Companies including Lloyds Banking Group, NatWest and Onfido signed up to a digital ID programme aimed at keeping customers' digital identities safe.
The Investing and Savings Alliance's (TISA) digital ID programme for financial services is expected to go live this summer and several of the UK’s major investment managers, retail banks, wealth managers, and financial advisers will take part.
The programme aims to develop a digital identity for consumers so they can create and reuse identities while interacting with financial institutions.
Barclays, OneSpan, Signicat and Daon, Fidelity, MoneyHub, Profile Pension, the Post Office, Yoti, Digidentity and Ardent are also involved.
TISA's programme aims to create a digital identity scheme which can be used by consumers when applying for financial products and services, such as opening a new bank account, transferring a pension or applying for a mortgage.
The scheme will also explore how digital identities can be used across other sectors.
In July 2021, TISA completed a proof-of-concept phase of its digital ID programme, which was partially funded by a UK government grant, and has recently concluded a procurement process to select a hub provider for its live pilot.
"TISA's vision to create a reusable digital ID that meets all relevant regulatory requirements, such as know your customer (KYC) and anti-money laundering (AML), and also help consumers securely prove their identity to UK financial services is admirable," said Matthew Peake, global director of public policy at Onfido, in a statement.
"With the likes of established industry leaders like NatWest and Lloyds, as well and innovative identity providers such as Onfido, joining the TISA scheme, we are ready to build a truly world-class digital ID system and improve the experience of using financial services digitally for all," added Harry Weber-Brown, digital innovation director at TISA.