MyBank to begin pilot of pan-European identity verification service

MyBank enables consumers to pay for their online purchases via their regular online or mobile banking environment. As such, customers do not have to communicate their payment details or personal credentials to any third parties, since the payment initiation, mandate creation or transaction validation process takes place at the banking back-end.

With the move into identity verification, the bank-backed platform is looking to develop a service that protects consumer privacy while enabling businesses and public authorities to verify or request information regarding the identity of their counterparties in any online transaction.

The aim is to support services such as age verification, customer due diligence, contract agreement, registration or C2C sign-up in the fast growing “sharing economy”.

Consumers will be able to protect their privacy by controlling exactly what information is sent to third parties, says MyBank, as the transmission of all identity-related information must by explicitly authorised via their secure online banking platform.

“Electronic identity services are, as yet, fragmented across Europe. With this initiative, MyBank is responding to a tangible market need for a pan-European solution,” says Elaine Oldhoff, policy advisor for E-Commerce Europe. “Thanks to the secure and trusted information that can be requested from consumers via the online banking account, MyBank Identity Verification is a significant step in the right direction for merchants across Europe”.

The call for participation in the pilot phase follows consultations with payment service providers, merchants and identity specialists; and the publication of a vision document in May 2015 defining the full scope of the service.

Pilot testing involving PSPs, service providers and corporates will start in mid-November 2015 and run until February 2016 with a go live date pencilled in for later in the year.