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Digital ID & Open Banking

Why Open Banking and Digital ID can be good for you and the economy.

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Season 2, episode 1
41 min / Published
By DIACC

In this episode of DIACC's Digital ID & Me podcast series, we explore Open Banking & Digital ID. The sharing of data between financial services providers by consumers requires some sort of authentication of the consumers requesting their data to be shared. Without authentication, the receiving or sending financial institution would not know if the person requesting the data sharing is who they say they are. In other countries without digital ID, they have created the concept of Strong Customer Authentication (SCA), which requires someone to provide two separate identification factors (for example, a password and a biometric scan). This is cumbersome and less convenient than existing practices. Digital ID on the other hand, could be used in place of SCA when performing transactions/data share requests in an open banking framework.

Join host Kevin Morris, Strategy and Programs Director at Large Credit Union Coalition (LCUC) as he discusses this timely topic with the following guests:

Don't forget to rate this episode and be sure to subscribe and follow us on LinkedIn and Twitter.

Show notes

Air date: January 2022

Host: Kevin Morris (Strategy and Programs Director at the Large Credit Union Coalition)

Engineer/Producer: Chris Ferreira (Sr. Program Manager at the DIACC)

Topic: Digital ID & Open Banking

Summary:

In this episode of DIACC's Digital ID & Me podcast series, we explore Open Banking & Digital ID. The sharing of data between financial services providers by consumers requires some sort of authentication of the consumers requesting their data to be shared. Without authentication, the receiving or sending financial institution would not know if the person requesting the data sharing is who they say they are. In other countries without digital ID, they have created the concept of Strong Customer Authentication (SCA), which requires someone to provide two separate identification factors (for example, a password and a biometric scan). This is cumbersome and less convenient than existing practices. Digital ID on the other hand, could be used in place of SCA when performing transactions/data share requests in an open banking framework.

Join host Kevin Morris, Strategy and Programs Director at Large Credit Union Coalition (LCUC) as he discusses this timely topic with the following guests:

  • Senator Colin Deacon
    • The Honourable Colin Deacon’s entrepreneurial background brings a unique perspective to Canada’s Upper Chamber. Before his June 2018 appointment to the Senate as an Independent Senator representing Nova Scotia, Senator Deacon spent much of his career turning ideas into organizations, products and services that improve lives. Since 2018, Senator Deacon has been an active and highly engaged member of the Standing Senate Committees on Banking, Trade and Commerce as well as Agriculture and Forestry.
  • Deborah Moore (Director of Digital Transformation at Celero Solutions)
    • As the lead of Celero’s digital transformation consultancy, Deborah helps credit union executives shape their digital transformation strategies and implement them. Deborah holds a masters of management in co-operatives and credit unions, and has over 20 years’ experience leading digital transformation initiatives with in the credit union system.
  • Steve Pannifer (Managing Director at Consult Hyperion)
    • Steve Pannifer is Managing Director at Consult Hyperion, who are specialists in digital identity and digital money. At Consult Hyperion, Steve has worked with card schemes, banks, mobile operators and others developing innovative products and services exploiting new technology. Steve is a well known expert in digital identity having worked on numerous digital identity initiatives around the world.

Questions asked:

  1. Guests were asked to introduce themselves and to share why they feel this topic is important to address now. 
  2. Where does Digital ID fit in with an Open Banking framework?  
  3. What are we seeing in the Canadian (or global) market with regards to Digital ID and Open Banking and their interplay? 

About the DIACC

Created as a result of the federal government’s Task Force for the Payments System Review, the Digital ID & Authentication Council of Canada (DIACC) is a non-profit coalition of public and private sector leaders who are committed to developing a Canadian digital identification and authentication framework that will secure Canada’s full and secure participation in the global digital economy. To learn more about the DIACC, please visit diacc.ca.

Music: Kesta - Comings and Goings (License)

Don't forget to rate and be sure to subscribe and follow us on LinkedIn and Twitter.

For feedback, contact info@diacc.ca

 

 

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Digital ID & Me
A podcast by DIACC
Demystifying the who, what, where, and why of Digital Identity with a global perspective through a Canadian lens.
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