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

Publications

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.
  • HSBC Holding Plc
  • ISSA
  • Liechtensteinische Landesbank AG
  • Myriad Group Technologies Ltd
  • Northern Trust Corporation
  • S&P Global / IHS Markit
  • State Street Corporation
  • Strate (Pty) Ltd
  • SWIFT SCRL
  • Tata Group
  • UBS Group AG