NatWest launches digital identity verification tool in Nordics

NatWest has introduced a bank-verified digital identity verification tool for its leasing business in the Nordics.

The move means that any individual who has online banking in the UK, Sweden, Finland and Norway can now verify their identity using their bank before signing a NatWest leasing agreement.

NatWest says it is the first bank in the UK to use bank-verified digital identity to allow people from different countries to prove their identity.

The bank is integrating OneID into Adobe’s Acrobat Sign to facilitate the verification process for document and contract signing for leasing.

NatWest, which previously used traditional 'text authorisation' or a 'one-time password' for verification of these processes, said that this method was inadequate for security and efficiency.

The bank also warned that the method caused friction and the possibility of fraud in a process where "certainty and speed are paramount."

“Through utilising OneID’s Digital Identity solution within Adobe Acrobat Sign, NatWest is streamlining business processes while strengthening the security of signatories," said Kevin Dearing, head of bank of APIs at NatWest. "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.”

NatWest recently announced plans to buy the core banking business of British supermarket giant Sainsbury's.

The move follows an announcement by the retailer in January in which it revealed plans to withdraw from the banking sector.

As part of the agreement, NatWest will take over the retailer’s personal loan, credit card and retail deposit portfolios.

Chief executive of NatWest Group Paul Thwaite said that the transaction represents a great opportunity for the bank to accelerate the growth of its retail banking business and further scale its credit card and unsecured personal lending business.

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