Move over KYC, connectID is here. Powered by EFTPOS, connectID is an identification hub for the entire Australian identity ecosystem. Think of it as an extension of Australia Post’s Digital iD app combined with your Digital Licence or Proof of Age card and loyalty points program all wrapped into one.
With online shopping and mobile payments part of everyday life nowadays, issues such as online fraud and identity theft have become a real headache for individuals, banks and businesses alike. The constant need to fill in forms and repeatedly upload personal information for proof of identity has only added to the pain. ConnectID aims to streamline the process, offering a neatly packaged one-stop-shop app with identity verification and KYC built in.
In Australia there is a real need to facilitate identity verification methods to help reduce instances of fraud and identity theft, and improve ‘digital trust’ between customers and vendors. We aim to seamlessly combine identity and payments transactions within the same flow and create even better customer experiences.
Rob Allen, EFTPOS ‘Entrepreneur in Residence’
Created with assistance from identity and authentication provider SecureKey, connectID is designed to work within the federal government’s Trusted Digital Identity Framework (TDIF) and the financial industry’s TrustID framework, as well as recognising emerging international standards in distributed digital identity credentials.
Benefits of connectID
- Manage risk by knowing who you’re selling to
- Protect yourself against fraudulent transactions
- Gain customers’ trust with a simple, straightforward experience
EFTPOS says it is providing Australian businesses with a trusted, reliable and cost-effective infrastructure, ensuring all transactions flow quickly and easily through the Australia-based identity hub.
Financial Services, Online Stores and Government Departments to Adopt connectID
Powered by EFTPOS, ConnectID acts as the middleman to connect identity requesters such as financial services, online stores and government departments with every online identity issuer in Australia. Consumers and digital merchants will have secure, private, easy and trusted access to any identity provider in Australia.
Identity providers in turn will be able to offer an additional trust-based service to their customers and connectID enables each of them to talk to the others seamlessly.
Watch the video below to see how connectID works
As previously reported by Crypto News Australia, EFTPOS has also teamed up with Hedera Hashgraph blockchain to develop a micropayments proof-of-concept. This ultimately could lead to the deployment of blockchain technologies in running autonomous vehicles or powering smart cities.
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