NatWest Group and OneID Launch Embedded Digital ID Service

NatWest Group and OneID have partnered to launch a new digital ID service for businesses.

The collaboration between the British banking and insurance company and the identity service provider has enabled NatWest Group to make its new Customer Attribute Sharing service available as an embedded solution, according to a Monday (March 20) press release emailed to PYMNTS.

“Our new Customer Attribute Sharing service will provide our customers with a safe, secure and convenient way to verify their identity online, while enabling businesses to speed up and streamline customers’ online experiences,” Claire Melling, NatWest Group head of Bank of APIs, said in the release. “We’re excited that, through our collaboration with OneID, businesses and consumers are now experiencing the benefits of this service.”

The new Customer Attribute Sharing service streamlines signing up for new services, buying goods online and other online experiences by enabling customers to allow businesses to access bank-held data, according to the release.

It also verifies customers’ details when they are renting a car or accessing other services that have age restrictions, the release said.

The service’s use cases include eDocument signing, digital onboarding and automatic notifications to businesses when customers update their address or other details, per the release.

These solutions provide time-savings and error reduction for consumers, and cost efficiency and fraud protection for businesses, according to the release.

“We are delighted to be working with NatWest Group on their Customer Attribute Sharing,” OneID CEO Martin Wilson said in the release. “As an organization committed to making the world a safer place, OneID can digitally verify details for over [40 million] U.K. citizens, protecting them from fraud and identity theft when online.”

PYMNTS research has found that digital authentication solutions are crucial for financial institutions fighting fraud.

Sixty percent of acquiring banks are deploying artificial intelligence (AI) as their most important technology, while 27% are leaning on rules-based algorithms as their top fraud-fighting tool, according to a recent addition to the “Digital Identity Tracker® Series” called “Combatting Online Fraud With Digital Identification,” a PYMNTS and Prove collaboration.

Third-party tools can be especially impactful in helping to limit merchant losses, the report found.