![]() ![]() Inefficient/slow/expensiveĪ Service Provider (SP) such as a Bank, Certification Authority, connected Government service (Taxation) or even an out of jurisdiction Business Registry needing to perform KYC for foreign filing purposes, is able to collect trusted attributes. The Traditional (Outdated) Model – Everyone pays to authenticate the same entity. (See becoming an Identity Provider (IdP)). As the importance around establishing a true and trustworthy business identity continues to grow, so too does the demand for efficiency and accuracy. The technology to allow claims to be verified is not only readily available, but tried and tested. A Business Registry can use Customer Identity and Access Management (CIAM) protocols such as OpenID Connect (OIDC) and OAuth 2.0 to transform its static register of numbers, into an active source of business identities. Fulfilling KYC and AML requirementsīut how can someone exercise their business identifier to fulfil KYC requirements? Whether the number is a local one, allocated by a state or country Business Registry/Company Registry or a Global number such as an LEI ( Legal Entity Identifier) issued by an LOU (Local operating Unit), the answer is fairly simple. ![]() Equally mobile/cell numbers may be confirmed through SMS messaging which allows the possibility of two factor authentication in the future. This ensures correctness, integrity and availability. In a growing number of registration workflows, emails are now checked either during the registration process directly or shortly afterwards prior to authorising account creation. Some simple example attributes, which most readers will be familiar with, are email and mobile/cell numbers. Ideally, all attributes should be tested in order to provide true business confidence. Ultimately, the trustworthiness depends on the source of the attribute and proof of any claim to it . The fundamental advantage some attributes have over others is rooted to their trustworthiness and uniqueness. ![]() It is the testing of the ownership or control of these attribute(s) which forms the basis of Know Your Customer (KYC) due diligence. Used in combination, attributes help to differentiate the one, from the many. Any of these single, stand-alone attributes may be combined with others to provide greater levels of assurance. ![]() Unleashing the true power of a business identity.īusiness Identity ‘attributes’ are available in many alternative flavours such as business name, phone number, web site, physical address, email etc. Steve Roylance, Vice President of Identity Services, Ubisecure, recently participated in the 40th IACA Annual Conference in Halifax and proposed a model where an organisation managing vetted identity information, such as a business registry could become an Identity Provider (IdP). ![]()
1 Comment
1/19/2023 12:02:16 am
Thanks for sharing such a informative blog! Choose OCR Labs due to its simple to use verification of identity technology that customers love and even comment on how easy it is to use. OCR Labs complies with the local regulations whilst offering a best in class solution to both the business and its customers.
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