The Age of Consent – The Case for Federated Bank ID

The Age of Consent | The Case for Federated Bank ID 7 mobile app through which the user can authenticate. Mobile Bank ID supports authentication online and at point of sale. Secondly, Mobile Bank ID supports simple authentication methods such as biometrics and PIN-codes. Consumers no longer accept scratch cards, tokens and card readers, but instead want a simple-to-use, mobile-based and decoupled authentication solution. Ralph Bragg, Founder & Partner, Raidiam UK banks could readily develop the kind of Bank ID scheme that has proved so powerful in Sweden, Norway, Denmark and other countries. They should form a consortium to agree standards (which already exist), liability models and a common acceptance mark to promote consumer adoption. The government has a key role to drive adoption as a relying party, helping to kick start the market and setting a baseline business model. We can then rapidly see the development of a market where banks offer a given level of identity assurance for a given level of liability at a given price. There are no technical barriers — banks only need to realise the opportunity and the danger of losing ID to bigtech. Hamish Thomas, Partner, EY The provision of a cross-industry, cross-sector, verified and enriched digital ID has the potential to provide the foundation of a “trust network” where customers participate and control their own personal data, with simplified access to digital products and services. It would also allow for operational and revenue benefit for financial institutions and other participants of the “trust network” and improved access to and adoption of digital financial (and other) services, ultimately increasing the growth potential of the digital economy. Bianca Lopes, Co-Founder, Talle I am fascinated by the different roads that countries follow to reach the same destination — providing core infrastructure to enable people and businesses to transact digitally, with security and privacy.