In a move to streamline business processes and enhance security, Natwest has become the first UK bank to use bank-verified digital identity to enable people from different countries to prove their identity.
To do so, Natwest opted to switch to digital identity service provider OneID, to use the firmâs digital identity solution for the bankâs structured finance business in Sweden, Finland and Norway.
Natwest explained the integration reinforces its commitment to leveraging innovative technologies to deliver seamless, simplified, and secure customer experiences.
Now, any individual who has online banking in the UK, Sweden, Finland and Norway can verify their identity using their bank before signing a NatWest leasing agreement. The switch comes after NatWest reviewed the existing verification processes for document and contract signing for its leasing business in the Nordics.
The traditional âtext authorisationâ or âone-time passwordâ method typically added as a security measure to make sure the right person is signing a document was found inadequate for their requirements of both security and efficiency. It introduced friction and the possibility of fraud in a process where certainty and speed are paramount.
Kevin Dearing, head of bank of APIs at NatWest, commented: âThrough utilising OneIDâs Digital Identity solution within Adobe Acrobat Sign, NatWest is streamlining business processes while strengthening the security of signatories. NatWest has been enabling customers to consent to share bank-held identity attributes with OneID so it is great to see a use case for these services emerge from within NatWest.â
Instead of restricting people to just one method of verifying their identity, NatWest aims to offer a single solution that combines different methods of verification, enabling more people to benefit from the improved process.
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Paula Sussex, CEO of OneID, also commented: âNatWestâs partnership with OneID exemplifies their commitment to deliver innovation and security in its identity verification processes. OneIDâs solution perfectly delivers on this commitment and supports NatWestâs drive to deliver a seamless and secure banking experience for its customers.â
The NatWest adoption of OneIDâs bank-verified solution spans the UK and the Nordics, including Sweden, Finland, and Norway, positioning it as the preferred method for individuals to verify their identity within NatWestâs Nordic leasing business. OneIDâs unified solution offers NatWest customers three quick and easy ways to verify themselves digitally:
Using local bank ID solutions â enabling customers with Nordic bank accounts to verify themselves.
Document-scanning ID solutions â OneIDâs document-scanning solution confirms identity via government identity documents.
OneIDâs digital identity solution provides global coverage in over 200 countries.
âThrough allowing signatories from across the Nordics and UK to verify their identity with their Bank with OneID and Adobe Acrobat Sign, the business process is being reduced from days to hours, while also allowing us to improve against our commitment to sustainability,â explained Simon Jacobson, application owner, NatWest Nordisk Renting.
The transition enhances security and reduces friction, improving efficiency and customer satisfaction. This news follows OneID consuming NatWest Groupâs Customer Attribute Sharing proposition last year.
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