Bold new digital verification system to bolster UK economic security, cut fraud, and drive digital growth
- New blueprint could make identity checks faster, safer and data easier to reuse.
- At least £5bn could be unlocked over five years through reducing fraud and investing in digital infrastructure, including £1.8bn from a secure Digital Verification Service (DVS) and at least £3bn in fraud loss reductions through stronger verification measures.
- Partnership with industry and government highlights importance of UK data sovereignty, as national digital verification capability supports UK oversight, security and long-term strategic autonomy.
Following the publication of Securing growth: the digital verification opportunity in March 2025 in partnership with EY, the City of London Corporation has published a new blueprint to transform how identity is verified and shared across the UK economy. Launching at Guildhall on 30 June, the blueprint, developed with oversight from government, regulators (including FCA), global law firm Hogan Lovells, and consultancies EY and Collectively Better, proposes a Digital Verification Orchestrator (DVO) - a secure, consent-based model which could reduce fraud, cut duplication and improve customer experience across financial services. The service connects identity providers (banks, financial institutions and government) with organisations that need to verify identity. Priority uses include opening bank accounts, accessing credit, fraud checks and securely reusing verified identity data across financial services.
Trusted digital verification is essential infrastructure for economic growth, financial security and trust. But the current system is fragmented - making it easier to prevent fraud, reuse data and deliver seamless services. The DVO would limit fraudsters entry points into the financial system.
Under the new model, individuals could verify their identity once and reuse it across services, reducing duplication for both businesses and consumers. Built on DSIT Trust Framework standards, strong governance and clear liability, the system is designed to improve consistency, strengthen security and support wider adoption. It could help cut compliance costs for firms and, ultimately, consumers, speed up processes and improve customer experience.
The blueprint reinforces a major opportunity: minimum £5bn in economic benefits, driven by reduced fraud and improved digital services, including £1.8bn from a secure Digital Verification Service (DVS) and at least £3bn in fraud loss reductions through stronger verification measures. It also points to strong growth potential in the UK’s still-developing digital verification market.
Policy Chairman of the City of London Corporation, Chris Hayward, said:
“Trusted digital verification is now critical infrastructure for the UK economy. At a time of rising fraud, rapid technological change and increasing geopolitical uncertainty, the need for secure, reliable identity verification has never been greater.
“This blueprint sets out a practical path from concept to implementation - showing how organisations can work together to share verified information safely, build trust and strengthen resilience across financial services.
“The opportunity is significant, but delivering it will require coordinated action from government, regulators and industry. We now need to move from blueprint to delivery to create a safer, faster and more trusted digital future for the UK.
“The next step is delivery. Over the next 9-12 months, the blueprint calls for pilot programmes, industry participation and regulatory alignment to test the model in practice and scale adoption. The blueprint sets out a clear path to a secure, interoperable and privacy-first verification system, with the potential to strengthen trust, reduce fraud and support long-term UK growth.”
Key takeaways
Digital verification as national infrastructure
· Digital verification is foundational infrastructure, not just a back-office tool.
· A Digital Verification Orchestrator (DVO) could strengthen economic resilience, security and trust, while enabling data-driven innovation.
· Opportunity estimated at minimum of £5bn over five years (£1.8bn from a secure Digital Verification Service (DVS) and at least £3bn in fraud loss reductions through stronger verification measures).
· Supports UK sovereignty by ensuring core verification infrastructure remains a secure, domestic capability.
From policy to practical delivery
· Blueprint provides a clear, implementation-ready model aligned to the UK Government’s Trust Framework.
· Defines roles, standards and priority use cases, such as onboarding, fraud prevention and data reuse.
· Builds on existing market capability and infrastructure.
From design to implementation
· Calls for coordinated action across government, regulators and industry.
· Focus now on live pilots, firm commitment and resolving liability frameworks.
· A successful rollout would strengthen economic security, resilience and data sovereignty.
Chair of the Digital Verification Orchestrator Initiative, Ezechi Britton MBE, said:
“The Digital Verification Orchestrator is about moving from ambition to delivery. The UK has the policy foundations, market capability and institutional expertise to build a verification system that is secure, interoperable and trusted by consumers and firms alike.
“This blueprint shows how we can reduce duplication, tackle fraud and make verified data easier to reuse safely across financial services. The next step is to test this model in practice through pilots, industry commitment and close collaboration with government and regulators.”
Vice-Chair of the Digital Verification Orchestrator Initiative, Alderman Sushil Saluja, said:
“Trusted digital verification is now a strategic capability for the UK economy. A well-governed, consent-based model can strengthen resilience, improve customer journeys and help ensure that critical verification infrastructure supports UK security and sovereignty.
“The City is uniquely placed to bring together financial services, technology firms, regulators and government around this agenda. This blueprint provides a practical route to making digital verification work at scale for the benefit of all citizens in the UK”
Sir Ron Kalifa, Vice-Chair, Brookfield and Author of Kalifa Review of UK FinTech said:
“Trust is becoming the UK's next critical infrastructure. As AI accelerates and fraud becomes more sophisticated, secure digital verification will be as important to the digital economy as transport networks and energy systems are to the physical economy. If we get this right, the UK can reduce fraud, unlock innovation, attract investment and reinforce its position as one of the world's leading financial centres. This blueprint provides a practical roadmap for turning that ambition into reality.”
Jana Mackintosh, MD, UK Finance, said:
“Digital verification services have an important role to play in driving growth and innovation, and we welcome the City of London Corporation’s work to provide a clear, practical blueprint that supports consistency as pilots are rolled out. We are pleased to be supporting our members in developing a live, financial services-led pilot in partnership with Select ID.”
Ivan Heard, Partner, EY said:
“Digital verification is fast becoming an essential capability as consumers increasingly engage in digital-first ways. The blueprint creates a strong foundation for industry, government, and regulators to collaboratively build a digital infrastructure that is market-leading in its operability and governance, and has the potential to drive digital growth for UK Plc.”
John Salmon, Partner, Hogan Lovells, said:
“Digital verification will only succeed at scale if it is underpinned by clear governance, robust legal frameworks and confidence in how liability is managed. This blueprint is an important step in setting out how those foundations can support a trusted, consent-based model for financial services.
“By next confirming the liability boundary, the Digital Verification Orchestrator can help firms share verified information safely, reduce fraud and improve customer outcomes while maintaining trust in the system.”
Janine Hirt, CEO, Innovate Finance, said:
“Digital verification is a vital enabler of FinTech innovation. By reducing friction, improving trust and making verified data easier to use safely, the UK can unlock new services that are faster, more inclusive and more secure.
“The blueprint reflects the kind of public-private collaboration that has made the UK a world leading FinTech centre. Moving into pilots will be critical to proving the model, building confidence and ensuring the benefits are felt across the ecosystem.”
Anna Wallace, CEO, CFIT, said:
"Trusted digital verification is a critical enabler of the UK's digital economy. Through CFIT's work on Corporate Digital Verification, we've seen how reusable digital identity has the potential to simplify how directors and businesses are verified, reducing friction while strengthening trust across financial services and supporting wider efforts to streamline how SMEs interact with government.
“The Digital Verification Orchestrator has the potential to become an important piece of national digital infrastructure. Beyond supporting business verification, it could enable new models of financial inclusion, including helping verify trusted third parties supporting vulnerable customers, as well as underpinning future innovation across financial services. Realising that potential will depend on practical delivery, clear governance and liability frameworks, and broad collaboration across industry and government."
Notes to editors
About the City of London Corporation:
The City of London Corporation is the governing body of the Square Mile dedicated to a vibrant and thriving City, supporting a diverse and sustainable London within a globally successful UK.