NatWest is set to offer its digital identity service for legally binding documents via Adobe Acrobat Sign to customers in the Nordic countries.
In a move that sets a precedent for other UK banks, NatWest will implement OneID’s bank-verified digital identity solution for its Structured Finance business in Sweden, Finland, and Norway. This development allows individuals with online banking accounts in the UK, Sweden, Finland, and Norway to verify their identity using their local bank ID before signing a NatWest leasing agreement.
The decision to adopt OneID’s global integrated system follows a review of the existing verification processes for document and contract signing within NatWest’s leasing business in the Nordics. The bank concluded that traditional methods, such as ‘text authorization’ or ‘one-time passwords,’ were inadequate in terms of efficiency and security.
NatWest first introduced OneID to enhance its Customer Attribute Sharing service for businesses in the UK last year.
Simon Jacobson, application owner at NatWest Nordisk Renting, stated: “By enabling signatories from the Nordics and UK to verify their identity with their Bank using OneID and Adobe Acrobat Sign, we are significantly reducing processing time from days to hours while also advancing our commitment to sustainability.”