Yesterday, digital identity firm uPort
announced that it has partnered with PwC and Onfido for consumer identities in UK financial services. They hope to use distributed ledger technology (DLT) to combat inefficient client onboarding processes. ConsenSys-backed uPort provides a blockchain platform which allows users to manage their ID, keys, and data on an app.
Global identity verification provider Onfido worked with uPort earlier this year. Both firms were accepted to a regulatory sandbox run by the UK’s Financial Conduct Authority. Here, they looked at applications of blockchain-based decentralized identities (DiDs) in the fintech sector.
Leading consultancy PwC later joined the tech companies’ efforts, aiming to develop and promote open ecosystems in finance. A vital issue in the sector is the lengthy and expensive vetting of new clients, as they must be checked in line with anti-money laundering and Know Your Customer (KYC) regulations.
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