This post was originally published on Finextra (Security)
The Centre for Finance, Innovation and Technology (CFIT) today announces a major development in its work to drive the creation and adoption of Digital Company ID in the UK, through the launch of three industry-led working groups.
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The formation of the working groups represents the crucial next step in CFIT’s strategy to fight economic crime through digital verification. The three groups will focus on building a viable Digital Company ID prototype (with an exchange of real data between partners), identifying additional use cases for Digital Company ID and defining the necessary trust and governance requirements.
The working groups will be led by the financial service associations UK Finance and the Financial Data and Technology Association (FDATA); the financial technology company Select ID; and the global law firms A&O Shearman and Skadden. A range of other industry-leading organisations, including key partners such as Barclays, GLEIF, Lexis Nexis Risk Solutions, Mastercard, Monzo, Moody’s, Skadden, Transunion will participate and provide crucial insights.
These working groups take forward the work and recommendations of CFIT’s second industry-wide coalition, which published its blueprint report ‘Fighting Economic
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