Page 65 - ITU-T Focus Group Digital Financial Services – Technology, innovation and competition

ITU-T Focus Group Digital Financial Services
Technology, Innovation and Competition

• The nature of the financial services that can be delivered to the customer can then be linked to this LoA,
rather than the initial lack of documentation.
Recommendation 3: Regulators should standardise digital identity registration, and ensure interoperability
between DFS operators and service providers relying on the digital identity.

• This would allow the delivery of a value-added financial service to a DFS operator’s customers by a third-
party service provider – for example, an insurance broker.
• Relying parties need confidence that a digital identity is standardised (in format, reliability, and confidence)
across DFS operators.
• The nature of the financial services that can be delivered to the customer should be linked to the LoA
associated with the digital identity.
Recommendation 4: DFS operators should build in customer privacy measures, compliant with national
legislation either current or anticipated.

• Citizen data protection and privacy measures are becoming increasingly common – so DFS operators
should build them in even if the legislation is not yet in place, and ensure that any parties they provide
with identity and attribute data (relying parties) take the same approach.
• To this end, DFS operators should adopt and apply globally accepted “Privacy by Design” principles when
dealing with and sharing personal data.

9 Glossary

Term Range of meanings

Identity • An individual, distinguishable from other individuals within a
population.

• The core attributes associated with an individual (name, address, date
of birth).

Attribute • A specific data item pertaining to an individual.

Credential • An authentication token (e.g. smart card) used to assert identity.
• A verifiable attribute, e.g. a digital certificate that demonstrates an
entitlement or qualification.
Binding • The process of linking an authentication credential to an identity in
order that the authentication credential can be relied upon later as a
means of asserting the identity.

LoA • A measure of the quality of the identity derived from both the quality
of the identification process, and the strength of the authentication
credential used when asserting the identity.

51