The OneID® team recently attended two events in London – Future Identity Finance and Pay360. We sat down with them to learn about their experience, what stood out, and where they think the industry is headed.
Both events were an excellent platform for OneID® and other delegates to explore technology and concepts driving global approaches to digital identity, preventing fraud and creating a more robust payment infrastructure. However, what excited the team most was how the delegates were opening up to the potential of digital identity to add value to the business rather than just deter fraud. Many conversations started with the phrase, ‘How can digital identity' followed by help strengthen fraud response, remove friction, reduce costs, enhance the experience, speed up KYC, streamline onboarding, help the payments industry and more.
Delivering inclusive digital onboarding without opening doors to fraudsters
At Future Identity Finance, OneID® Co-founder Rob Kotlarz pointed to the shortcomings of existing ID verification solutions, emphasising the need for a seamless user journey and stronger defence against fraud. Drawing on the success of bank-verified digital identity solutions in Europe, particularly their high adoption and low fraud rates, Rob highlighted the potential of OneID® to enhance the ID verification experience in the UK.
Chief Customer Officer Keith Mabbitt believed the event created the perfect stage to connect the finance community with identity experts. He stressed the role of identity in improving customer engagement and safeguarding against fraud.
OneID® was at Future Identity with eSigning partner DocuSign, an excellent opportunity to showcase bank-verified digital identity’s application and effectiveness in eSigning. Keith said about the event, 'The organised speed dates facilitated meaningful one-on-one interactions, away from the hustle and bustle.'
'Exhibiting at Future Identity Finance was a game-changer for OneID. Witnessing the latest trends and innovations firsthand and listening directly to businesses about their identity verification needs reinforced our commitment to leading the industry in convenience, compliance, and cost-effectiveness.'
John-Michael Eastman, Account Executive, OneID®
Strengthening the payment industry's response to fraud
Meanwhile, at Pay360, Rob was on stage with UK Finance, Lloyds Bank, and NatWest Bank. He spoke about digital identity’s role in bolstering payment infrastructure security. OneID®’s latest white paper – Is Digital Identity the Missing Link in Solving Payments Fraud – explores the themes Rob touched upon in more detail.
There's a growing consensus on balancing ease and seamlessness with robustness and accuracy in fraud prevention measures. Having absolute certainty about an individual’s identity before transactions proceed to payment rail is critical to reducing payment fraud.
The busy engagement at the OneID® stand throughout the event underscored the relevance and potential of bank-verified digital identity, particularly in KYC compliance and fraud prevention.
The two events were great opportunities for OneID® to demonstrate how well-equipped it is to minimise online fraud in the UK and simplify the digital identity verification process for everyone. Next on our events calendar is the Global Age Assurance Standards Summit, which will be held in Manchester in April. If you’re going to be there, make sure to catch us.
