This article discusses the benefits eIDs provide for both banks and customers in streamlining cross-border transactions and what is required under eIDAS for identity verification and client onboarding.

In Part 1 of this series, we looked at how remote electronic signing can help banks with faster onboarding, reduction in operational and legal risks and enhancing operational efficiencies in relation to corporate banking clients. The direct savings from that alone can run into the millions and if we account for the opportunity costs of not having remote electronic signing solutions, that cost can be much higher.

User experience is always front and centre when it comes to attracting retail consumers. But what about corporate and institutional banking? Surely large corporations with dedicated finance departments have things other than just user experience on their minds. Are remote signing solutions worth it for them?

The EMV consortium released several standards detailing how “network” tokenization should be handled. There is now a general consensus within the consortium that tokenization could be the next major task for EMV payments.

Tokenization is a generalized concept of a cryptographic hash. It means representing something by a symbol (‘token’).

EMV is short for EUROPAY-VISA-MASTERCARD. This term is used to refer to standards that have been designed to improve the security of credit and debit card transactions by using chip technology for payment cards.

If SMEs are the backbone of an economy, professional service providers are the ones who grease the cogs of that machinery. Notaries, accountants, insurance agents, consultants etc. provide value added services that are indispensable to the operations of a business in the 21st century. We touched upon how eIDAS can be leveraged for professional service providers in a previous article here.

This article explains the concept of meta-data in the context of cryptographic keys, explaining why it is used and the necessity to manage it well.

The concept of a token has been used in the digital world for almost 50 years to separate and protect real data elements from exposure. In recent times, the concept of tokenization has been used as a security mechanism for protecting sensitive data.