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What does my enterprise expect from my bank in the General Purpose interoperable Wallet Era

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Bo Harald

Chairman/Founding member, board member

Trust Infra for Real Time Economy Prgrm & MyData,

First of all I expect the bank to be a Trust Infrastructure leader and realise its responsibility for Society at Large. To take the practical steps needed so that the immense improvements in productivity, service levels, security, risk management, privacy and for EUs part the Single markets are delivered without hesitation and delays.

The EU legislation is ready enough and the market already offers over 70 wallet/agent solutions for both organisations and citizens.

So what do I expect the small business owner I am? Examples:

1. That my bank is organising its service for my different business events so that I can get the data needed in that particular situation mapped, located and availabe to my wallet from all sources for resending to necessary parties without need for technical integrations and contracts.

2. That my bank helps me to deploy a suitable wallet (preferably as a feature in my e-bank) and connect it - when needed - to my own CRM-systems (not needed in my case - and millions of other small enterprises).

3. That my bank helps my public and private sector customers, my suppliers, my staff and citizens at large to take wallets/agents in use and send, get and verifie the credentials they need.

4. That my bank installs its own organisation wallet/agent so that it can receive verified credentials I have received to my wallet from credential issuer agents. Examples:

- organisation identification credential from Trade Registry agent (needed for account opening etc)

- ownership credentials

- credit information credentials

- license credentials needed in credit applications

- order confirmation credentials from customers’ wallets/agents needed for financing (reverse factoring-like..)

- leasing contract credentials

- collateral credentials for credit applications

- power to act credentials from customers

- power to act credentials for my staff (payments, fx-transactions)- issued by me as owner and MD

- IBAN-account number credentials issued by other banks

- e-invoicing address credentials

- bank guarantee credentials issued by other banks

- etc

5. That the bank installed it organisations wallet/agent to issue credentials. Examples:

- customer status credential (KYC is very valuable asset for society at large)

- substantial (at least) state rooted identification credentials for both my organisation, its staff and owners (state issued ones in EUDIW) will make it easier

- my IBAN account number credential

- my e-invoice address credential

- financing credentials

- bank guarantee credentials (often needed friction eliminator)

- letter of credit credentials

- etc

There are of course many other bank-service related credential needs. All are not needed all the time by all. But many are needed by most at some point. And the cost, risk and stress caused by having to do the less often needed in different ways is something we can no longer afford. And banking is only one credential stream area. The organisation, staff and citizen wallets will be interoperable in all sectors in EU and eventually beyond.

Naturally I expect my bank to serve my personal life events in the same way as my business events. Economy of repetition of both roles and services, economy resuse, economy of scope, economy of trust, economy of ethics for AI and even economy of scale - galore. Have you seen bigger levers?

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Bo Harald

Chairman/Founding member, board member

Trust Infra for Real Time Economy Prgrm & MyData,

Member since

04 Nov 2008

Location

Helsinki Region

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