Recent News.
The latest news and updates from The ID Co. HQ.

News.

Blog.

November 30th, 2017

Getting PSD2 Ready


Since the second payment service directive (PSD2) was announced, The ID Co. has been pursuing direct APIs to expand and enhance European bank coverage and provide DirectID service faster and more seamlessly than ever before.

News.

November 22nd, 2017

Global Banking and Finance Review


The introduction of Open Banking and the Second Payment Service Directive (PSD2) stands to light a rocket under the financial services industry next year. From January, banks will have to open their API’s up so that merchants and vendors can access their client’s account data. And it’s about time.

Blog.

November 16th, 2017

Paving the way for global Open Banking standards


Open Banking comes into effect as of January 2018 forcing the main 9 banks in the UK to grant access to consumer financial data by means of direct APIs, allowing consumers to utilise their data to do more online. In combination with PSD2 (The Second Payment Services Directive), these aim to increase competition between the largest banks, encourage innovation from established corporations and start-ups and protect consumers. Whilst the EU and member states such as the UK and Germany are leading the way, similar initiatives are now being explored around the world in countries such as the United States, Canada, Australia and New Zealand.

Blog.

October 31st, 2017

How PSD2 and Open Banking Benefit the Consumer


In our last article, we discussed how a lack of competition among the main banks provided the motivation for the Competition and Markets Authority’s implementation of Open Banking in the U.K. We highlighted that by allowing consumers to move freely between the financial products offered by the main banks, Open Banking will allow for an evolution in consumer choice not possible under the current system in which 71% of millennials would rather go to the dentist than open a bank account.

Blog.

October 19th, 2017

The Journey Towards Open Banking and PSD2


A lack of competition among the primary banks provided the impetus behind the Competition and Markets Authority’s (CMA) implementation of Open Banking in the U.K. The ID Co. has played an active role in this implementation, with CEO James Varga having co-chaired the data sub group for the Open Bank Working Group. As a company, The ID Co. is also a member of FDATA. Both groups are working towards the establishment of an industry standard for Direct APIs and as members, The ID Co. has long been campaigning for access to bank data, to put consumers back in control of their personal data and identity as a firm believer that banks have an active role to play.

Blog.

October 18th, 2017

Finovate Fall 2017


The ID Co. attended Finovate Fall last month in New York which this year was greatly improved by the addition of two new discussion and seminar days at the tail end of the conference. Sessions on these days gave attendees the opportunity to digest and discuss concepts broached by speakers in swift seven minute presentations. The topics ranged from AI and machine learning to cyber security, whilst a lot to take in in a short space of time, this opened up to debate and discussion in the networking hall among attendees and presenters of the conference.

Press Release.

October 10th, 2017

For the first time lending decisions to be made based on applicants real income.


Edinburgh, U.K.One of the UK’s leading financial technology specialists, The ID Co., has announced it is the first software specialist to offer lenders the capability to calculate and base lending decisions on customers’ real earnings, known as verified income.

Press Release.

September 26th, 2017

Senior appointments strengthen The ID Co.'s position in the lending market.


Edinburgh, U.K. A leading UK financial technology company has strengthened its position in the market with the appointment of new chairperson, Lazaro Campos, and chief technology officer, Scott Leckie.

The Edinburgh headquartered business, established in 2010, has won some major clients in the UK and North America. These include a large UK retail bank, Prosper Marketplace, Marlette Funding, OakNorth Bank, eMoneyUnion, and Fair Finance. Over the last 12-months alone, the volume of transactions facilitated by the company has grown by 15% month over month.

News.

May 15th, 2017

Document Verification added to DirectID platform, increasing value for lenders.


Edinburgh, U.k.The ID Co. has added document capture and verification to the DirectID platform, building on the value delivered to lenders from bank and bureau data. This gives DirectID customers the ability to use a single platform for multiple elements of their onboarding process and reduce the friction for their applicants caused by offline steps.

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