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Fast Electronic Identification at Trust Substantial Level using the Personal Online Bank Account

Authors:
Michael Massoth
Sam Louis Ahier

Keywords: authentication; identity management; tokenization; substantial trust level; Payment Service Directive 2

Abstract:
In the era of digitization, proper online authentication is as important to public administration as it is to the economy. In the past, different solutions have been developed, such as postal authentication, identification by video or by eID-Cards. All of these solutions either take days or even weeks, rely on human interaction or require additional, possibly expensive, hardware. At the current moment there is a lack of a fast, automated, secure and most importantly simple process to properly authenticate yourself online. Therefore, fast electronic identification (SEIN) has conceptualized a new way of automatically authenticating natural and legal entities, using tokenization and already authenticated data sets collected by financial institutions as a result of the German Money Laundering Act (GwG) which are made accessible through the Payment Service Directive (PSD2) using well known and widely used technologies such as OAuth 2.0, OpenId Connect and Transport Layer Security (TLS) 1.3. The startup company SEIN aims to provide fast authentication at substantial trust level without collecting any data from the user and without a data transfer between the bank and the inquiring entity. The bank will not know who made the request for authentication and vice versa, the inquiring party will not know which bank has provided the user data. In this paper, we will go into more detail on how SEIN plans to provide a new and innovative way to authenticate yourself online.

Pages: 94 to 99

Copyright: Copyright (c) IARIA, 2020

Publication date: October 25, 2020

Published in: conference

ISSN: 2519-8599

ISBN: 978-1-61208-818-1

Location: Nice, France

Dates: from October 25, 2020 to October 29, 2020