TISA to boost Digital ID scheme development with £340k grant from Innovate UK

By Megha Bhattacharya

The Investing and Saving Alliance, TISA, today announced that it has been awarded a £340k Smart grant from Innovate UK. The newly acquired grant is expected to enable TISA to speed up the development of its Digital ID scheme, thus allowing UK consumers to access digital financial services with the creation of a single and reusable ID for individuals. The grant will be used to develop and test consumer proofs of concept and the proposed technical approach.

Digital ID enables users to access new digital financial services and transform existing services such as product applications, switching and consolidation. Consumers can take greater control of their data and finances and help in the reduction of financial crime.

Harry Weber-Brown, Director of Digital Innovation, TISA said, “Digital ID will benefit all parties in a transaction significantly. Customers will experience a secure, quicker and more simple journey when using financial services online leading to faster opening of accounts, less time managing passwords, more control of data, and ultimately better management of their finances. Providers will consequently benefit from improved customer satisfaction, higher conversion rates, and lower costs in account opening and product transfers, which could lead to the unlocking of economic value equivalent to 3% of GDP by 2030.”

“The scheme will put the UK firmly at the forefront of Digital Identification market, a leader of anti-money laundering technology and will increase the speed of digital transformation in financial services. Initially, the scheme will be developed for UK market use and will be internationally operable. It will also be interoperable with Government and other sectors through common standards.”

TISA stated the project will also help deliver a number of Government priorities including supporting the BEIS Smart Data initiative, the Government’s National Data Strategy and the FCA’s Open Finance strategy. It has convened a group of banks, insurance companies, identity providers, and other TISA members and formed a Governance Steering Committee that is responsible for setting the strategic direction of the project.