MyBank IDENTITY Verification

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MyBank Identity Verification services allow consumers and businesses to confirm their identity through their online account in order to complete online purchases or subscribe to digital services, in a safe and trusted manner.

Today, online businesses are faced with the challenge of verifying whom they are dealing with, in order to assess fraud risk, to enrol a customer (e.g.to get their consent for terms and conditions of usage of a service) or to comply with law (due diligence, age verification). They currently have to implement workarounds which are costly or not effective, for example asking customers to send  copies of identity documents through the postal service.

MyBank Identity Verification services rely on real-time, controlled access to the KYC data as held by Account Servicing PSPs with the agreement of the customer.

A variety of solutions will be offered in the future where individuals and legal entities will authorise their banks to open access to their accounts and allow:

  • Verification of information
  • Provisioning of information
  • Online agreement to contracts
  • Re-use of bank authentication process for secure logon to other parties

MyBank Identity Verification services are part of the mission to unlock the value of information stored by banks in line with the principles of open banking to serve customers in the digital economy, where trust, privacy and fraud elimination are important topics.

A Pilot is ongoing in order to ensure that the solution fits market needs and validate the execution of the different business use cases.The go live preparations will start in the second half of this year.

The following documents are available:

  • Identity Verification Factsheet  

  • Press Release: "MyBank plans to launch Identity Verification pilot at the end of 2015" - 12 May 2015

  • MyBank Identity Verification document

Please contact us if you are interested in joining the service or would like access to the solution documentation.