By easing the cross-border and cross-sector use of electronic identification and trust services, the eIDAS Regulation has the potential to positively impact an increasing number of sectors where obligations exist for security, reliable identification, strong authentication of parties to a transaction (as e.g. in the Payment Service Directive 2, the Anti-Money Laundering Directive, etc.).

Indeed, the use of eID and electronic trust services would allow organisations to meet such obligations via full electronic processes thus facilitating digital transformation, stimulating innovate business processes and enhancing customer relationships. This is certainly the case in sectors like finance, banking, transport, insurance, health, sharing economy, postal services, ecommerce, etc. -, facilitating digital transformation, stimulating innovate business processes and enhancing customer relationships. There is therefore a need to review existing regulatory environments taking into account technological developments while ensuring legislative alignment between eIDAS and other sector-specific legal frameworks. This need was repeatedly outlined during the high-level events that we have organised with the private sector since the adoption of the eIDAS Regulation in July 2014.

Equally important is to understand what should not be regulated such as technology acceptance, identity definition and use. Technology neutrality should be ensured and when a solution comes up, standardisation will support fair competition. Engagement between the financial sector and the national regulators needs to be developed in the eID area as well as with EU authorities.

Related links:

http://ec.europa.eu/digital-agenda/en/news/eidas-private-sector-engagement-high-level-event-eid-emerging-business-cases