Five identity service providers have committed to the new MyIdentity trust scheme to make home buying and selling in the UK a safe digital process. The five identity service providers are: Digidentity, Nuggets, OBiD, Thirdfort, and Yoti.
Their involvement assures consumers will have fully inclusive choices to prove their identity. The hub service provider is Mvine whose involvement assures the technical integration throughout the pilot.
The pilot runs from November 2021 to August 2022 and places the new scheme in pole position of private sector digital identity schemes in the UK.
The trust scheme, called MyIdentity, is set to become the central hub for consumers, to help them prove who they are once only in a secure digital way. Under the scheme, home buyers and sellers will no longer be repeatedly asked to give their details to all the parties involved in the chain of transactions. The move means quicker completions and more control over how they share their identity details and who they share their identity details with.
Last week, a leading estate agency compliance expert expert called for estate agents to do more to tackle identity and home buying fraud by ensuring that the ID of the vendor correlates to the legal owners and beneficiaries of property, using the title documents.
Stuart Young, managing director at Etive Limited, the company responsible for coordinating the scheme, said:
“The MyIdentity trust scheme has attracted five of the leading identity service providers to work together during the pilot. I expect we will be able to welcome more identity service providers into the pilot in the new year.”
“In addition, for the pilot of the MyIdentity trust scheme, we have secured the use of proven hub technology able to seamlessly connect the identity service providers and participants together. This production grade technology provided by a British firm, Mvine Limited, means the pilot can focus on solving the needs of the users of the scheme rather than spending time ‘fixing the plumbing’ of the information technology”
The Residential Property industry, made up of estate agents, solicitors and conveyancers, financial intermediaries and mortgage lenders will recognise MyIdentity as the acceptable source of identity verification because everyone will work to one set of Government-backed standards. For the Residential Property industry, the combined effect of reducing the number of identity verifications that a consumer has to go through means happier customers and lighter administration processes together with a better way of mitigating the risk of property and mortgage fraud.
Work on MyIdentity started in 2019 with input and consultation from over 100 organisations including the Government, regulators and representative bodies from the estate agency, legal, financial services and identity service providers.
