The integration reinforces NatWest’s commitment to leveraging innovative technologies to deliver seamless, simplified, and secure customer experiences.
Setting a precedent for other UK banks, NatWest Bank will use OneID’s bank-verified digital identity solution for NatWest’s Structured Finance business in Sweden, Finland and Norway. The solution brings certainty of identity that transcends borders.
Now, any individual who has online banking in the UK, Sweden, Finland and Norway can verify their identity using their bank before signing a NatWest leasing agreement.
The switch to OneID comes after NatWest reviewed the existing verification processes for document and contract signing for its leasing business in the Nordics.
The traditional ‘text authorisation’ or ‘one-time password’ method typically added as a security measure to make sure the right person is signing a document was found inadequate for their requirements of both security and efficiency. It introduced friction and the possibility of fraud in a process where certainty and speed are paramount.
A more robust and frictionless solution was required.
Instead of restricting people to just one method of verifying their identity, NatWest wanted to offer a single solution that would combine different methods of verification, thereby allowing more people to benefit from the improved process.
The one thing that has greater reach than a physical ID document in the digital age is the digital relationship people have with their bank. NatWest decided to confirm the identity of individuals using bank-verified identity through OneID.
Kevin Dearing, Head of Bank of APIs at NatWest, said: “Through utilising OneID’s Digital Identity solution within Adobe Acrobat Sign, NatWest is streamlining business processes while strengthening the security of signatories. NatWest has been enabling customers to consent to share bank-held identity attributes with OneID so it is great to see a use case for these services emerge from within NatWest.”