Verifiable Business Credentials: Solving the Corporate Authority Crisis
*Please note that these thought leadership pieces represent the views of the contributing companies and do not necessarily reflect techUK’s own position.
The Authentication Crisis in B2B Transactions
UK businesses face mounting fraud challenges, with the Annual Fraud Indicator 2023 estimating private sector losses at £157.8 billion annually. A significant portion involves procurement fraud and unauthorised representation - fundamental issues of proving who genuinely has authority to act on behalf of a company.
Building Verification for Business Credentials
Vidos has developed verification infrastructure specifically for corporate identity and authority delegation. Drawing from experience including participation in the EBSI-VECTOR pilot program, work with financial institutions requiring complex KYB processes, integration with enterprise identity management systems from companies like Ping Identity, implementation of vLEI (verifiable Legal Entity Identifier) standards, and participation in FCA digital and Central Bank of Ireland innovation sandboxes focusing on digital identity for financial crime prevention, the platform addresses critical business requirements: verifying complete delegation chains from board authority through to individual representatives, ensuring instant revocation when roles change, and supporting multiple credential standards as different sectors adopt varying approaches.
When a finance director authorises a procurement manager to sign contracts up to £5 million, this creates a verifiable credential chain. If that manager's authority changes or employment ends, revocation happens instantly across all verification points - preventing unauthorised transactions during role transitions.
Current Market Applications
Corporate KYB Enhancement
Financial institutions reduce onboarding time from weeks to hours. The platform verifies business credentials from multiple sources, adapting to whichever standards their corporate clients adopt.
Invoice and Payment Verification
With UK e-invoicing mandates approaching and Making Tax Digital expanding, businesses need verified digital identities for automated processing. Verification confirms that invoices and payment instructions come from authorised representatives, addressing the impersonation fraud that plagues B2B payments.
Cross-Border Trade
UK exporters working with EU partners face different digital identity requirements in each market. Standards-agnostic verification enables them to verify counterparty credentials regardless of format.
Bridging Business Identity Frameworks
Business credentials solve a fundamental problem: proving who genuinely has authority to act on behalf of a company. Corporate impersonation and unauthorised representation underpin billions in fraud annually. When someone claims to represent a business - whether signing contracts, accessing accounts, or authorising payments - verifiers need cryptographic proof, not just an email domain or business card.
Multiple initiatives are now developing business wallet solutions. The WE BUILD consortium is advancing a European Business Wallet for B2B and legal representation. The UK's Centre for Finance, Innovation and Technology (CFIT) is exploring digital identity for financial services. Each framework addresses the same core need - verifiable proof of corporate authority - but with different technical approaches aligned to their regulatory contexts.
This diversity of standards is beneficial for organisations. Companies can choose credential frameworks that align with their regulatory obligations, industry requirements, or operational preferences. A UK bank might issue credentials through Trust Framework providers, while their German subsidiary uses European Business Wallets, and both can verify counterparties using either standard.
The cost of waiting for perfect standards alignment far exceeds the benefits of implementing verification infrastructure today. Businesses already losing millions to fraud and inefficient KYB processes can start verifying digital credentials now, then expand support as new standards emerge. Starting with available solutions and iterating beats waiting for a perfect standard that may never materialise.
Vidos provides the interoperability layer that makes this ecosystem work. The platform verifies business credentials regardless of their source - whether from emerging European Business Wallets, UK Trust Framework providers, CFIT initiatives, or other frameworks. This means organisations can issue credentials on their terms while still accepting credentials from any standards-compliant source.
When it comes to digital credential acceptance, Vidos enables the verification that makes trusted B2B commerce possible. Companies prove their representatives' authority through verifiable credentials rather than vulnerable traditional methods, dramatically reducing impersonation fraud while enabling instant verification across borders.
Business credentials transform how companies prove authority and representation. The variety of emerging standards gives organisations choice in how they issue credentials. Our role is ensuring all these standards work together seamlessly, so businesses can verify any credential through one integration, regardless of which wallet or framework it comes from.
- Tim Boeckmann, CEO, Vidos
Author
Tim Boeckmann
CEO, Vidos
Digital Identity programme activities
Digital identities will provide a gateway for citizens and SMEs into the digital economy. techUK members demonstrate the benefits of digital identity to emerging markets, raise their profile as thought leaders, influence policy outcomes, and strengthen their relationships with potential clients and decision-makers. Visit the programme page here.
Digital ID campaign week 2025! 🔐
Discover insights from industry leaders exploring the crucial themes shaping digital identity throughout this Campaign Week.
Our members develop strong networks, build meaningful partnerships and grow their businesses as we all work together to create a thriving environment where industry, government and stakeholders come together to realise the positive outcomes tech can deliver.
Sue leads techUK's Technology and Innovation work.
This includes work programmes on cloud, data protection, data analytics, AI, digital ethics, Digital Identity and Internet of Things as well as emerging and transformative technologies and innovation policy.
In 2025, Sue was honoured with an Order of the British Empire (OBE) for services to the Technology Industry in the New Year Honours List.
She has been recognised as one of the most influential people in UK tech by Computer Weekly's UKtech50 Longlist and in 2021 was inducted into the Computer Weekly Most Influential Women in UK Tech Hall of Fame.
A key influencer in driving forward the data agenda in the UK, Sue was co-chair of the UK government's National Data Strategy Forum until July 2024. As well as being recognised in the UK's Big Data 100 and the Global Top 100 Data Visionaries for 2020 Sue has also been shortlisted for the Milton Keynes Women Leaders Awards and was a judge for the Loebner Prize in AI. In addition to being a regular industry speaker on issues including AI ethics, data protection and cyber security, Sue was recently a judge for the UK Tech 50 and is a regular judge of the annual UK Cloud Awards.
Prior to joining techUK in January 2015 Sue was responsible for Symantec's Government Relations in the UK and Ireland. She has spoken at events including the UK-China Internet Forum in Beijing, UN IGF and European RSA on issues ranging from data usage and privacy, cloud computing and online child safety. Before joining Symantec, Sue was senior policy advisor at the Confederation of British Industry (CBI). Sue has an BA degree on History and American Studies from Leeds University and a Masters Degree on International Relations and Diplomacy from the University of Birmingham. Sue is a keen sportswoman and in 2016 achieved a lifelong ambition to swim the English Channel.
Associate Director - Technology and Innovation, techUK
Laura Foster
Associate Director - Technology and Innovation, techUK
Laura is techUK’s Associate Director for Technology and Innovation.
Laura advocates for better emerging technology policy in the UK, including quantum, future of compute technologies, semiconductors, digital ID and more. Working alongside techUK members and UK Government she champions long-term, cohesive, and sustainable investment that will ensure the UK can commercialise future science and technology research. Laura leads a high-performing team at techUK, as well as publishing several reports on these topics herself, and being a regular speaker at events.
Before joining techUK, Laura worked internationally as a conference researcher and producer exploring adoption of emerging technologies. This included being part of the team at London Tech Week.
Laura has a degree in History (BA Hons) from Durham University and is a Cambridge Policy Fellow. Outside of work she loves reading, writing and supporting rugby team St. Helens, where she is from.
Elis joined techUK in December 2023 as a Programme Manager for Tech and Innovation, focusing on Semiconductors and Digital ID.
He previously worked at an advocacy group for tech startups, with a regional focus on Wales. This involved policy research on innovation, skills and access to finance.
Elis has a Degree in History, and a Masters in Politics and International Relations from the University of Winchester, with a focus on the digitalisation and gamification of armed conflicts.
