Digital Identity and Onboarding Working Group

Purpose

The aim of this Working Group is to create industry standards for what is acceptable, and needed, from a digital identity to allow the efficient and effective onboarding of Securities Services clients. These standards should reduce the costs, client friction and risks for the Securities Services industry.

Scope

• To investigate smart ways to reduce the effort involved in institutional client onboarding
• To design industry standards to cover 90% of use cases in the 30 highest volume markets
• To develop standards that cater for multi-products and multi-jurisdictions including the company’s legal hierarchy
• To articulate that, where difference exist for a market, why they exist
• To create a design template/ requirements document that will help third parties design solutions to the Digital Identity and Onboarding challenges.

Key Deliverables

• To understand why previous industry initiatives have not fully succeeded
• To research the requirements from a client perspective to ensure the Working Group solves problems for both involved parties
• To create standards for Digital Identity and Onboarding
• To educate the industry through webinars and conferences on the merits of the desired approach
• To change the industry behaviour in respect to Digital Identity and Onboarding

Key Outcomes

TBC

Publications

TBC

Working Group Co-Chairs

• Sonia Paston-Bedingfeld, UBS
• Brett Lewis, Globe Tax

Executive Sponsor

• Paul Maley, Deutsche Bank

Institutions represented by Experts in the Working Group

• Central Depository Services (India) Limited
• Deutsche Bank AG
• Deutsche Börse Group
• Globe Tax Services, Inc.
• Goal Group Limited
• HSBC Holding Plc
• Liechtensteinische Landesbank AG
• MYRIAD Group Technologies Ltd
• Northern Trust Corporation
• S&P Global
• Saphyre, Inc
• State Street Corporation
• Strate (Pty) Ltd
• SWIFT SCRL
• Tata Group
• UBS Group AG