LexisNexis® Risk Solutions and UK Fintech startup Nuggets have today announced a formalised partnership working together to enable the implementation of self-sovereign digital identity (SSI) solutions.

SSI solutions are one of a number of emerging technology-led innovations that are transforming how organisations authenticate an individual’s identity digitally, when they transact online.

Right now, if someone wants to open a bank account, or apply for a financial product or service, consumers often have to manually send personal documentation to authenticate themselves, either physically or electronically. This is repeated each and every time an application is made.

Self-sovereign digital identity represents a fundamental shift in the way personal data is owned, shared and controlled; consumers choose when their data and identity documents are accessed and by whom, and it scraps the need for documents to be sent away and stored physically or electronically in data silos.

The partnership between LexisNexis® Risk Solutions – one of the largest protectors of private and confidential data in the world – and Nuggets – an award-winning, self-sovereign identity and payment platform – will help to validate the benefits and strengths of the self-sovereign identity model.

As well as giving consumers ownership and control over their data, SSI is designed to protect organisations against the financial and reputational cost of privacy breaches and promises quicker processing and lower compliance costs for businesses.

The two organisations have been working collaboratively since 2019, running discovery initiatives culminating in a joint go-to-market commercial arrangement.

Steve Elliot, MD, LexisNexis® Risk Solutions UK & Ireland, said: “Effective solutions that can digitally identify and authenticate a person more quickly, more accurately and more securely, can have wide-ranging benefits for individuals, organisations and society as a whole, from reducing the time it takes consumers to acquire goods and services, to widening access and reducing fraud and money laundering. It’s really exciting to think that innovations like these could help reduce the increasing prevalence of large scale breaches of consumers’ personal data. We’re really excited to be working with Nuggets to explore how SSI can help achieve those benefits whilst maximising data privacy and security for consumers.”

Alastair Johnson, CEO & Founder of Nuggets, said: “Customers need to take back control of their data. Relentless data breaches prove that the existing model of personal data storage is broken. Through this partnership, we’re helping to fundamentally change the way personal information is shared with and used by financial institutions and we’re enabling individuals and businesses to advance their privacy and security protocols for the benefit of all. We’re thrilled to be working with LexisNexis® Risk Solutions on innovations that have the potential to shape the future of this space.”