Onfido, Deloitte and Evernym announced the positive results of their Financial Conduct Authority (FCA) regulatory sandbox pilot, confirming that their reusable digital identity solution has been proven with market participants. Testing began in February 2019, shortly after these firms were accepted into the UK’s FCA Regulatory Sandbox (Cohort 5) to evaluate how reusable or ‘portable’ identity can improve customer onboarding journeys and reduce compliance costs for financial institutions.
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Onfido, Deloitte and Evernym Prove that Re-usable Digital Identity is Market-Ready
Portable identity enables people to safely and securely re-use their verified identity across financial services and other organisations so that they don’t need to be re-verified every time they want to access new services. End-users have control over their identity from their smartphone, being able to provide its reuse across any service they want to access. Such a system means businesses no longer have to choose between security and customer experience, can reduce compliance costs, and are able to respond quickly to changing regulation.
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The Reusable Digital Identity Ecosystem
In creating the ecosystem, the firms gained input from across the financial services industry, as well as the FCA while keeping the UK government informed of its progress.
The solution brings the digital world something that already exists in the physical world: A way for individuals to hold and control a proof of identity that they can show to anyone, anywhere. Unlike a physical passport which is accepted at every airport; the digital world is different. Individuals have a unique credential (often, a username and password) for every online service they access to prove that they are who they say they are. With the average person managing over 191 pairs of user names and passwords, this quickly becomes unmanageable and insecure, putting a burden on organizations to verify their customers’ identities and ensure that their data is secure.
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