Re-usable Digital Identity Market-Ready with FCA Regulatory Sandbox

Onfido, Deloitte and Evernym has 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, the company said.

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.

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 provision 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.

Onfido is the new standard for digital access. The company uses AI to verify any photo ID and then compares it with the person´s facial biometrics. This use of AI means that businesses no longer need to compromise on customer experience, inclusion, privacy or security.