NatWest has announced the launch of an embedded digital ID service for businesses and consumers.
The move follows a recent deal between the bank and identity service provider OneID.
NatWest said it is launching the ‘Customer Attribute Sharing’ service with OneID across a number of areas, including e-document signing and digital onboarding.
It says that the new service makes it easier and safer for customers to consent to businesses accessing bank-held data that will help speed up their online experiences, for example when signing up to new services or buying goods online.
It will also let users digitally verify their details when buying age-restricted services like hiring a car.
The joint venture will allow customers to grant permission for businesses to be instantly notified when they update their details, including their address, to help ensure their delivery details are kept up to date.
NatWest said that one e-signature provider using its service has already reduced its document signing process from five minutes to 45 seconds.
“We recognise that our customers are spending more time on digital platforms and so we’re focusing on embedding our services in our customers’ daily lives,” said Claire Melling, head of bank APIs at NatWest Group. “Moreover, as a trusted institution, we have a key role to play in the emerging concept of digital identity.”
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