Tuesday 24 August 2021

*UKHotViewsExtra* Digital Identity moves up the agenda

With the explosion in online commerce, coupled with the number and variety of companies now transacting business remotely, there has been increased recognition of the need for a universally accepted standard for identity verification. As a result, there has been heightened activity in this space recently with a variety of independent solutions coming to the fore.

Meanwhile, the UK government has been progressing a framework to enable and certify private sector solutions and is currently engaged in a consultation exercise in preparation for legislating on this topic. A consultation published in July this year is currently open to any member of the public and closes on 13 September.

Against this backdrop, UK-based startup, Digital Identity Net (DIN) is on a fundraising exercise as it seeks to grow the footprint of its own online verification solution. Led by Martin Wilson, CEO, (formerly Head of Payments Change at RBS/NatWest) DIN utilises open banking dataflows and is an FCA-registered Account Information Service Provider (AISP). DIN is perhaps particularly worthy of note because of the experience that Wilson brings from his role as Chief Commercial Officer of the VOCALINK network (another important financial services utility).

Off the back of its cash call, I caught up with the team at DIN to learn more about the company's proposition, fundamental to which is a social purpose firmly based on promoting financial inclusion. Digital Identity moves up the agenda, discusses some of the broader challenges of the idenity verification space and explores the DIN approach relative to some of the other offerings in this market.

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Posted by Jon C Davies at '09:00' - Tagged: funding