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Major identity platforms back pilot to create faster, safer house sales

MyIdentity service organising the initiative says it will enable lighter admin and reduce risk of property and mortgage fraud.

Nigel Lewis

young house sales

Five major identity service providers have got behind the new MyIdentity trust scheme to make house sales faster and safer.

Digidentity, Nuggets, OBiD, Thirdfort, and Yoti are now on board, while hub service provider Mvine will connect them with participants throughout the house sales pilot, which starts next month.

MyIdentity aims to become the central hub for consumers, helping them prove who they are once only in a secure digital way.

Under the scheme, home buyers and sellers will be given more control about sharing their identity details and it will also result in quicker completions.

Stuart Young (main picture), MD at Etive Limited, the digital data management solutions company responsible for coordinating the scheme, expects to welcome more identity service providers into the pilot in the new year.

He says: “For the pilot of the MyIdentity trust scheme, we have secured the use of proven hub technology able to seamlessly connect the identity service providers and participants together. This production grade technology provided by a British firm, Mvine Limited, means the pilot can focus on solving the needs of the users of the scheme rather than spending time ‘fixing the plumbing’ of the information technology.”

Official standards

The property sector will recognise MyIdentity – which started in 2019 – as the acceptable source of identity verification because everyone will be working to one set of government-backed standards.

The combined effect of reducing the number of identity verifications should result in lighter administration processes for house sales, together with a better way of mitigating the risk of property and mortgage fraud.

Estate Agents, licensed conveyancers and mortgage intermediaries in Chiswick, Battersea, Clapham, Putney, Wimbledon, Richmond, Kew, Cheltenham, Gloucester, Harrogate and York are trialling the trust scheme, while more areas could be added in 2022.

October 25, 2021

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