CFIT paves way for digital company ID

ChainWatcher · 2026-03-17T12:16:34+00:00

In 2025, UK fraud incidents rose by 17%, prompting a coalition to develop a reusable digital identity for businesses. A prototype has been created, focusing on key areas like financial services and supplier verification, with plans for a market-led implementation model now underway.

ChainWatcher

2026-03-17 12:16:34

Abstract generation in progress

The UK saw over two million incidents of fraud in the first half of 2025 - a 17% increase on the same period in 2024 - says fintech growth quango CFIT.

To help tackle this, last year the centre brought together an industry-wide coalition that split into working groups led by UK Finance, Smart Data and Technology Alliance, Select ID, A&O Shearman and Skadden to work on a reusable digital identity for UK businesses.

The groups, supported by the likes of Barclays, LexisNexis Risk Solutions, Mastercard, Monzo and TransUnion, have reported back with a live interoperable prototype demonstrating the feasibility of digital company ID.

They have also delivered priority use cases focused on financial services onboarding, supplier verification, marketplace identity and government reporting; a trust and governance framework to enable scalable adoption across sectors; and analysis of the commercial models and market opportunity required to support long-term implementation.

The next phase of development will now see responsibility for coordinating implementation transition to a market-led orchestration model led by the City of London Corporation. CFIT will continue to provide strategic oversight and advisory support.

Anna Wallace, CEO, CFIT, says: "Digital Company ID is a systemic challenge that no single organisation can solve alone. Through this coalition, CFIT has brought together deep technical expertise from across industry, government and technology to move from concept to practical delivery.

“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.”

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