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It will soon be a legal requirement for homebuilders to be able to prove their customers identity digitally.
The Home Builders Federation (HBF) is working with Etive Technologies (Etive) to support homebuilders in complying with government regulation and make identity and anti-money laundering checks easier, faster, and more secure.
Currently customers purchasing a new home have to prove who they are numerous times to the various parties they have to deal with during the home buying process – home builders, conveyancers, mortgage brokers, lenders.
In a world increasingly driven by digital interactions, the burden of repetitive, fragmented identity verification has become an unnecessary and burdensome pain point.
It's not just frustrating for customers, it's also a significant drain on business efficiency.
MyIdentity helps to simplify this archaic system, empowering customers to prove their identity once, own and control their identity, and reuse it seamlessly through the home building process, eliminating the needless friction and operational bottlenecks that plague the property market.
MyIdentity has been working with HBF’s membership to develop a verification framework to address the current challenges associated with the customer identity process, and support compliance with the Digital Identity and Attributes Trust Framework developed by the Department for Science, Innovation and Technology (DSIT). The new legislation, Data (Use and Access) Bill, is expected to come into effect in 2025.
The MyIdentity framework enables new home builders to carry out digital identity and anti-money laundering checks and let customer’s share their identity with organisations as they need to. This means checks can be carried out once at the beginning of the buying process and securely reused as and when needed.
To learn more about implementing these improved standards please contact Stuart Young at s.young@myidentity.org.uk or HBF's Communications team at comms@hbf.co.uk
