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Digital ID and fintech at the heart of new EU consumer financial services action plan

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Banks operating in the EU will be able to verify the identity of customers and carry out due diligence checks on a wholly digitised and cross-border basis under plans outlined by the European Commission.

From Digital ID and fintech at the heart of new EU consumer financial services action plan

When the Commission say “digital identity”, they are talking about electronic identity schemes as set out their rules on e-ID and trust services (e-IDAS). To the best of my knowledge there is, at the time of writing, only one scheme “notified” to eIDAS and that is in Germany, so we are a long way from a universal eIDAS infrastructure, which is why I tend to think that a sector specific financial services identity (“financial passport”) might be a more practical way forward if we are going to tackle the escalating costs of regulation.

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