“There’s more to onboarding a client than verifying their identity.“
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A significant figure at a Dutch bank has been talking to us about how the company sees eIDAS. “It’s already possible to open an account with us on line,” he says. “Our own infrastructure has all that covered. We do our own identity checks. With eIDAS, the process could be quicker and easier, especially for the customer, who would be able to prove their identity on line without visiting one of our branches with a physical ID. However, there’s more to onboarding a customer than identification. We’re required by law to do background checks, such as making sure that the applicant isn’t blacklisted or politically exposed. At present, eIDAS can’t help with any of that. So we don’t see ourselves adopting eIDAS in its current form. Nevertheless, we would certainly be interested if eIDAS is ever extended to support the various checks we need to do.”
Issue of eIDs needs to be properly regulated in all countries
“As a bank, we’re concerned about the security implications of the cross-border use of national eIDs. We don’t feel that there’s sufficient assurance that the issue of eIDs will be properly regulated in all countries. Local laws will apply, which is a worry, because compliance with the law won’t necessarily mean the exclusion of risk. International standards to ensure a uniform level of security in all eID-issuing countries are certainly desirable in our view.”
Keys to security
“Broadly speaking, though, we do regard eIDAS as a positive development. It’ll promote the harmonisation of security levels, and that’ll improve the way that Europe’s digital market performs. It’ll also become the yardstick for identification and authentication, which are the keys to security. If everyone starts using the eIDAS standard, the world will be a safer and better place.”