MyIdentity is a digital identity trust scheme aimed at the residential property market. It works to standards detailed by the government in February 2021.

Delivered by Etive Limited, the scheme was first trialled in 11 locations during the summer of last year. Mvine will provide the central hub that the five identity providers currently involved and borrowers will connect through.

The idea is to cut the number of times home buyers and sellers are asked to enter their details when making a residential transaction.

Etive says this will lead to both quicker completions and more control over who market participants share their identity details with.

Managing director Stuart Young says: “For it to succeed, it is crucial that home buyers and sellers have full confidence in the MyIdentity scheme. We are making good progress within the sector, and we now want to go further by testing in the FCA regulatory sandbox.

“This will help brokers and lenders to adopt the MyIdentity standards in a more secure and controlled environment.

“The beta involves leading identity providers and our choice of using proven technology from Mvine underlines the priority we are placing on delivering a workable solution for the home buying and selling sector.”