Adoption expected ‘to be total’
From this week (Tuesday), Digital Verification Service (DVS) providers are now able to use the UK CertifID trust mark in a move that will help transform homebuying, according to Chris Williams, founder of Novus Strategy.
“We’re all well used to seeing trust marks, but few are going to have the impact of UK CertifID,” he said.
“All the promised transformation that will cure slow sales progression and rampant fall-throughs simply isn’t possible without it. The trust mark signposts secure and verifiable routes for home buyers and borrowers to avoid the tedious nightmare of having to repeatedly prove who they are to lenders, brokers, agents, and conveyancers.
UK property market to be one of main beneficiaries
“After years of waiting, we’re now on the cusp of only having to do that once, allowing other parties involved in a transaction to make faster, earlier and simultaneous progress on things like credit checks, KYC, underwriting and searches. This is why the UK property market is set to be one of the main beneficiaries of UK CertifID.”
Although the Office for Digital Identities and Attributes (OfDIA) has said it will be optional for Digital Verification Service (DVS) providers to use the new technology, Williams said he expected uptake in the lending and property market to be total.
“UK CertifID is how consumers will get comfortable handing over extremely sensitive personal details and documents to a trustworthy provider, knowing they meet all the necessary security standards,” he said.
“It’s also how other parties, such as conveyancers, will know that an ID check done earlier by an estate agent or mortgage broker was fully compliant and can be reused. It’s Smart Data in action, as verified identity becomes a reusable artefact that travels with the transaction.
“It’s also a perfect example of the interoperability unlocked by what’s known as Horizontal Digital Integration (HDI), an operating model that means the full potential of Smart Data and trust frameworks can be realised.
“Time to exchange is as long as it’s ever been. After years of transformation fatigue, the industry should finally be able to start turning things around now that reusable digital ID is gathering pace.”
