UK bank NatWest has launched a digital ID service for businesses, after signing a deal with identity service provider OneID.
The new ‘Customer Attribute Sharing’ service will be available to businesses as an embedded digital ID solution.
The service, which is powered by NatWest’s Bank of APIs, is being rolled out in collaboration with OneID across a range of use cases, including e-document signing and digital onboarding.
Claire Melling, head of Bank of APIs at NatWest Group, said: “We recognise that our customers are spending more time on digital platforms and so we’re focusing on embedding our services in our customers’ daily lives.
“Moreover, as a trusted institution, we have a key role to play in the emerging concept of digital identity.”
Melling added that NatWest’s Customer Attribute Sharing service will provide customers with “a safe, secure and convenient way to verify their identity online”, while also enabling businesses to speed up and streamline customers’ online experiences.
Another feature of the service is that customers can give permission for businesses to be instantly notified when they update their details, such as their address, reducing the need for them to manually complete online forms, or scan and upload documents.
According to one e-signature provider already using the service, it has reduced its document signing process from five minutes to 45 seconds.
Martin Wilson, chief executive officer of OneID, added: “As an organisation committed to making the world a safer place, OneID can digitally verify details for over 40 million UK citizens, protecting them from fraud and identity theft when online.
“Our partnership with NatWest will help businesses streamline their customer service and reduce costs, for example, when registering new customers, or setting up direct debit payments.”
In February, NatWest and National Australia Bank published a joint report exploring the “common threads that bind” both Australia’s Consumer Data Right (CDR) and the UK’s Open Banking regime.
The banks suggest both Australia and the UK need to consider embedding digital identity, “without which the regime will not be able to scale and deliver the promised benefits to consumers and the economy”.