HSBC, Barclays To Test Digital ID For Cross-Border Banking

HSBC and Barclays have joined several private and public sector organisations to test the use of digital ID in cross-border banking.

The group, which includes HSBC, Barclays, the UK Government Digital Service (GDS), Orange, OT-Morpho and the Open Identity Exchange (OIX UK), has launched the project by testing the opening of a bank account in the UK using a citizen’s digital identity from France. Additional funding for the project comes from European Union’s Connecting Europe Facility, a funding instrument to support the development of interconnected trans-European networks in the fields of transport, energy and digital services.

According to HSBC, the biggest effect that this project could have is to eliminate the need for a separate set of identification paperwork when opening a bank account in another country. A digital ID allows banks to share data and verify the client’s identity regardless of nationality.

The group will also use the mobile connect authentication process allowing the user to request a digital ID that is validated via eIDAS. These services will be developed and provided by Orange.

Source: The Paypers