Proof of Concept and Technical Resources
Creating a verified Digital Company ID is key to
safeguarding businesses, reducing economic crime
and driving growth
Prototypes developed by the Coalition
CFIT convened over 70 leading organisations to design and develop Digital Company ID – a unique digital representation of a business entity for the purpose of digital verification. Digital Company ID is a scalable, transformative solution to fighting economic crime. By addressing systemic vulnerabilities, Digital Company ID paves the way for a fairer and more resilient economic system that benefits businesses, consumers, and society and helps foster economic growth.
Our Proof of Concept illustrates how a business can create their unique Digital Company ID in partnership with a trusted Company ID provider and later apply the Digital Company ID to open a new bank account.
Creating and using a
Digital Company ID
Digital Company ID is designed with the principle of “build it once”. It saves time, facilitates better verification and promotes trust in the ecosystem.
Digital Company ID is secure, reusable, scalable and adaptable to many use cases within and beyond the financial services sector.
Creating a Digital Company ID
Managing a
Digital Company ID
Once created, a business can manage and maintain their Digital Company ID securely, in partnership with their selected Company ID provider. To provide business with control over their data and an effective means to manage permissions, we have designed a dashboard. The dashboard offers an overview on the parties that are connected to the Digital Company ID and the dates when the connection goes live or expires.
Next steps. Defining the roadmap to deliver Digital Company ID
Defining the trust and governance requirements to implement the Digital Company ID
Objectives:
- Define personal and business identity data attributes, verification and attestation methods for the Digital Company ID
- Align attributes and attestation methods to priority Use Cases
- Define data sharing and governance principles
- Review and assess liabilities
- Proposal to government on a Trust & Governance Framework for implementing Digital Company ID, including certification standards and operational requirements for Company ID Providers
- Liability Risk Guidance: address liability considerations specific to business identity, creating a balanced approach for industry adoption with a focus on data reliance and risk management
Understanding the market opportunity and commercial model to launch the Digital Company ID
Objectives:
- Define and research Digital Company ID priority Use Cases and SME value exchanges
- Test commercial and pricing models for the Digital Company ID
- Quantify market size and commercial opportunity to operationalise
- Quantitative research exercise that validates priority Use Cases for Digital Company ID with SMEs and tests commercial models to quantify the market opportunity
- A report that demonstrate the business case for the Digital Company ID, provides policy and regulatory recommendations including a framework for bi-lateral agreements between SMEs, Digital Company ID Providers and Third Parties
Building and testing SME consented data exchange to create the Digital Company ID and share this with a Bank
Objectives
- Create a Digital Company ID for a small sample of UK SMEs
- Build and initiate consented data exchange between a sample of UK SMEs, personal and business data identity providers and UK Banks
- Regulatory feedback on the capacity for Digital Company ID to support KYB and AML SME onboarding checks
- A report with observations and recommendations on requirements to build and operationalise the Digital Company ID
- Identification of regulatory requirements to implement the Digital Company ID
Deliverables
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