Market Update: CFIT lays foundations for trusted business digital identity across the UK economy – Full Analysis

Companies in the UK could be getting on board a digital ID system as the Centre for Finance, Innovation and Technology (CFIT) announces the first practical route to a reusable digital identity for UK businesses.

It follows a year‑long industry effort to turn CFIT’s Digital Company ID Blueprint into deployable infrastructure. “Digital Company ID is a systemic challenge that no single organisation can solve alone,” said CFIT CEO Anna Wallace.

“The foundations are now in place, and the focus rightly shifts to implementation — turning this collaborative work into real-world infrastructure that strengthens trust and reduces friction for businesses across the UK economy.”

At an event in London on Tuesday, CFIT presented the results of its Digital Company ID Coalition. The initiative brought together financial institutions, technology firms, legal experts and government representatives to test use cases, develop governance models and build an interoperable prototype for trusted corporate identity.

The coalition’s working groups were led by UK Finance, the Smart Data and Technology Alliance, Select ID, A&O Shearman and Skadden and were supported by companies including Barclays, LexisNexis Risk Solutions, Mastercard, Monzo and TransUnion. Another key partner was the Global Legal Entity Identifier Foundation (GLEIF).

These produced a live interoperable prototype — with biometric technology providers such as Daon, Yoti and OneID involved — as well as a set of priority use cases. A trust and governance framework was created along with an analysis of commercial models needed to support long‑term adoption. The use cases span financial services onboarding, supplier verification, marketplace identity and government reporting.

CFIT said the work demonstrates that Digital Company ID could significantly reduce fraud, simplify onboarding and speed up secure digital transactions for UK businesses. The next phase is expected to move to a market‑led orchestration model coordinated by the City of London Corporation, with CFIT continuing to provide strategic oversight.

“Fraud is a global challenge, and remains a principal threat to the integrity of financial markets,” said City of London Corporation Policy Chairman Chris Hayward. “As a founder of CFIT, and through participation in these working groups, City of London Corporation supports CFIT’s conclusion that verified, reusable company identity confronts this challenge directly.”

“It improves security, while removing friction for legitimate businesses that create jobs and generate growth. City of London is committed to ensuring our financial centre remains the safest, most transparent, and most competitive in the world.”

The showcase also highlighted strong demand from businesses themselves. CFIT noted that more than 80 percent of SMEs would be willing to pay for a Digital Company ID to streamline onboarding and better protect against fraud.

The coalition’s work lays the groundwork for Digital Company ID services delivered through secure Digital Verification Service (DVS) providers. The system is expected to support a wide range of applications, from fraud prevention to marketplace verification and regulatory reporting.

The outputs will now feed into the next phase of industry‑led implementation and policy development. CFIT’s Digital Verification Coalition was established to address longstanding inefficiencies in how companies prove their identity when accessing financial and professional services. These processes require businesses to repeatedly submit the same information to multiple institutions.

Article Topics

Centre for Finance Innovation and Technology (CFIT)  |  digital company ID  |  digital ID infrastructure  |  digital identity  |  UK digital ID