organisations across the financial ecosystem to test use cases, develop governance frameworks and build an interoperable prototype capable of supporting a trusted digital identity for UK companies.

The working groups – led by UK Finance, Smart Data and Technology Alliance, Select ID, A&O Shearman and Skadden – were supported by market participants including Barclays, LexisNexis Risk Solutions, Mastercard, Monzo and TransUnion.

Together, they have delivered:

• A live interoperable prototype demonstrating the feasibility of Digital Company ID
• Priority use cases focused on financial services onboarding, supplier verification, marketplace identity and government reporting
• A trust and governance framework to enable scalable adoption across sectors
• Analysis of the commercial models and market opportunity required to support long-term implementation

Through the work of this coalition, Digital Company ID now has the potential to transform how businesses prove their identity online, reducing fraud, simplifying onboarding and enabling faster, more secure digital transactions.

Reflecting on the achievements of this coalition, CFIT chief executive officer Anna Wallace said: “Digital Company ID is a systemic challenge that no single organisation can solve alone.

“Through this coalition, CFIT has brought together deep technical expertise from across industry, government and technology to move from concept to practical delivery.

“The foundations are now in place, and the focus rightly shifts to implementation – turning this collaborative work into real-world infrastructure that strengthens trust and reduces friction for businesses across the UK economy. I’m deeply proud of the progress we have made alongside our partners to make this happen”

The event also signalled the next phase of development, with responsibility for coordinating implementation expected to transition to a market-led orchestration model led by the City of London Corporation. While CFIT will continue to provide strategic oversight and advisory support.

Showing his support, City of London Corporation policy chairman Chris Hayward said: “Fraud is a global challenge, and remains a principal threat to the integrity of financial markets.

“As a founder of CFIT, and through participation in these working groups, City of London Corporation supports CFIT’s conclusion that verified, reusable company identity confronts this challenge directly. It improves security, while removing friction for legitimate businesses that create jobs and generate growth.

“City of London is committed to ensuring our financial centre remains the safest, most transparent, and most competitive in the world.”

The showcase highlighted strong alignment across industry and policymakers on the importance of establishing trusted digital identity infrastructure for businesses. Over 80% of SMEs themselves would be willing to pay for a Digital Company ID to streamline onboarding and better protect themselves against fraud.

By demonstrating both technical feasibility and commercial appetite, the coalition’s work lays the groundwork for market-led implementation of Digital Company ID services delivered through secure Digital Verification Service (DVS) providers.

Digital Company ID is expected to support a wide range of applications including fraud prevention, financial services onboarding, marketplace verification and government reporting.

The outputs of the coalition will now inform the next phase of industry-led implementation and policy development.

Further reading: Government-backed CFIT coalition to accelerate digitisation of homebuying