MyBank to Launch Pilot for Identity Verification Service

MyBank has issued a call for participation in the pilot phase for its Identity Verification Service to Payment Service Providers (PSPs) and service providers. The pilot will start in mid-November 2015 and run until February 2016. Interested parties can register until 16th October 2015 via the MyBank website. The aim of the pilot is to test the MyBank Identity Verification to ensure reliability, security and the usability of the solution.

MyBank is responding to a growing demand for pan-European identity verification services that protect the consumer’s privacy while enabling businesses and public authorities to verify or request information regarding the identity of their counterparties in any online transaction.

MyBank Identity Verification will support services such as age verification, customer due diligence, contract agreement, registration or C2C sign-up in the fast growing “sharing economy”. Consumers will be able to protect their privacy by controlling exactly what information is sent to third parties as the transmission of all identity-related information must by explicitly authorised by consumers via their secure online banking platform.

“Electronic identity services are, as yet, fragmented across Europe. With this initiative, MyBank is responding to a tangible market need for a pan-European solution,” said Elaine Oldhoff, Policy Advisor for E-Commerce Europe. “As we announced last year in our ‘E-Identification and Online Trust Service’ paper, e-merchants across Europe need e-identity solutions. Thanks to the secure and trusted information that can be requested from consumers via the online banking account, MyBank Identity Verification is a significant step in the right direction for merchants across Europe”.

The call for participation in the pilot phase follows an in-depth consultation process with payment service providers, merchants and identity specialists; and the publication of a vision document in May 2015 defining the full scope of the MyBank Identity Verification and the elements available as part of the first deliverable. This vision document can be downloaded here.

The pilot testing will involve PSPs, service providers and corporates, which will ensure in cooperation that the different components of the MyBank Identity Verification solution work together seamlessly before the solution goes live in 2016. Service providers can participate in the testing either directly or through a partnership with a participating PSP. PSPs are invited to join the pilot with a corporate customer to ensure that the end-to-end testing fully meets the requirements and expectations of all stakeholders.

You may also like

Popular News