The #eID sector has been evolving in recent years and governments worldwide have beginning to recognise the importance of secure electronic identities (eIDs). The EU has established levels of credibility assurance, and there is an ongoing debate regarding the level of assurance required for various kinds of online transactions. While countries like the UK and Sweden do not rely on Qualified Electronic Signatures (#QESs), many countries are adopting them to lower costs and risks for accessing digital services.
Estonia has a head start in this area - the nation’s eID was launched more than 20 years ago and people have come to trust the governmental solution. The COVID-19 pandemic accelerated the adoption of technological solutions in trade and supply chain finance, while slow decision-making, know-how limitations, and general risk aversion have held adoption back in sectors such as logistics and finance. The digital transformation of global trade will take decades and requires collaboration between financial institutions, fintechs, industry associations, and governments to develop standards and interoperability.
Security and trust are fundamental to eIDs. Policymakers must define standards for different security levels, while market participants should have the liberty to take a risk-adjusted approach depending on particular online actions and transactions. The EU is continuously working on a Qualified Trust Service Provider framework to do just that.
Find out more about the latest developments around eIDs in Europe and specifically in Estonia by watching the session “How are electronic identities and APIs transforming compliance in trade and supply chain finance?” at the Tallinn SCF Summit 2023. https://lnkd.in/eJTz2C9x
- Rainer Osanik, KYC micro-service expert at the Ministry of Economic Affairs and Communications of Estonia;
- Joao Rei, CMO & Co-Founder at the eID Easy - Qualified Electronic Signatures marketplace;
- Mark Ablhad, Senior GTM & Strategy Manager at the Dun & Bradstreet Europe;
- Kirsti Pent, Partner, Head of Banking & Finance Practice Group at the TGS Baltic (law firm);
- Sean Edwards, Head of Legal EMEA at Sumitomo Mitsui Banking Corporationand Chairman at ITFA (International Trade & Forfaiting Association).