HOOYU TAKES HASSLE OUT OF ONBOARDING WITH NEW RE-USABLE DIGITAL ID SERVICE

KYC and customer onboarding specialist HooYu has launched a new digital identity service aimed at making life easier, and more secure, for customers and companies. 

HooYu ID provides customers with a re-usable digital ID, enabling them to instantly complete age or ID verification processes, without having to go through the hassle of submitting multiple proofs and documents. 

The service cryptographically stores verified identity credentials in a convenient app on a user’s smartphone. The information is not accessible by HooYu, but can be accessed by companies to check identity details when the user grants them permission via the app. 

With the launch of the product, HooYu also revealed findings of research that showed 74% of 2,000 respondents were frustrated at having to repeatedly provide personal information to pass identity check processes. 89% also said that they found the idea of a re-usable digital identity facility appealing. 

“Some of our clients asked us about building a digital identity for their users to port between their portfolio brands, for example, large banking groups or multi-brand online gambling operators. Other clients such as mortgage lenders or law firms want us to join the dots for house buying and selling journeys where the user is asked to prove their identity to four different parties as part of one transaction,” David Pope, Marketing Director at HooYu, said.

The launch of HooYu ID comes as the UK government is preparing to roll out a digital identity trust framework and regulation, aimed at encouraging UK consumers to create and manage their digital identities. 

“The last twelve months have proved formative as government, industry and identity providers have coalesced around a set of standards in interoperable re-usable digital identity and we welcome identity providers such as HooYu as members of OIX, as together we help make digital identity a reality,” Nick Mothershaw, CEO of the Open Identity Exchange, said.

“Our approach to digital identity puts the user in control of their identity and is designed with security and privacy in mind. At the same time, relying parties that need to perform KYC on their users can rely on HooYu ID and the tried and tested range of KYC services that HooYu already performs for some of the biggest banks in the UK,” Gareth Narinesingh, Head of Digital Identity at HooYu, said.