The IIF is collaborating with the OpenID Foundation, member firms, officials and various other Digital Identity specialists in the Open Digital Trust initiative, an interoperable and open source development with the objective of introducing foundational trust into the global digital economy. It aims to create a vibrant marketplace for Digital Trust services which help individuals and entities to confirm identity and understand and manage risk.
In the digital economy, we need new solutions to know the identity of who we are dealing with, and whether or not we can trust them. Banks and insurers are in a unique position to offer trust verification services built on their long track record of securely managing customer information and protecting privacy, potentially leveraging these capabilities to provide new essential services to businesses and consumers. As the COVID-19 pandemic has accelerated the adoption of digital solutions, that has only added further urgency and emphasis to Digital Identity as a critical underlying building block of the economy.
The Open Digital Trust initiative envisages networks where customers can control their identity credentials, authorizing their trusted verifier (eg. their bank, insurer or telco) to attest to specific trust or identity attributes to a particular nominated party, building on OpenID. This serves to minimize the transfer of customer data, only through secure environments, while enabling more businesses to participate in the eCommerce economy without taking on additional data storage obligations.
The IIF leads the policy development workstream of the initiative, and the OpenID Foundation leads on technical standards, each with a series of respective specialist working groups, together advancing a diverse global community’s understanding of both the governance ‘rules’ and technology ‘tools’.
Learn more about the Open Digital Trust initiative with our Co-chair, Rod Boothby, Global Head of Identity at Santander in this article.