Page 10 - Implementation of Secure Authentication Technologies for Digital Financial Services

and services through digital means; the financial, This report describes aspects of the Identity Sys-
technical, and other infrastructures that make them tems infrastructure that enable digital financial ser-
possible; and the governmental policies, laws and vices: account opening (eKYC) and strong electronic
regulations which enable them to be delivered in an credential authentication.
accessible, affordable, and safe manner. [2]

Figure 1 The Digital Financial Services Ecosystem

The Digital Financial Services Ecosystem
Enabling Financial Inclusion and building the digital economy through availability, affordability, convenience and Quality
DFS Providers Digital Financial Services
Providing Digital Financial Services Products and Services Provided to Users
• Banks • Transaction Accounts
• Payment Services
• Other Financial Institutions • Savings Accounts
• Licensed Non-Banks • Investment Services
• Loans
Users • Insurance Services
Entities using DFS products and Services
• Consumers
• Merchants
• Businesses
• Governments
DFS Provider Support • Nonprofit groups Use Cases
Services Situations in which DFS Services are used
Enterprises and networks that extend • Storing Funds
the coverage of DFS providers and • Buying
Interfaces to Users. • Paying Bills
• Sending/receiving funds
• Agents • Borrowing
• Processors • Saving
• Insuring Assets and Risks

Infrastructure Readiness
Technical Systems to Payment Systems Energy Availability
Enable Digital Financial Services Voice and Data Communication
Networks Identity Systems

Enabling Environment
Regulatory, supervision and Standards Setting Enabling Regulators Standards Bodies
Environment (national, regional and international)
Financial Inclusion policies Industry Groups

8 Implementation of Secure Authentication Technologies for Digital Financial Services