HSBC & Barclays Join EU Project Testing Digital IDs

HSBC & Barclays Join EU Project Testing Digital IDs

HSBC and Barclays are participating in a consortium of private and public sector organizations testing the use of a citizen`s national digital IDs for

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HSBC and Barclays are participating in a consortium of private and public sector organizations testing the use of a citizen`s national digital IDs for cross-border banking.

The Project is co-financed by the European Union`s Connecting Europe Facility and aims to test the use of public sector eIDAS (Electronic Identity and Signature) standards for banking across borders. Some of the participants are HSBC, Barclays, the UK Government Digital Service (GDS), Orange, OT-Morpho and the Open Identity Exchange (OIX UK).

The Consortium will develop a prototype model that uses the Mobile Connect authentication process to enable users to request a digital ID that is validated via eIDAS, as finextra.com reported. Mobile Connect is a user authentication and identity service. It is based on the OpenID Connect/ OAuth2 standards.

“We already have a world-class international account opening service. However, currently, customers often have to produce a separate set of identification paperwork when they open a bank account in a new country. The use of recognised, trusted digital IDs across borders will revolutionise this process.”, as Trista Sun, HSBC global head of international and cross border, said as quoted by the article.

The trial tests will use the service of Orange, a global IT and communications services provider, which will allow a digital identity to be set up for use by French citizens through Mobile Connect.

On the other hand, OT-Morpho, a company focused on digital security, identification technologies and identity solutions, will reportedly debelop services and infrastructure for the identity authentication process, as finextra.com wrote.

The service would allow using of a xitizen`s national digital identity from France to open a bank account in the UK.

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