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Do banks want to monetise their KYC data? In the UK, the government launched a similar system in 2014 called Verify, a platform for banks and other firms with e
by jsmith99 5y ago
Do banks want to monetise their KYC data? In the UK, the government launched a similar system in 2014 called Verify, a platform for banks and other firms with existing customer relationships to offer identity verification as a service to the government, and eventually, third party sites. Users would choose a participating bank they has a relationship with and login to their account as verification.
But despite paying over £20 a user for each verification they only got one or two banks to join, and the scheme was a disaster.
- TheTrotters 5y agoIn Poland I can use my bank login (a “Trusted Profile”) to sign in to government websites and access my data. E.g. when I registered for Covid vaccine I logged in using my bank login. There are other ways to do it too but since I already had an account in a participating bank I didn’t bother looking into them. I don’t know if banks earn anything from it. I’d be surprised if they did.
- rikroots 5y agoThe scheme is still running - https://www.gov.uk/government/publications/introducing-govuk-verify/introducing-govuk-verify https://www.gov.uk/government/publications/introducing-govuk... - DWP pretty much forced me to use it when I applied for Universal Credit last year.