NatWest, OneID Seeks to Streamline Digital Business in Scandinavia

NatWest, the prominent United Kingdom bank, has announced plans to use OneID’s digital identity system for its Structured Finance business in Finland, Norway, and Sweden. The move means that anyone with an online banking account in any of these countries can verify their identity through the digital service when signing a NatWest leasing agreement.

Based in Manchester, OneID has built an identity verification platform that revolves around confirming end users’ data with their banks. But the company has recently expanded into more sophisticated identity assurance mechanisms, thanks to a partnership last year with IDVerse. The latter’s platform supports the use of face biometrics for identity and age verification, with liveness detection in place to combat the threat of fraud.

Importantly, IDVerse also brings to the table certifications for Right to Work, Right to Rent, and Disclosure and Barring Service (DBS) from the United Kingdom’s Digital Identity & Attributes Trust Framework (DIATF). DIATF is a UK Government regulatory framework that sets rules, standards, and governance oversight for Digital Identity Service Providers (IDSP), Attribute Service Providers (ASP), and Orchestration Service Providers (OSP).

In NatWest’s Structured Finance partnership, the OneID platform will be leveraged together with Adobe’s digital signing technology to help smooth out business operations that traditionally have required conventional ID verification methods, as well as paper and ink.

“Through allowing signatories from across the Nordics and UK to verify their identity with their Bank with OneID and Adobe Acrobat Sign, the business process is being reduced from days to hours, while also allowing us to improve against our commitment to sustainability,” explained NatWest Nordisk Renting’s Simon Jacobson.

Source: Finextra

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(Originally published on Mobile ID World)