GAIN launches paper pushing for a global lead in digital identity

Friday 17 September 2021 09:05 CET | News

GAIN (Global Assured Identity Network) has released its first white paper, describing the benefit for a global assured identity network, co-authored by Netherlands-based financial consultancy INNOPAY.

This paper has been compiled by more than 150 experts in the field of digital identity and financial institutions. The paper invites organisations to contribute to the further development of the Proof of Concept and calls on financial institutions to grasp the opportunity to take the lead.

According to the paper, a global assured identity network will offer an alternative to the centralised data exchange (Big Tech) approach that poses serious challenge to privacy, our economy, and to our democratic values. Decentralising the digital economy represents a major opportunity for financial institutions to leverage their position of trust and lead this global assured identity network.

By building a user-controlled, collaborative, decentralised and interoperable global network – as has been accomplished in payments and securities – financial institutions will offer high-trust identity assurance within a safe and properly regulated environment as a major step towards Digital Trust.

The GAIN group invites organisations to collaborate: the leaders of financial institutions, identity providers and relying parties to jointly progress the GAIN architecture, governance and legal structure in order to deliver a first functioning network by Q4 2022.

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Keywords: digital identity, banks, financial institutions, financial services
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Countries: World
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Securing Transactions

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