Digital Identity and Onboarding Working Group
The aim 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.
- 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.
- These standards must cater for multi-product and jurisdictions, including the company’s legal hierarchy
- To articulate that where difference exist for a market why they exist
- Articulate a design template/ requirements document that would help third parties design solutions to the Digital Identity and Onboarding challenges.
- Understand why previous industry initiatives have not fully succeeded
- Change the industry behaviour in respect to onboarding and digital identity
- Research the requirements from a client perspective to ensure we are solving for both involved parties
- Create standards for DIO
- Educate the industry through webinars and conferences on the merits of the desired approach
Working Group Co-Chairs
Sonia Paston-Bedingfeld, UBS
Brett Lewis, Globe Tax
Paul Maley, Deutsche Bank
Institutions represented by Experts in the Working Group
- Central Depository Services (India) Limited
- Deutsche Bank AG
- Globe Tax Services, Inc.
- Liechtensteinische Landesbank AG
- Northern Trust
- S&P Global / IHS Markit
- Strate (Pty) Ltd
- Tata Group
- UBS Group AG