In this episode of FRT, we hear from Greg Wolfond, Chair and CEO at the fintech SecureKey Technologies, Toronto; and Angus McFadyen, Partner at the law firm Pinsent Masons, London. Greg and Angus were among a team of experts and IIF members who developed and finalized the Principles for Digital Trust Networks as part of the Open Digital Trust Initiative of the IIF and the Open ID Foundation.
Digital trust networks will be key to reducing fraud and delivering high levels of trust in e-commerce and digital finance, as well as to unlocking the potential of open finance initiatives as they broaden out to an open data economy.
The Principles for Digital Trust Networks identify at a high level the ‘rules of the road’ that Digital Trust Networks should adopt in order to incentivize a high level of digital trust, user centricity and low cost, while ensuring that these networks are economically viable and the liability of individual participants is clearly defined and allocated.
Greg and Angus share practical perspectives from their projects in the digital trust space, and reflect on some of the key principles embedded in the document, which is available through the IIF.