The Age of Consent – The Case for Federated Bank ID

Treasury and Trade Solutions 16 1 The fiat currency stack is the set of systems that makes digital money work, and it includes digital identity, Real-Time Gross Settlement (RTGS), Automated Clearing House (ACH), SWIFT, CLS, Faster Payments, Request to Pay, card networks, open banking and electronic money schemes. 2 Directive (EU) 2015/2366 of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC, from https://eur-lex.europa.eu. 3 Regulation (EU) 2016/679 of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation), from https://eur-lex.europa.eu. 4 The Impact of SCA: Shaking Up Europe’s Online Economy from www.stripe.com . 5 BigTech and the Changing Structure of Financial Intermediation available at www.bis.org . 6 The Libra White Paper, Introducing Libra, available at www.libra.org . 7 See www.indiastack.org . 8 See www.bankid.com . 9 See www.getswish.se. 10 E-krona available at www.riksbank.se/en-gb. 11 From “B2B Data Sharing: Digital Consent Management as a Driver for Data Opportunities” (2018) and “Security and Identity Challenges in Crypto- Technologies” (2017) at www.abe-eba.eu/publications. 12 See https://ec.europa.eu/digital-single-market/en/desi. 13 For MitID, see https://digst.dk/it-loesninger/mitid. For eID, see https://ec.europa.eu/digital-single-market/en/trust-services-and-eid. 14 See section 5.4.5 of Payment and Settlement Systems in India: Vision – 2019-2021 available at www.rbi.org.in . 15 See Digital Identification: A Key to Inclusive Growth available at www.mckinsey.com . 16 See Identity is the New Money by David Birch. 17 See www.citibank.com/tts/sa/flippingbook/2017/The-Request-to-Pay- Revolution. 18 See www.emvco.com/emv-technologies/qrcodes. The expert perspectives provided in this document are personal opinions and for information purposes only, they do not represent the views of the organisations of these experts. Endnotes