UK coalition unveils prototype for Digital Company ID

The Centre for Finance, Innovation and Technology has published the first working outputs from an industry coalition developing a reusable Digital Company ID for UK businesses. The release includes a live interoperable prototype and a draft governance framework.

The work comes amid rising fraud. CFIT cited more than 2 million incidents in the first half of 2025, up 17% year on year. The coalition argues that verified digital identities for companies could reduce some types of fraud and streamline checks by banks and other service providers.

Prototype outcomes

The coalition tested priority use cases and built a working prototype to show how a Digital Company ID could operate across multiple organisations. It covers onboarding in financial services, supplier verification, marketplace identity checks and reporting to government.

It also produced a trust and governance framework, assessed possible commercial models, and explored the longer-term market opportunity for Digital Company ID services.

The programme brought together participants from financial services, technology, government and the legal sector. Working groups were led by UK Finance, Smart Data and Technology Alliance, Select ID, A&O Shearman and Skadden. Other participants included Barclays, LexisNexis Risk Solutions, Mastercard, Monzo and TransUnion.

The groups, supported by the likes of Yoti, OneID, Dun & Bradstreet, Alloy, Monzo, Lloyds Banking Group and Differential AI, said they have identified a pathway to a live interoperable prototype, with a minimum viable version expected shortly to demonstrate the feasibility of digital company ID.

A Digital Company ID is a reusable digital identity for a business rather than an individual. It aims to reduce repeated submissions of the same corporate information during checks by banks, professional services firms, online marketplaces and other organisations.

Today, companies often have to provide similar evidence multiple times when opening accounts, setting up supplier relationships or joining platforms. The coalition focused on interoperability so credentials issued or verified in one context can be recognised in another, subject to shared standards and controls.

Governance questions

The governance framework sets out how organisations that issue, verify and rely on company identity data could establish trust. It also considers how a system could work across sectors, rather than sitting within a single institution.

The next phase will move from prototypes and frameworks to implementation. Coordination is expected to shift to a market-led orchestration model led by the City of London Corporation, while CFIT retains strategic oversight and advisory input.

Anna Wallace, Chief Executive Officer of CFIT, described the work as a collaborative response to an economy-wide issue.

"Digital Company ID is a systemic challenge that no single organisation can solve alone. Through this coalition, CFIT has brought together deep technical expertise from across industry, government and technology to move from concept to practical delivery. The foundations are now in place, and the focus rightly shifts to implementation - turning this collaborative work into real-world infrastructure that strengthens trust and reduces friction for businesses across the UK economy. I'm deeply proud of the progress we have made alongside our partners to make this happen."

The City of London Corporation participated in the working groups and is expected to lead the orchestration model. It positioned Digital Company ID as part of a broader effort to protect financial markets and improve transparency.

"Fraud is a global challenge, and remains a principal threat to the integrity of financial markets. As a founder of CFIT, and through participation in these working groups, City of London Corporation supports CFIT's conclusion that verified, reusable company identity confronts this challenge directly. It improves security, while removing friction for legitimate businesses that create jobs and generate growth. City of London is committed to ensuring our financial centre remains the safest, most transparent, and most competitive in the world," said Chris Hayward.

Commercial signals

The coalition also pointed to signs of willingness to pay among smaller businesses. More than 80% of SMEs would pay for a Digital Company ID if it streamlined onboarding and strengthened protection against fraud, CFIT said.

That matters because any Digital Company ID system would require investment in verification, data handling and ongoing assurance. A functioning market would also need clarity on who pays, how services are priced, and how liability and accountability work when multiple parties rely on shared identity information.

CFIT said the work supports a model where services are delivered through Digital Verification Service providers. Under this approach, an ecosystem of firms would carry out checks and issue verified credentials, while relying parties such as banks, marketplaces and government bodies accept those credentials under common rules.

The coalition's outputs will feed into further industry work and policy development. CFIT was set up in 2021 following the Kalifa Review of UK Fintech, with a remit to convene public and private sector stakeholders on issues affecting financial innovation. Next steps for Digital Company ID now sit with market participants and policymakers as they consider deployment at scale.