Financial Profile Sandbox

Full Title or Meme

This 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 Financial Profile of the basic framework

Context

As a part of the creation of a set of Identity Ecosystems this sandbox is targeted to apply to any deployment that puts a user's financial assets at risk. Any user-oriented ecosystem needs to work across all of the entities that are involved in a financial transaction that results in the transfer of user controlled assets. This sandbox is designed specifically to support the Financial Profile of Identity Ecosystem Frameworks. It is expected that this will help an entity that wants to participate prove that they are compliant with the framework profile and that they will interoperate with the other framework members to assure the security and privacy of user financial transactions.

• The UK Information Commissioner’s Office has issued a call for views on a regulatory sandbox which could be coordinated the the broader sandbox considered here.
• The UK Financial Conduct Authority has a regulatory sandbox to allow businesses to test products, services, businesss models and delivery mechanisms in the real market with real consumers. On 2018-10-10 it was closed to new applications. It could likewise serve as a paradigm for this effort. It has published lessons learned report. Its goals are:
  • the ability to test products and services in a controlled environment
  • reduced time-to-market at potentially lower cost
  • support in identifying appropriate consumer protection safeguards to build into new products and services
  • better access to finance

Problems

• All of the current identity standards like OpenID Connect and SAML 2.0 are complex for each participate to implement successfully, but it is even more difficult for a secure ecosystem to evolve without unexpected problems of security, privacy and clear user experience.

References

• The sandbox at https://blockchains.com/ is one a growing number of places were developers can test their ideas before they are released to users.
• The page Financial Profile contains the details that will allow developers of code and user experience to create compliant products to the framework.