PropTech pilot scheme next month to make sales safer and faster

There’s been another step to make house sales more secure and speedier, with a pilot scheme starting next month.

Five major identity service providers - Digidentity, Nuggets, OBiD,  Thirdfor and Yoti - have signed up to the new MyIdentity trust scheme, which aims to be a central resource for consumers in property transactions. 

Under the scheme, buyers and sellers will be able to share identity details: this process that should speed transactions as well as making them safer. The pilot runs from next month until August 2022.

Stuart Young, managing director of Etive Limited, the digital data management solutions company coordinating the scheme, says: “For the pilot of the MyIdentity trust scheme, we have secured the use of proven hub technology able to seamlessly connect the identity service providers and participants together. 

“This production grade technology provided by a British firm, Mvine Limited, means the pilot can focus on solving the needs of the users of the scheme rather than spending time ‘fixing the plumbing’ of the information technology.”

Young expects other identity service providers to come on board in 2022. 

He believes agents, solicitors and conveyancers, financial intermediaries and lenders will all recognise MyIdentity as the standard source of identity verification because everyone will work to one set of government-backed standards. 

Work on MyIdentity started in 2019 with input and consultation from over 100 organisations including the government, regulators and representative bodies from the estate agency, legal, financial services and identity service providers.