Big-Name Consortium to Trial Cross-Border Banking in EU

“Barclays, HSBC, Orange, OT-Morpho, the Open Identity Exchange, and the UK Government Digital Service are all involved.”

A consortium of some of the biggest names in FinTech and digital security is getting ready to trial a cross-national banking project in the European Union.

Big-Name Consortium to Trial Cross-Border Banking in EUThe aim is essentially to develop and test a secure and convenient means of letting a member of one EU country open a bank account in another – in this case France and Britain, respectively. It’s being funded in part by the EU’s Connecting Europe Facility, and will revolve around the GSMA’s Mobile Connect user authentication service.

Barclays, HSBC, Orange, OT-Morpho, the Open Identity Exchange, and the UK Government Digital Service are all involved. As FinExtra reports, Orange will build the account creation system, while OT-Morpho will handle the bulk of the authentication infrastructure. Specifics regarding authentication mechanisms aren’t yet available, but given the support for sophisticated technologies like biometrics in the EU’s forthcoming PSD2 regulations, HSBC’s experimentation with biometric authentication, and OT-Morpho’s expertise in the area, the incorporation of such technology is likely.

If the pilot proves successful, it could serve as a model framework for deployment across other EU borders, and it may offer a stark reminder of the kind of technological collaboration at risk with Britain’s pending exit from the European Union.

Source: FinExtra