Finance and Legal

Customer identity verification and proofing – supporting compliance and mitigating risk.

You need to perform identity verification and proofing for KYC and AML purposes, helping to mitigate the risk of illegal activity. If you are currently doing this manually, you will find the process requires staff training, is prone to human error and consequently inefficient, slow and expensive. You also need to keep personally sensitive information (such as passport and driving licence scans) safe from unauthorised access.

We can help you perform identity verification and proofing digitally – placing the burden for document checking (authenticity, validity, etc) with third-party services that are fully compliant with government standards for identity checking (GOV.UK) and will keep any data they store highly secure and inline with all necessary regulation.

This means you can:

  • Achieve assured identity verification and proofing, mitigating business risk and supporting compliance with relevant law.
  • Maintain an audit trail, so you can demonstrate customer due-diligence to your own regulatory body.
  • Offer improved security to your customers, so they can be sure their data is provided, used and accessed in an appropriate way.
  • Achieve improved customer experience and satisfaction with an on-boarding process that’s modern, easy to use and straightforward.

Customer expectations of financial and legal services are changing rapidly. Meet those expectations with trusted digital identities

Trust in SSI Trust in Self-Sovereign Identity (SSI) Blog Last time we looked at what works well and what needs to be improved in federated identity. We concluded with the statement that using large social identity providers to sign in to third-party services has problems if we don’t trust these providers to respect our privacy. To get to a more privacy-preserving model we to… Continue Reading
Self sovereign identity for external identities Unlocking the potential of Self-Sovereign Identity Blog Previously, we shared the article ‘What is Self-Sovereign Identity (SSI) and why is it important?’ written by our expert Dr Elias Ekonomou. Additionally, Elias has also depicted what Buying a house with Self-Sovereign Identity would look like. Today, Elias kicks things up a notch and takes the discussion one step further by outlining four use… Continue Reading
crowd walking What is Self-Sovereign Identity (SSI) and why is it important? Blog It is hard to find people who love passwords, as they happen to be one of the greatest examples of opposing requirements: secure passwords cannot be remembered and cannot be written down. But there is good news: in 10 years, there will no longer be any passwords. How? Via other means of authentication, and sometimes… Continue Reading
What are Multi-Factor Authentication (MFA) and Single Sign On (SSO)? Blog … and how do you get the best of both worlds? Traditional passwords are a serious threat to IT security. People may reuse or share their logon details, and cyber criminals are busy trying to steal them. As your IT systems become more complex, authentication mechanisms become even more important. Multi-Factor Authentication (MFA) and Single… Continue Reading
Jim Lound Financial Action Task Force (FATF) Guidance on Digital Identity Blog, News Clearly, we are all currently experiencing difficult times. When it is all over, we will have learnt some important lessons. We will reflect on how we could have been better prepared. One area that will stand out is the lack of a ‘ubiquitous UK digital identity marketplace’ – expectant words spoken by Oliver Dowden in… Continue Reading
Challenges and Opportunities for Identity in Open Banking Blog Open Banking should offer customers greater insights into their money – but what does it mean for financial services providers?  Intended to encourage competition in the financial services sector, the UK’s nine largest banks are now required to allow access to accounts-transaction data with licensed start-ups. Access must be agreed by the account holder and… Continue Reading
User experience design Balancing Security and User Experience Blog With so much of modern business taking place online, IT security is a strategic priority. When it comes to customer-facing systems, balancing security and experience can be a challenge. By factoring user experience into early designs, you will avoid future problems that annoy – and potentially deter – your customers. Identity and authentication mechanisms can… Continue Reading
Photo of Elias Ekonomou - Architect Buying a house with Self-Sovereign Identity Blog Our family is moving to a new house: exciting times ahead! Buying a house involves a lot of paperwork, of which a substantial chunk is about identification and authentication. The new trend in Digital Identity is Self-Sovereign Identity (SSI): a solution for authentication that improves privacy whilst giving people control of their personal information and… Continue Reading

What are the next steps?

Get in touch with our team to discuss the next steps in improving the efficiency and security of your organisation. After you contact us, one of our experts will get back to you to learn more and understand your requirements.