A coalition of leading financial institutions and technology companies, led by the UK’s Centre for Finance and Innovation Technology, has worked to design a digital company ID to make securing finance and conducting day-to-day business quicker and less vulnerable to fraud.
The coalition’s proposed model would empower the finance sector and CFIT to create a working prototype, in the form of a virtual passport, for UK businesses.As per reports, the dynamic elements of Smart Data and Digital ID, along with cross sector interoperability, have been key to the success of the coalition to date and demonstrate a further milestone in CFIT’s mission to boost economic growth through financial innovation.
