Digital Identity Key To Open Banking Success, U.S. Lawmakers Told

A comprehensive fix for digital identity would be a vital step towards making open banking in the U.S. a success, according to a panel of experts called before lawmakers on Thursday.

A task force on artificial intelligence convened by the U.S. House Committee on Financial Services heard evidence on the role played by identity in the financial services sector.

Jeremy Grant, a partner at Venable law firm and coordinator for the Better Identity Coalition, said the U.S. should deploy more rigorous identity practices so that third parties no longer rely on “data scraping” as a means of access to customer account data.

The Better Identity Coalition is a non-profit organisation that works to develop policy around cybersecurity and privacy issues.

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