Why our tech doesn’t cost the earth
I’m often asked by customers why our tech doesn’t cost the earth. Well that answer can take many forms. We built OneID® to make it easier for people to prove who they are online easily and securely, without theirpersonal information being at risk.
People trust their bank, who already hold people’s identity already in a safe and secure manner. So, we simply extend the use of that identity beyond the bank whilst maintaining people’s relationship with their bank.
Social purpose is at our heart as a certified B-Corp, with a Social Benefit Trust and we want to find areas where OneID® can help people. Making an assured and trusted digital identity available to everyone will help achieve social and economic inclusion - and to us, that's important.
Our Technology
Our solution uses an individual’s bank to verify who they are with the strong customer authentication their bank provides and all the security wrapped around an individual’s most trusted information stored in their bank.
So, the bank has already invested millions of pounds in the security to hold that information and the strong customer authentication to prove who an individual is. We haven’t had to build that tech and as we don’t hold the data either, we don’t need to build further security to store it.
So, we don’t need to spend anything additional to do this, allowing us to keep our prices low.
Verifying Identities
Our solution can verify the identity of over 40 million people in the UK, those identities have already gone through a thorough validation process to check their identity against various identity documents in a process called Know Your Customer (KYC) That is very costly with millions of documents checked, some electronically and some manually. Banks spend millions of pounds every year, ensuring the data they hold is accurate and validated. This coupled with thorough life checking to prevent anti-money-laundering and keeping personal information up to date as people’s contact details change, further adds to the investment the banks have already made in the data quality.
So, we don’t need to hire people and buy additional technology to do this ourselves, again allowing us to keep our prices low.
Social Purpose
We want to find areas where OneID® can help people and organisations build a safer world. We don’t want price to be prohibitive to enabling online safety, so our pricing is structured to help those areas that would benefit most. As an example, we want to ensure that small businesses have access to the same tech as larger ones, so our pricing reflects that. We have prioritised the development of OneID® age verification on eCommerce platforms who host smaller merchants at a price point that allows them to put the right controls in place to restrict access of age-restricted goods by children. Charity is important to us, so we love to provide our services for charities and offer for free when a charity’s purpose aligns with our own goals.
Our social purpose extends beyond that, we are a B-Corp through and through, realising that the economics need to be equitable to ensure we support our diverse people and our planet.
So, our tech just doesn’t need to cost a lot of money. We don’t want it to cost a lot of money as we truly want to make sure that OneID® literally doesn’t cost the earth.
