Digital ID & Open Banking
In this episode of DIACC's Digital ID & Me podcast series, we explore Open Banking & Digital ID. The sharing of data between financial services providers by consumers requires some sort of authentication of the consumers requesting their data to be shared. Without authentication, the receiving or sending financial institution would not know if the person requesting the data sharing is who they say they are. In other countries without digital ID, they have created the concept of Strong Customer Authentication (SCA), which requires someone to provide two separate identification factors (for example, a password and a biometric scan). This is cumbersome and less convenient than existing practices. Digital ID on the other hand, could be used in place of SCA when performing transactions/data share requests in an open banking framework.
Join host Kevin Morris, Strategy and Programs Director at Large Credit Union Coalition (LCUC) as he discusses this timely topic with the following guests:
- Senator Colin Deacon
- Deborah Moore (Director of Digital Transformation at Celero Solutions)
- Steve Pannifer (Managing Director at Consult Hyperion)
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