Workshop: Towards a financial services passport
techUK's Payments Group & ID Assurance Group are developing a technology roadmap towards a 'financial services passport', and holding a workshop to seek thoughts and input from across techUK's membership.
- Dave Birch, Co-Chair techUK Payments Group; & Global Ambassador, Consult Hyperion
- Ian Jenkins, Chair techUK ID Assurance Group; & Advisory Lead, Deloitte Business Security, Deloitte
A 'financial services passport' refers to an aspirational digital identity, issued by UK financial services providers, and mutually recognised across the financial services industry. Such an interoperable digital identity could be utilised to correctly identify and authenticate end-users with appropriate security in a wide variety of circumstances and across a wide variety of channels. This has the potential to:
- reduce the costly and complex procedures faced by banks in complying with relevant know-your-customer (KYC), anti-money-laundering (AML) and anti-terrorist financing (ATF) regulations
- reduce the impact of fraud
- provide greater customer convenience
Following a 2013 techUK roundtable, "Identity and Authentication - building end user trust in a changing payments system", techUK committed to explore both the technology and business drivers leading towards a more evolved identity and authentication landscape in financial services. This was initially explored by techUK within the recent paper, "Towards a 'New Financial Services'" (Jan, 2014) through an essay entitled "Identity & authentication - time for a digital financial services passport?", twinned with a response from the Cabinet Office.
techUK's Payments Group & ID Assurance Group have since worked to draft a more detailed technology roadmap, "Towards a financial services passport", and are holding a workshop focusing on this initial draft to seek views and input from members before publication.
A workshop agenda and attendee brief is avaliable to download below. The draft paper is available for members to access here.Delegate brief techUK Financial Services Passport round... (pdf)Delegate brief techUK Financial Services Passport round... (pdf)