The scheme, which was developed by Etive Technologies, sets out to reduce how often home buyers and sellers submit their details to all parties involved in a property transaction.
MyIdentity entered a beta phase in November and has since partnered with estate agents, conveyancers and lenders such as Bluestone, who it teamed up with earlier this year.
The platform is working with five identity providers including Digidentity, Thirdfort and Yoti. Users select the identity provider they are working with and pay for an identity check. Once that has been approved, they can share the certified proof of identity with lenders, estate agents, conveyancers, financial advisers and mortgage brokers.
MyIdentity says this will lead to quicker completions and give consumers more control over how and who they share their identity details with.
This is also expected to reduce administration processes as well as the risk of property and mortgage fraud.
Work on MyIdentity started in 2019 and its current beta phase is focused on improving standards around identity.
Stuart Young, managing director at Etive said: “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 Financial Conduct Authority’s regulatory sandbox. This will help brokers and lenders to adopt the MyIdentity standards in a more secure and controlled environment.”
