With MyBank Identity Verification, consumers can confirm online, through a service offered by their bank, for instance their age, their identity or that they wish to enter into a contract.
The showcasing of this transaction came as part of the ongoing MyBank Identity Verification Pilot program, which started at the beginning of 2016. Since then, a working group composed of banks and service providers together with merchants and public authorities has provided feedback on the functionality and specifications created for the new MyBank Identity Verification solution.
The aim is to show how customer data held by an Account Servicing Payment Service Provider can be used to safely speed up the authentication, customer due diligence or paperwork that might be required for certain online services.These steps often take days, if not weeks to be completed, and lead to extra costs and administrative burden.
MyBank is an e-authorisation solution that enables customers to pay for their online purchases via their regular online or mobile banking environment. The solution is open to all authorised payment service providers (PSPs) in the Single Euro Payments Area (SEPA), including credit institutions and payment institutions.
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