Global Identity Registry

Challenge

In a more complex, open, digital payments environment, customers need a simple and safe way to authenticate themselves across all payment types, anywhere in the world.

Considerations

1. How to prove your identity? Identity needs to be a universal standard across all payment types 

2. How to make it ubiquitous? Sign up and self management needs to be available in all countries and location types

3. How to protect the customer experience and the merchant? Seamless, intuitive, personalized management and application that enhances fraud prevention

Solution

1. Leverage a global identity registry for payments that enables customers to authenticate themselves across all payment types, even ones that are not yet commonplace in their country of residence. The current authentication piece of the new payments ecosystem is highly fragmented and confusing for the consumer, which can lead to fraud instances as they fail to protect themselves from fraudsters. A single identity registry with clear and simple controls helps consumers to understand and regain control of their identity and payments.

A single standard would reduce perceived risk around unfamiliar payment options and security experiences to drive consumer spending in a globalized digital economy. 

2. Create an omni-channel sign-up and management process to cater to all demographics. A fully digital registration process initiated via fingerprint and managed via a smart device might work well for the tech-savvy in developed, urban environments. But for the elderly, an in-branch assisted self-service process where they can receive trusted guidance face to face could be more beneficial for the customer experience. 

For lower density population areas or developing nations without high smartphone penetration, physical registration and management booths that allow on-demand access to a full digital experience could support feature-phone distribution of identity tokens that local merchants can accept. 

3. Create certainty in the transaction for both consumer and merchant with a single, global identity registry to authenticate against for all payment types, including card-not-present eCommerce transactions across borders. Merchants rest assured that the payment is not fraudulent, and consumers are confident that their payments will complete and they will receive their goods.

Even familiar payment types can be riskier for both consumer and merchant when parties are unknown, or transaction values are high. Use of blockchain or other distributed ledger technology to protect the data would also contribute to a more secure, improved experience for payments.

CX optimization

Apply the same globally accepted identity that is leveraged for payments authentication to other universal authentication networks to allow travel without paperwork and improved visa applications.

Better authentication would also enable the creation of new ways to pay that leverage the security of a single source of authentication truth.