UK Finance and major lenders developing app-based digital verification service
Summary
UK Finance is backing a bank-led digital verification service with major lenders that could be used to support property transactions via banking apps. The initiative has completed proof-of-concept testing and is moving toward a live pilot, with the aim of enabling secure, consent-based sharing of verified customer information.
Why it matters
For residential property surveyors, this could affect how identity and transaction checks are handled in property workflows, potentially reducing reliance on physical documents. It may also influence the wider digital conveyancing and verification environment that surveyors interact with when supporting transactions.
Key points
- UK Finance is supporting a digital verification service with several major banks and building societies.
- The service would allow customers to share verified personal details through banking apps with explicit consent.
- Property transactions are identified as one potential use case.
- The project has completed proof-of-concept work and is moving to a live pilot.
- UK Finance is inviting interest from organisations for future pilot activity.
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