The report by Etive Technologies calls for a digital identity trust framework to be supported by all parties in the home buying and selling transaction.
A new white paper has been released detailing how to move assured digital identity forward by introducing a standard for the benefit of the industry, stakeholders and consumer.
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.
This, the paper claims, would lead to a "significant" reduction in 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," the report states.
The white paper outlines how organisations currently will not trust identity verification carried out by another organisation which leads in poor consumer experience and subsequent property and financial fraud.
The report calls for a digital identity trust framework to be supported by all parties in the home buying and selling transaction.
The proposed digital identity trust framework for conveyancing would rely on government backed identity standard GPG45: identity proofing and verification of an individual.
Using this framework, the paper believes, would allow consumers to enjoy a simplified experience by only requiring to prove their identity once, and would lead to estate agents seeing an improved cash flow thanks to a shorter time to completion.
This white paper has been published when the conveyancing transaction continues to see year-on- year increases in the length of time it takes to complete the process and there are currently 300,000 failed transactions a year.
The 5MLD is not prescriptive and provides a risk-based approach and therefore the guidance offered by different bodies is based on interpretation and varies, according to the report.
The white paper goes on to describe Etive Technologies' extensive research findings, and concludes that the implementation of a digital identity trust framework would address the key identity verification issues found in the home buying and selling process and conveyancing transaction.
You can read the report here.
