The advancing digitalisation presents financial institutions with the challenge of converting their products into digital services. This increases the need for verified digital identities that can be used instead of physical IDs when concluding a contract.
So far, a person's identity was confirmed by means of an identification document. This process shall become digital in the future and enable an unambiguous and legally binding legitimation without media disruptions.
The connection of external ID providers is one option. If, however, financial institutions themselves act as ID providers, they open up largely new areas of business, for example by using existing AML-compliant customer identities.
In the PPI white paper "Financial institutions as identity providers", we have compiled comprehensive information on the topic "Digital identities in the banking network" for you.
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