DSGV supports IDunion establishment

Tuesday 13 April 2021 12:41 CET | News

The German Savings Banks and Giro Association (DSGV) has announced partnering with the European digital ID network IDUnion to provide technical solution development expertise.

The association is involved in the European expansion of the IDunion, an open ecosystem for digital identities. Since 2018, participating DSGV banks have offered their customers an online identification option using the YES identity service, which is built on the already completed customer identity of the banks. In addition, the Sparkassen-Finanzgruppe, another association of German banks, also supports the development of a European identity ecosystem for individuals and companies on the basis of self-sovereign identities (SSI). From 1 April 2021, IDunion will be financed by the Federal Ministry of Economics and Technology (BMWi) as part of the innovation competition ‘Showcase stable digital identities', which aims to create a European identity cooperative.

Over 40 partners have been involved in the IDunion network, such as banks, financial service providers, research institutions, IT service providers as well as various state and municipal institutions. According to a DSGV representative, the SSI solution is appealing since consumers maintain discretion over which aspects of their digital identities are used and for what purpose. By participating in IDUnion, the DSGV can act quickly if the project develops market relevance and customers wish to use an SSI solution. With the support of the IDunion, the aim is to help users retain sovereignty over their digital identities.

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Keywords: partnership, digital identity, identity verification, online security
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Countries: Germany
This article is part of category

Securing Transactions