Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Business

The eIDAS deadline reinforces importance of a uniform and digital identity system
The eIDAS deadline reinforces importance of a uniform and digital identity system

Published : , on

From tomorrow, identity verification checks carried out in one EU country will be valid across all member states. This is under the Electronic Identification, Authentication and trust Services (eIDAS) regulation, to which all EU states must comply by today.

Traditional frameworks for identity verification involved all members having their own manual systems including document and in-person checks, third-party notarisations, and government-issued identification.

While it served its purpose, these systems are not built for the modern world of high-speed, online, mobile interactions.

The new regulation underscores the importance of a digital identity framework that can perform electronic identification and trust services for digital transactions. This will help to create one identity framework for the entire European Union.

Today’s interconnected digital economy needs to feature effective and secure identity systems, according to identity verification experts at Trulioo. As Zac Cohen, General Manager at Trulioo explains, different member states “currently have different electronic ID schemes and there’s very little standardisation or cross-border cohesion. For private companies operating in Europe, this means they have to comply with identification regulations on a country-by-country basis.”

Zac continues: “The cost of compliance to identity regulations is increasingly high, with the average bank spending £47 million a year on inefficient identification processes[i]. Although the eIDAS regulation is for member states, once the rules and infrastructures are in place, it will make it easier for the private sector to accept and implement similar processes. This will allow for more efficient AML compliance and KYC regulations across borders.”

Zac continues: “Instead of waiting for the potential of eIDAS to pass through the various legal stages and through to independent businesses, companies can improve their compliance procedures now. While each country has different ID procedures, there is best practice for each member state. Leveraging shared technologies and data can help make identity verification across borders a far more efficient and streamlined process.”

[i]https://www.realwire.com/releases/Typical-UK-bank-will-waste-10m-annually-on-inefficient-KYC-checks

Uma Rajagopal has been managing the posting of content for multiple platforms since 2021, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune. Her role ensures that content is published accurately and efficiently across these diverse publications.

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post