A coalition of financial institutions and tech firms, led by the UK’s Centre for Finance and Innovation Technology, is creating a digital company ID to streamline business operations and enhance security.
The digital ID, envisioned as a virtual passport for businesses, aims to reduce fraud, boost efficiency, and lower compliance costs, contributing to a secure smart-data economy. The Chancellor has endorsed this project, aligning with the National Payments Vision.
CFIT Chair, Charlotte Crosswell, emphasised the importance of this initiative in combating economic crime and announced a blueprint and prototype of the digital ID, in the form of a digital passport, will be delivered by March 2025.
The coalition involves over 70 organisations, including major banks like Lloyds, NatWest, and Monzo, as well as regulators such as the Financial Conduct Authority.
Lloyds Bank CEO Elyn Corfield emphasised the user-friendly nature of the digital ID for small businesses, while NatWest’s Phalé McMillan stressed the necessity of cross-industry collaboration to protect the financial system and support economic growth.
