A new blueprint aimed at transforming how identity is verified and shared across the UK economy has been launched.

The blueprint was launched by the City of London Corporation and has been developed with oversight from government, regulators (including FCA), global law firm Hogan Lovells, and consultancies EY and Collectively Better. It 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,” the organisation explained. “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 corporation added the blueprint reinforces a major opportunity: minimum £5 billion in economic benefits, driven by reduced fraud and improved digital services, including £1.8 billion from a secure Digital Verification Service (DVS) and at least £3 billion 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.”

Chair of the Digital Verification Orchestrator Initiative, Ezechi Britton MBE, added: “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.”

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.”