The UK Government-backed Centre for Finance, Innovation and Technology (CFIT) has collaborated with prominent banks and technology firms to test digital verification as a strategy to address rising levels of economic crime.
Companies such as Amazon Web Services (AWS), A&O Shearman, Barclays, CRIF, Dun & Bradstreet, Ernst & Young, Experian, GLEIF, HSBC, LexisNexis Risk Solutions, Lloyds Bank, Mastercard, Revolut, Santander, and Yoti are participating in the CFIT-led coalition, along with regulators like the Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR).
This coalition will conduct data-driven research aimed at developing improved digital verification processes for UK businesses. Insights from Lloyds Bank, NatWest Bank, and Monzo will support a proof of concept testing the efficacy of a digital corporate ID in preventing fraud and fostering a more secure economy.
The initiative aims to provide standardized and verified information about businesses that can be easily integrated with other financial systems for data cross-referencing, enhanced authenticity checks, and additional fraud detection mechanisms.
A comprehensive report outlining recommendations for the implementation of a digital verification solution in UK institutions is anticipated in March 2025.
Ezechi Britton MBE, CFIT CEO, expressed enthusiasm about the coalition’s formation, stating, “I am delighted that so many leading companies will be uniting to combat fraud, which can have a devastating impact on businesses and place immense stress on individuals. Their technical knowledge and expertise will empower CFIT to produce effective solutions that will protect organizations and consumers, making the UK economy more resilient. We look forward to supporting the new Labour government in delivering on its manifesto pledge to combat economic crime and drive economic growth.”