The first transaction between Signicat, a digital identity service for banks, and CWBI, an Italian software provider, as part of the MyBank Identity Verification Pilot, took place on Tuesday (June 7).
The ongoing pilot is designed to showcase how consumers can digitally agree to a contract simply by using an authentication service provided by their bank.
A working group of both banks and service providers, along with merchants and public authorities, have come on board to provide feedback on the new MyBank Identity Verification solution.
“MyBank Identity Verification is an example of ‘open banking,’ a concept that enables financial institutions to use the data they store for their customers to create additional services, going beyond simply providing payment services," Giorgio Ferrero, chief executive of Preta, MyBank's parent company, explained in a press release.
"As financial institutions are required to open their accounts through new regulation, such as PSD2, it also shows how they can offer their customers new value-added services.”
Arne Vidar Haug, cofounder of Signicat, added:
“MyBank Identity Verification will help to bridge the gap between millions of users and online services in Europe. By digitally connecting consumers and businesses, MyBank Identity Verification is making it easy for consumers to digitally register, apply for services and sign contracts. For businesses, the solution enables regulated businesses to attract more customers online and provide great user experiences for customers.”