Following this announcement, the new liaison partnership is set to incorporate the companies’ suite of products and access possible areas of collaboration between the organisations’ membership and working groups.
The Fido Alliance represents an open industry association that was developed in order to design open standards for phishing-resistant user authentication processes (with the use of passkeys), as well as secure device onboarding procedures (FDO). At the same time, OWF will provide a safe harbor for companies, non profits, and the overall public sector in order to develop open source software for interoperable digital wallets as a joint effort. These agreements are set to foster the overall development of critical components to contribute towards this vision.
As companies and businesses work in order to develop secure and interoperable identity ecosystems, this strategic deal will focus on identifying ways FIDO standards can be leveraged in order to provide customers with a strong authentication component of digital wallets.
An open source project firm that fosters collaborations across industries in order to design reusable building blocks for secure and efficient interoperable wallets, the OpenWallet Foundation announced multiple partnerships and product launches in the last couple of months, covering several different geographic areas around the world.
In November 2023, the global technical body EMVCo signed an industry liaison agreement with the OpenWallet Foundation in order to explore multiple collaboration opportunities. The OWF represents an open-source project that promoted partnerships and deals across industries to develop reusable building blocks for secure and efficient interoperable wallets. According to the press release published at the time, EMVCo was recognised for designing and managing EMV Specifications and programmes, which was set to enable the industry stakeholders to develop payment products and services. This aimed to ensure an overall secure and efficient global functionality.
Organisations and enterprises that participated actively as EMVCo Associates and Subscribers contributed with their expertise to the development of EMV Specifications. EMVCo collaborated closely with the global and regional technical bodies and industry associations. The OWF was set to provide a platform for firms, non-profits, and the public sector in order to collaborate on open-source software for interoperable digital wallets.
Earlier in August 2023, the OpenWallet Foundation (OWF) added Google as a premier member and aimed to accelerate its plan to drive open-source interoperability. According to the press release published at the time, OWF focused on using Google’s expertise in the domain. The OpenWallet Foundation was set to advance its goal of developing a healthy wallet ecosystem, as the integration of Google Wallet was expected to grow the recognition of open-source software for digital wallets.
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