NatWest enables bank-verified digital identities for Nordic structured finance business in partnership with OneID
NatWest has sought to eliminate text authorisations and one-time passwords within its customer verification processes by tapping its existing partnership with digital identity service provider OneID.
NatWest launches bank-verified digital identities in Nordics
The partnership will see the UK bank apply the vendor’s bank-verified digital identity solution to its structured finance business in the Nordics.
This integration is set to enable online banking customers located in the UK, Sweden, Finland and Norway to leverage existing authentications with their local bank when signing a NatWest leasing agreement with Adobe Acrobat Sign.
In addition to this capability, the OneID solution also supports the scanning of government-issued identity documents to verify customer identities, while supporting a coverage of over 200 countries.
NatWest says the solution’s integration with its structured finance business “enhances security and reduces friction, improving efficiency and customer satisfaction”.
The bank previously collaborated with the vendor to launch its Customer Attribute Sharing service through the group’s Bank of APIs in March last year, as a means of allowing businesses to access bank-held data and enhancing digital identity verification processes.
“Through utilising OneID’s digital identity solution within Adobe Acrobat Sign, NatWest is streamlining business processes while strengthening the security of signatories,” comments 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.”
Speaking on the benefits of the partnership in practice, Simon Jacobson, application owner at NatWest Nordisk Renting, which provides structured asset financing through lease agreements for commercial properties and infrastructure in the Nordic region, claims OneID’s digital identity solution has reduced the signatory process “from days to hours”, while also “allowing us to improve against our commitment to sustainability”.
