Latest news with #OpenWalletFoundation
Finextra
4 days ago
- Business
- Finextra
Mobey Forum 25 years: By Bo Harald
What was the original vision for Mobey Forum, and how has it evolved over time? Driving paradigm shifts: E-banking – the fundamental paradigm shift – started for our part in 1982 New ways of interconnecting customers – not only with payments, trade finance, treasury and capital markets services – but also with e-identification, e-signatures, e-invoicing and e-salary was the next good-for-society-at-large paradigm shift. Taking all traditional banking services and especially the ambition to take the new interconnecting customers to always- there mobiles was the third paradigm shift. Now – when all corporate and private customers (and their AI-agents) will be able to exchange verified data with EUDI-interoperable wallets - the next paradigm change for banking - will happen. Verifiable data from ID-wallets to safely employ and empower wallet-carrying AI-agents will be the next paradigm shift. What role do you think Mobey plays in shaping the (future of) financial services? Very clear: Make sure that banks see to it that all their customers will get the data the need for their business and life events to interoperable identity building wallets. Make sure that banks can lower risks and costs by helping customers to supply the needed Make banks central in the creation of a global Trust Infrastructure (together with Trust over IP, EU and the Open Wallet Foundation) If you were to explain Mobey's relevance today to a new banking innovator, what would you say? The all-important action is to join the wallet-work for customer value, automation and risk management 3.0 and now also making it safe and easy to use verifiable data for employing organisational and private ID-wallet carrying AI-agents (the LLM-initiated fifth paradigm shift). Be ready for the dynamic ID-wallet&AI-agent duo..
Finextra
4 days ago
- Business
- Finextra
Begin with the end in mind
The work on implementing the Trust Infrastructure in Europe is now going into high gear. Today's Open Wallet Foundation and Findynet meetings and last weeks FIDES Plugfest - just to mention a few - show that the progress is real. The benefits for Society at large, every citizen and organisation have from the outset made it clear that remaining issues must be ironed out fast. Can anything be even nearly as important than the leaps on offer: in productivity, security, service levels, privacy, ethical and productive AI, fight against cyber crime and the Single Market. Anything coming near? If not - now is the time for public-private action of never-before seen magnitude. So what should I think about at work - in any organisation? 1. What are the business events where I need verified data? Securely in the same way from all public and private sectors sources - without need for technical integrations and contracts. 2. What data do I need to send to the public sector, customers, suppliers, staff and owners? Where do I obtain it? Securely in the same way to all needing it - without need for technical integrations and contracts. 3. Which de-facto EUDI-interoperable agent (wallet) should I choose (72 listed in Open Wallet Foundation - tens for organisations) in my roles as (i) holder (asking for data), (ii) issuer (issuing data) or (iii) verifier (getting data from holder wallets) ? Many organisation wallets can serve all three roles. 4. Do I need to integrate the chosen agent/wallet to my CRM systems? Smaller organisations do not need it upfront and smaller volumes can be handled by back-offices - at least to begin with. If it is a must - how soon can it be done? Need for reprioritisation is obvious. Even if the integration of standardised wallets will be a routine. 5. How much work is needed to change my receiving and sending data processes? How much can sending and receiving batches be improved by getting identity wallet support? How much batches can stay where they are and be replaced by a credential in structured form? 6. Should I join industry or service specific groups looking after rulebooks in sometimes needed ecosystems building on the Trust Infrastrucure? 7. What are the things and applications that my organisation is controlling? When is the time right to provide them with empowering and controlling identity wallets? Now is the time to begin with the end (all have wallets for all verified data) - not the time for sitting on hands. Especially not in public sector organisations.
