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The Use of Bank Data for Identity Verification
The Use of Bank Data for Identity Verification
This discovery project has hypothesised a model by which bank data could be shared more directly and efficiently to GOV.UK Verify certified companies and others in the identity services market. The project has approached the challenge with the assumption that such a service must be beneficial for all parties, and in particular, commercially viable for the banks. There must be clear value to citizens, and a clear defined privacy approach that is acceptable to the stakeholders.
This white paper articulates the benefits of consented reuse of bank data through an industry wide open standard, to improve the efficacy of identity verification of individuals in the UK.