The business case for the banking and finance community

EEMA, the European association for identity and security, today reports on the success of its one-day conference ‘eID: The business case for the banking and finance community’, in collaboration with the European Commission and hosted by the Department of Business Innovation and Skills in London last week. The event was attended by more than 60 senior delegates from across Europe, representing banks, payments companies, banking associations, industry regulators, technology suppliers and the European Commission.

The objective of the workshop was to build on the multi-stakeholder meetings held in Brussels over the previous twelve months to promote awareness of the electronic identity and trust services legislation by engaging further with the financial sector in order to identify the opportunities and challenges in leveraging eIDAS and creating an industry momentum.

Executive Director of EEMA, David Goodman, who chaired the event, comments: “The banks are seeing a confluence of legislation, from anti-money laundering , know your customer  and the second Payment Services Directive to eIDAS and the adoption of the new data protection legislation  within the coming year. Both the banks and the regulators are coming to recognise that eID is the common element at the core of present and future regulation.”

The stakeholders present readily appreciated the central role of eID in the future of digital banking and also recognised that customers will expect a frictionless experience in their transactions and interactions with the banks anytime, anywhere and on any device. However, banks need to balance this with the appropriate levels of security needed to meet the requirements of industry regulators, as well as to protect themselves from crime, notably online payment card fraud.

Goodman adds: “EEMA is proud to have hosted this conference that edges forward the agenda for a Digital Single Market. In London we listened to ideas and initiatives that have the potential to lead the way to a user-friendly cross-border banking and payments environment both within the European Union and beyond but there is still clearly a lot of work to do.”

Andrea Servida, Head of eIDAS Task Force DG CONNECT, concluded the meeting by emphasising that, far from being a one-off, the event marked the beginning of a series of activities and engagements that will provide a roadmap for the adoption of eIDs and trust services by the European financial sector, in conjunction with Member State governments. He pointed out that EEMA and the European Commission will be working together to analyse the problems raised at the event and considering the appropriate options for tackling and prioritising them.

The next step in this process will be a full report of the meeting that will be made available shortly to stakeholders and interested parties at eema.org.

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