National Australia Bank has committed to act a trusted identity provider in ConnectID, a new service which will enable Australians to more easily validate their identity across e-commerce, utilities, banking and other services.
NAB has worked closely with the newly-formed Australian Payments Plus (AP+) - a consolidation of domestic payment organisations BPAY, eftpos and NPP Australia - and other banks on the creation of ConnectID.
The service is set for commercial trials later this year, with a full-scale national rollout scheduled for 2023.
NAB chief digital, data and analytics officer, Angela Mentis, says NAB intends to play a critical role in the initiative, giving customers added protection and convenience when verifying their identity online.
“We want to make life easier for our customers when they are going through a process of validating their identity online and also provide a safe way to do that which protects their data and privacy,” says Mentis.
ConnectID gives cconsumers full control to use only data that is absolutely necessary when completing identity verifications.
"They will be able to do things like digitally prove their age rather than passing over their driver’s license for the same purpose," says Mentis. “When signing up for a new mobile phone plan or other service for example, identity data will only be accessed when a customer initiates a transaction, authenticates themselves using their regular banking login, and provides express consent.”
ConnectID is also expected to help users protect themselves from the ever-evolving threat of cybercrime.
“In online transactions, it will essentially be easier to establish that the person you’re dealing with is who they say they are, which greatly minimises the chances of falling victim to online fraud," says Mentis.
Businesses, too, are also set to benefit from the roll out.
“Businesses will see improved data quality with data verified directly from trusted parties such as a bank, lower costs in customer onboarding and identity verification across sectors, and manual processes replaced by digital convenience," says Mentis. “It will also reduce their risks from having to hold data that is in excess of what is required.”