Financial Profile: Difference between revisions

Revision as of 21:27, 9 October 2018

A profile of the Identity Ecosystem Framework for Financial Services

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

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.

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 Also the last time that web page was accessed it was out-of-date.

@@ Line 9: / Line 9: @@
 *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==