Further to the several consultation meetings held in Brussels promoting the uptake of the eIDAS in the private sector, EEMA, the European association for identity and security, is holding a one day workshop, in collaboration with the EC, to explore the opportunities to leverage eID in the banking and finance community, not least as a key enabler of the Digital Single Market (DSM) by making cross-border electronic transactions more secure, convenient, and trustworthy.
The event in London, takes forward the results of the Brussels events, offers high-level business representatives of banks and other financial institutions tangible examples to better understand eID, the regulatory framework, and possible integration into business models with the aim of moving forward making the use of eID a daily reality for business and citizens.
The objective of the meeting is to stimulate a way forward to removing barriers to the implementation of eIDs in banking and finance. This will be achieved by:
- Outlining the value of electronic identity for banking and finance
- Explaining the objectives and implementation of the European legislation on eIDAS, including clarification of the forthcoming implementing acts as well as other relevant European legislation such as anti-money laundering and data protection, thereby establishing the value of eID for banking and finance.
- Draw upon the experience and expectations of banks and payments companies relating to the early uses of eID in discharging regulatory requirements in relation to day-to-day and cross-border operational processes and transactions.
- Arriving at a set of actions and potential deliverables that will take the engagement with the banking and finance community to the next level
The output of the workshop will be a set of actions to include the development of tools and deliverables to ensure that the banking community and regulators continue to collaborate in the future.
Based on feedback from the EC stakeholder meeting on 31 March, there will be break-out sessions on how eID can best be developed for the greatest benefit to the industry and their customers, by identifying obstacles and ways to overcome them as well as outlining the business case for uptake.
- Facilitating meeting regulatory requirements (such as anti-money laundering for banking)
- Improving client convenience and facilitating business processes by going digital (e.g. by verifying clients, etc.)
- Identifying what is still missing from the ‘how to’ (e.g. legal aspects, payments, technical issues such as interoperability, security, and attributes)