Financial Profile: Difference between revisions
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*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. | *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. | *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. | ||
*Governments always feel better if there is a natural person to find guilty and throw into jail. | *Governments always feel better if there is a natural person to find guilty and throw into jail as banks have proven notoriously adverse to admitting liability of any kind. | ||
==Solutions== | ==Solutions== | ||
Revision as of 21:27, 9 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.
- Governments always feel better if there is a natural person to find guilty and throw into jail as banks have proven notoriously adverse to admitting liability of any kind.
Solutions
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.