Some of the world’s leading finance and tech firms have come together to form a new industry coalition in the UK to fight economic crime through digital verification.
Companies including Amazon Web Services (AWS), A&O Shearman, Barclays, CRIF, Dun & Bradstreet, Ernst & Young, Experian, GLEIF, HSBC, LexisNexis Risk Solutions, Lloyds Bank, Mastercard, OneID, Revolut, Santander, Visa and Yoti, alongside regulators such as the Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR), have confirmed their participation in the coalition, which is led by the UK government-backed Centre for Finance, Innovation and Technology (CFIT).
Together, they will undertake research and testing to find new ways to protect businesses and consumers from fraud, which is estimated to cost the UK economy billions every year.
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CFIT said the coalition will work together on data-driven research and solutions that will pave the way to making enhanced digital verification a reality. This work will be informed by Lloyds Bank, NatWest Bank and Monzo, which will collaborate to deliver a proof of concept that tests the impact of a digital corporate ID, including a reduced scope for accounts to be offered to potential criminals. The final blueprint report with recommendations for how UK institutions could implement a digital verification solution is expected in March 2025.
Making the UK economy more resilient
This new initiative follows the success of CFIT’s inaugural coalition on Open Finance, which demonstrated the potential of data-sharing technology to deliver better financial outcomes for UK consumers and faster, more effective access to finance for SMEs. An industry-led Taskforce on Open Finance, chaired by CFIT, has identified commercially viable approaches to incentivise businesses to securely share their financial data to the benefit of businesses and consumers.
“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,” said CFIT CEO, Ezechi Britton MBE. “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.”
