ABN AMRO, Swapfiets to launch e-ID with payment capability

Wednesday 5 October 2022 13:29 CET | News

ABN AMRO has teamed up with bicycle-as-a-service company Swapfiets to launch functionality that combines payment and identity authentication.

Swapfiets is leveraging ABN AMRO’s ID & pay, a tool that allows customers to sign up and pay for their Swapfiets membership using an electronic ID. When new and existing Swapfiets clients want to pay for their monthly bicycle rental membership, ID & pay allows customers to sign up and pay in seconds and enables users to securely store their e-ID in a single app.

Once users sign up on ID & pay, they can use their verified identity and payment credentials to pay at other merchants and services that also use ID & pay. ABN AMRO likens the functionality to having a Google login combined with PayPal, but with credentials held within ABN AMRO’s secure, in-app environment.

This isn’t ABN AMRO’s first foray into the subscription management space. In 2021, the bank partnered with Subaio to integrate Subaio’s white label subscription management feature into Grip, ABN AMRO’s PFM app that enables users to see all of their recurring payments in one place.

Other ABN AMBRO developments

In April 2022, ABN AMRO signed a multi-year subscription extension with Temenos to support customer growth and business expansion on the Temenos Banking Cloud. The extended agreement includes access to Temenos Continuous Deployment as-a-service for the bank’s 22 DevOps teams.

ABN AMRO teams up with bicycle-as-a-service company Swapfiets to launch functionality that combines payment and identity authentication.

Since adopting Temenos Continuous Deployment in 2019, ABN AMRO Bank has reduced time to configure, test, and deploy software change from weeks to days, enabling the bank to move towards a ‘code in the morning, deploy in the afternoon’ approach.

Moreover, in August 2022, the bank launched Groepie, a feature for its app Tikkie, that allows users to track and settle costs as a group. Therefore, users can set up a Groepi in the app and invite other members to join the collective and share their costs. Friends and family can be invited into the group by various means, including by WhatsApp. Tikkie then takes care of the maths. The new functionality is handy for one-off events, such as a night on the town with friends, as well as long-term spending, such as keeping track of the shared costs incurred within a household.

Combining payment and identity authentication

Remote and contactless payments popularity with consumers grew during the pandemic, which is prompting the need for a robust digital identity infrastructure.In the connected world of 2022, digital ID is a prominent tool for remote identification and authentication. Consumers and businesses demand safeguards from payment fraud and identity theft.

Globally, various industry associations and industry stakeholders are formulating uniform standards to build digital identity ecosystems.

For example, the World Economic Forum launched a shared Platform for Good Digital Identity to bring together existing and new digital identity solutions that are inclusive, trustworthy, safe, and sustainable. Similarly, the World Bank’s Identity for Development (ID4D) initiative is aimed at financial inclusion.

The digital identity market is continuously growing, allowing banks to regulate data use, establish know your customer (KYC) functions, and boost consumer trust. Further, digital identity is important in the wake of growing adoption of digital currencies and consumer expectation on how services should work.

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Keywords: product launch, digital identity, partnership, payments , identity verification
Categories: Fraud & Financial Crime
Companies: ABN AMRO, Swapfiets
Countries: Netherlands
This article is part of category

Fraud & Financial Crime




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