Just days after a report showed the publics overwhelming support of the UK’s Digital Identity and Attributes Trust Framework (DIATF), the National Australian Bank and the Findynet Cooperative, which includes Nordea Bank and OP Financial Group among its members have given their backing to similar digital identity schemes.
NAB has backed the creation of a digital identity ecosystem, which will provide Australians added protection and convenience when verifying their identity across e-commerce, utilities, banking, and other services.
NAB has played a critical role in developing the ConnectID digital identity solution, working closely with the newly-formed Australian Payments Plus (AP+) – a consolidation of domestic payment organisations BPAY, eftpos and NPP Australia – and other banks.
Through ConnectID, NAB will serve as a trusted identity provider, verifying a customer’s identity with the customer’s consent whenever they need to validate their identity online.
“We want to make life easier for our customers when they are going through a process of validating their identity online and also provide a safe way to do that which protects their data and privacy,” said Angela Mentis, NAB chief digital, data and analytics officer.
“ConnectID gives customers full control to use only data that is absolutely necessary when completing identity verifications; they will be able to do things like digitally prove their age rather than passing over their driver’s license for the same purpose.
When signing up for a new mobile phone plan or other service, for example, identity data will only be accessed when a customer initiates a transaction, authenticates themselves using their regular banking login, and provides express consent.”
The Finnish Ministry of Finance has granted the Findynet Cooperative a €3 million government grant to build a pilot environment for a self-sovereign identity network.
The Cooperative aims to develop a network that ensures that digital wallets developed by different service providers are interoperable, and work seamlessly for both organizations and individuals.
The funding will be used to develop a common and secure self-sovereign identity network, which can be used to ensure the correctness of information in electronic interactions.
“The trust network, which will now be built, promotes digital and human-centered data economies,” explains Markus Hautala, chairman of the Board of the Findynet Cooperative.
“This means that end-users manage their own data and can decide for themselves what information they share about themselves with different parties to preserve their privacy. For example, this exchange of information could involve electronic receipts, credit information, and proof of professional qualifications.”
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