eftpos moves closer to digital identity rollout
eftpos is moving closer to piloting its digital identity solution and aims to offer its solution in the second half of the year.
“We have just wrapped up a proof-of-concept over the last few weeks, eftpos chief information officer Ben Tabell said.
“We are moving in earnest to the pilot phase and we expect a rollout in the second half of the year, Tabell added.
Eftpos has been developing its digital solution for six months.
“We have a good handle of what the market needs. Our solution works similar to the way the eftpos network works with card identification.
“It is a similar role that our national network plays in payments and it fills a gap in the market that is an important step for Australia in the new digital economy.
Here Tabell notes the challenges around COVID-19 have driven the impetus for a digital identity solution.
With a greater shift to online payments, card fraud already costs $500 million annually.
This solution will not only address this challenge but will also help with broader issues such as customer onboarding for banks even in areas such as responsible lending.
The solution will also be extended to government services, allowing for new secure ways in the payment of disaster relief and social security payments.
Eftpos’ access to more than 40 million bank accounts using bank verification systems with eftpos’ capability, also makes it well placed to provide digital identity services with the support of Australian banks.
Its proof-of-concept was completed with 17 businesses a month ago, but the COVID-19 threw some challenges particularly around remote working.
“Our intent with the POC was to wrap it up about two months earlier. We had to add in the two months as the industry had to deal with pandemic and organise their own priorities.
“While it took a little longer than anticipated, it really has been unprecedented times.”
The solution was developed under the Australian Payments Council’s TrustID framework and has a focus on interoperability with other Australian identity frameworks such as the DTA’s Trusted Digital Identity Framework (TDIF).
Digital identity is among the key priorities for the Australian Payments Council and AusPayNet which expects to finalise its TrustID framework over the next few months.
BPAY is also working on developing its digital identity product.