Do banks want to monetise their KYC data? In the UK, the government launched a similar system in 2014 called Verify, a platform for banks and other firms with existing customer relationships to offer identity verification as a service to the government, and eventually, third party sites. Users would choose a participating bank they has a relationship with and login to their account as verification.

But despite paying over £20 a user for each verification they only got one or two banks to join, and the scheme was a disaster.