Decentralized Identity & Open Banking: A New Era?
Blog post from Didit
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Open Banking, driven by regulations such as PSD2, allows third-party providers to access customer financial data with consent but faces security, privacy, scalability, and fragmented-user-experience challenges under current API, screen-scraping, and centralized identity models. Decentralized identity (DID) systems seek to give individuals greater control over their data through cryptography, verifiable credentials, and selective disclosure, allowing only necessary information to be shared for specific purposes. The Descartes framework, developed through collaboration involving the OpenID Foundation and Digital Identity Foundation, provides specifications for interoperable DID-based data exchange, consent management, credentials, and APIs in Open Banking. Although DIDs may support compliance with GDPR, PSD2, and related requirements through auditable consent and access records, organizations must still maintain security controls and KYC/AML processes. The text presents Didit as a platform offering identity verification, biometric authentication, credential issuance, consent management, fraud prevention, compliance tools, and reusable KYC capabilities to help institutions implement DID-based Open Banking systems.
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