The City of London Corporation has issued a direct appeal to UK-based technology companies to help design and implement a pioneering digital verification network. The initiative aims to strengthen defenses against fraud in the financial services industry while simplifying processes for businesses and consumers.
Fraud remains a persistent and costly threat. Banks alone lost more than £1 billion to such crimes in the previous year, according to the Corporation.
Criminals exploit fragmented identity checks, repeatedly targeting different institutions with stolen or fabricated credentials. In response, the Corporation is promoting a voluntary digital verification system that would allow individuals to confirm their identity once with an accredited provider.
That single, cryptographically secure confirmation could then be safely shared across participating financial organizations through a central, neutral orchestrator. This approach would eliminate repeated checks, cut administrative overheads, and make it far harder for fraudsters to gain multiple footholds in the system.
The proposed orchestrator would act as a secure coordinator rather than a data repository. It would manage encrypted information flows, enforce consistent technical standards, and alert connected firms when suspicious activity is detected on the network.
By linking identity providers with banks and other relying parties, the system is designed to operate within the existing Digital Verification Services Trust Framework set by the Department for Science, Innovation and Technology.
Early priorities include high-value processes such as customer onboarding, credit applications, ongoing monitoring, and the portable reuse of verified data.
Economic modeling by the Corporation suggests that a fully operational network could generate nearly £5 billion in benefits over five years.
These gains would stem from reduced fraud losses, lower compliance costs, and more efficient digital infrastructure across the sector.
The move also aligns with the City’s broader leadership role in tackling economic crime, including its oversight of the City of London Police, which coordinates national efforts against fraud, cyber threats, and related offenses.
Policy Chairman Chris Hayward emphasized the dual nature of technological progress.
He noted that while innovation creates new risks, it also provides the tools to defeat them, urging capable firms to step forward and lead the industry’s response.
Ezechi Britton MBE, who chairs the Digital Verification Orchestrator Initiative, described the project as a practical solution to fragmentation that would deliver tangible improvements in security, speed, and cost for both firms and customers.
Alderman Sushil Saluja, vice-chair of the initiative, highlighted the collaborative opportunity to deploy technology responsibly at a national scale.
The Corporation has published a detailed blueprint outlining the orchestrator’s responsibilities, required credentials, and priority use cases. Interested technology organizations have until 14 May 2026 to submit expressions of interest and demonstrate relevant experience. Responses will help refine the model and identify market-ready partners; the process is not a formal tender.
This call represents a significant step toward a more resilient, trust-based digital economy. By uniting public authorities, financial institutions, and technology providers, the City of London aims to turn the tide on fraud and reinforce the UK’s position as a secure global financial center.