Fintech collaboration on cards for Australian digital identity| Instant News


The Digital Transformation Agency (DTA) has worked on Australia’s digital identity system, hoping that people’s ways to access government services are simpler and more streamlined.

This system will allow people and businesses to have a secure way to verify their identity using online government services, similar to a 100-point identification check, but with the addition of a biometric check.

DTA runs the program in partnership with Services Australia, the Australian Taxation Office (ATO), the Department of the Interior, and the Department of Foreign Affairs and Trade (DFAT).

Had been test the system through a pilot for several years, with DTA revealed in March that the biometric component of the digital identity game is ready for public testing by mid-yearand that it ensures biometric quality will be “exactly where it needs to be” before being pushed into the masses.

In a submission [PDF] To the Select Committee on Financial Technology and Regulatory Technology, DTA said it had successfully linked and tested new software products that allow someone to compare their selfies with photos on their passports, proving that digital biometric identities can be achieved.

DTA said that it has linked the basic elements of the system to support Tax File Number applications, Unique Student Identifiers, Grant Recipient Portals, and ATO Business Portal pilot services.

Supporting digital identity is Trusted Digital Identity Framework (TDIF), which is a set of standards for digital identity.

Government MyGovID, handled by ATO, and Australia Post digital identity game both became “trusted identity service providers” after they received accreditation under TDIF.

DTA said on May 15, 2020, the myGovID smartphone application was downloaded 1.65 million times and 1.27 million myGovID digital identities were created.

Because the Selection Committee is currently looking for opportunities that fintech and regtech can provide to Australia, DTA discusses how its digital identity system has supported the digital economy.

The DTA said that to address inefficiencies in the financial services sector and in response to market needs, a group of private sector organizations, under the umbrella of the Australian Payment Council (APC), have developed an open and complementary debate for TDIF.

The TrustID Framework, said DTA, sets various requirements to “facilitate the emergence of an interoperable network of competing digital identity solutions in Australia”.

“This framework is designed to enable individuals to build online digital identities with preferred service providers, and then use these credentials to verify who they are when interacting online with other businesses,” he wrote.

“The TrustID framework complements TDIF for the financial sector because it promotes the choice of identity providers and may be a way to improve digital identity retrieval in the wider economy.”

According to DTA, ensuring online identity verification throughout the economy is designed to support long-term interoperability.

DTA said from time to time, it was hoped that focusing on open standards and strong collaboration between APC and DTA would mean that an individual could have the choice to use a single service provider to access public and private sector services.

“This could include accessing innovative digital products and services provided by the financial services sector,” he said.

“As Australia’s digital economy expands, digital identity will open up more services and can become the preferred verification tool for users accessing public and private sector services.

“This will also help in building trust in various online interactions. Building this trust is increasingly important because people spend more of their time and money online.”

Since it began in 2015-16, the Digital Identity Program’s spending to date has been AU $ 210 million and DTA said in response to questions about a notification from the Estimated Senate in March that program delivery is on track to meet commitments to the government.

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