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.
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 a digital verification solution is expected in March 2025.
Ezechi Britton MBE, CFIT CEO, says: “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 organisations and consumers and make 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.”