This post was originally published on Finextra (Security)
The UK Government-backed Centre for Finance, Innovation and Technology (CFIT) has teamed up with leading banks and technology firms to test digital verification as a means to combat spiralling levels of economic crime.
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Companies including 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 have confirmed their participation in the CFIT-led coalition, in addition to regulators such as the Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR).
Together, they’ll undertake data-driven research to develop enhanced digital verification for UK businesses. This work will be informed by Lloyds Bank, NatWest Bank and Monzo, who are collaborating to deliver a proof of concept that tests the ability of a digital corporate ID to thwart fraudsters and create a more secure economy.
The idea is to provide standardised and verified information about a business that is interoperable with other financial systems for data cross-referencing, enhanced authenticity checks and additional fraud detection tools.
The final blueprint report with recommendations for how UK institutions could implement
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