BankID joins advisory boards to enhance UK digital IDs

TISA Commercial Enterprise has announced that BankID, a Norwegian Digital ID firm, will be joining the Advisory Committees of Select ID, a digital ID provider marketplace.

BankID will join UK and worldwide financial institutions on the advisory committees to guide Select ID in its efforts to make Reusable Digital IDs more accessible to consumers in the UK.

According to Larry Banda, CEO of TISA Commercial Enterprises, "Reusable Digital IDs allow consumers to access financial products more easily without the need for a lengthy onboarding and verification process. Select ID creates a bridge between UK businesses and certified ID providers to give consumers a variety of ways to prove who they are."

"BankID will bring a wealth of technical and commercial expertise to the work of Select ID's advisory committees. Innovative digital products, such as those offered within Select ID, offer benefits to both consumers and businesses, including improving consumer experience, enhanced security, reduced cost and increased speed of onboarding. BankID's expertise will help build a reusable digital ID ecosystem of the future."

Carol Knight, CEO of TISA UK, shared her views on the impact of digital ID technology: "Emerging Digital ID technology can enhance consumers' experience and security, whilst also promoting financial inclusion. With high-street banks closing branches nationwide, digital IDs can enable easier access to financial products and services. This is why TISA UK continues to back Select ID in its work."

Knight also raised considerations about the challenges presented by digital IDs: "As with all technological developments, digital IDs bring their own set of challenges. The financial services sector must continue to protect consumers as we navigate this emerging technology."

"We are delighted that BankID has joined Select ID's advisory committees, bringing with them expertise which will benefit consumers and the wider financial sector. Through our previous project work on creating a single reusable Digital ID, TISA are proud to have been involved in the incubation of Select ID. It is another example of our track record of helping promote access to new innovative digital solutions in the best interest of consumers."

Select ID is described as a Reusable Digital ID network supported by leading financial institutions. It offers consumers the ability to select a UK government-certified digital ID provider. This approach provides companies with a convenient method to access numerous digital identity services that adhere to UK regulatory requirements for Know Your Customer (KYC) and Anti-Money Laundering (AML) processes.

BankID, which operates under Norway's financial infrastructure, is used for a wide range of services, from online banking to public services and private industries. It was established through a collaborative effort of Norwegian banks and is widely used, with 4.6 million Norwegians using the app as their primary digital ID platform.