Open Banking How it Can Be Used for Digital Identity Transaction in Government Services
Open Banking delivers bank customer data through the open banking API initiative that evolved out of the EU’s PSD2 regulation. Figures from the ONS show that 76% of the UK adults have internet bank access. Open Banking applies to anyone who can login to a bank account using the internet. Because of this, Open Banking offers an important way to for customers and councils to connect; the users logging into their online bank account and consenting to share already KYC checked personal data. The council can then use the assurance offered by a bank to create user accounts, pre-fill forms, set up payments, and even use as federated authentication option. This session will demonstrate how this can be done and how easily a government service can connect their system to Open Banking to provide assured identity data.