In the ‘Digital Identity Trust Framework for the Home Buying and Selling Process’ paper by Etive Technologies, it outlines how an introduction of a standard based digital identity assurance process backed by regulators into the conveyancing transaction should be adopted by the industry.
The conveyancing transaction is based on a high level of trust between trusted third parties, conveyancers. The core of the transaction centres on proof of identity and ownership and currently organisations will not trust identity verification carried out by another organisation. This is causing a continuing increase in time to complete the transaction with poor consumer experience and ample opportunity for identity (ID) and subsequent property and financial fraud. This view is common to all parties in the home buying and selling process.
The common view is that the introduction of a standards based digital identity assurance process, backed by regulators, should be adopted by the industry and this would lead to significant reduction in the time to complete without adding cost to the process and a reduction in the risk of fraud. The reduction in time to complete is seen as the most pressing issue and the most important deliverable of the introduction of a digital identity trust framework.
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