Financial Profile: Difference between revisions
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* PSD2 and the UK open banking effort are well on their way to establish criteria for exchanging financial information and instructuions. | * PSD2 and the UK open banking effort are well on their way to establish criteria for exchanging financial information and instructuions. | ||
* FSISAC | * FSISAC | ||
* TC-68 has begun | * ISO TC-68 has begun | ||
==References== | ==References== | ||
Revision as of 20:56, 10 October 2018
Full Title or Meme
A profile of the Identity Ecosystem Framework for Financial Services
Context
- As a part of the creation of a set of Identity Ecosystems this profile is targeted to apply to any transaction that puts a user's financial assets at risk.
- The most fully developed profiles are now in development in Europe, especially the UK Open Banking effort. Those have been consulted in creating this profile
Problems
- Each jurisdiction creates their own Identifier domain for financial services and for the users of financial services, many of which are legal persons, but not natural persons.
- In all cases that are known in 2018, a natural person is required to take responsibility for the financial institution (FI) or other money handling organization for regulatory reasons.
Solutions
- PSD2 and the UK open banking effort are well on their way to establish criteria for exchanging financial information and instructuions.
- FSISAC
- ISO TC-68 has begun
References
- The page Financial Profile Sandbox details a test suite that will allow developers of code and user experience to assure the compliance of their products to the framework.
- The OpenID federation is currently in development of Financial-grade API specifications which have been consulted. Since they do not actually require a user Identifier they are of limited value. Also the last time that web page was accessed it was out-of-date.