- UK Finance CEO responds to Which? letter regarding the launch of the Authorised Push Payment Scam Voluntary Code(the Code)
- S&P Global Ratings publishes report headed "Islamic Finance And ESG: The Missing 'S "
- A group of banks join with SWIFT to test real-time gpi cross-border payments in Europe through the Eurosystem’s TARGET Instant Payments Settlement (TIPS)
- HSBC is adopting Globality’s innovative AI-based platform for sourcing and procurement of services
- lastminute.com working with Mastercard and Divido on a new instalment payment solution when booking travel
- Banking Trojans increasingly problematic for businesses says cyber experts Beazley
- Currencycloud and start-up Evarvest in new partnership expired
- Habito CEO comments “Despite house prices slowing down, recent Habito research shows cost is the biggest concern for would-be buyers across the UK" expired
- Marqeta $260m funding announced expired
- Monese brings Apple Pay in further markets to its customers expired
- Monzo reaches two million customer level expired
- Paragon's Asset finance business continues to grow its loan book expired
7th December 2018
Mastercard and Microsoft join forces to advance digital identity innovations
Mastercard and Microsoft have announced a strategic collaboration to improve how people manage and use their digital identity. Currently, verifying identity online is still dependent on physical or digital proof managed by a central party, whether it’s a passport number, proof of address, driver’s license, user credentials or other means.
This dependence places a huge burden on individuals, who have to successfully remember hundreds of passwords for various identities and are increasingly being subjected to more complexity in proving their identity and managing their data.
The answer to these challenges is a service that would allow individuals to enter, control and share their identity data their way, on the devices they use every day. That’s Mastercard’s intention, working closely with players like Microsoft.
“Today’s digital identity landscape is patchy, inconsistent and what works in one country often won’t work in another. We have an opportunity to establish a system that puts people first, giving them control of their identity data and where it is used,” says Ajay Bhalla, president, cyber and intelligence solutions, Mastercard. “Working with Microsoft brings us one step closer to making a globally interoperable digital identity service a reality, and we look forward to sharing more very soon.”
“Digital identity is a cornerstone of how people live, work and play every day,” said Joy Chik, corporate vice president, Identity, Microsoft. “We believe people should be in control of their digital identity and data, and we’re thrilled to first work with Mastercard to bring new decentralized identity innovations to life.”
This initiative will serve as the foundation for new Mastercard services powered by Microsoft Azure and built in collaboration with leaders in the banking, mobile network operator and government communities.
Microsoft and Mastercard are bringing together their respective strengths – Microsoft’s expertise in identity technology and Mastercard’s expertise in securely orchestrating digital interactions in a complex multi-stakeholder ecosystem.