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The digital identity of legal entities: Current status and the way forward
Journal of Payments Strategy & Systems,
12
(1),
33-39
(2018)
Abstract
Electronic communication continues to grow in importance as a tool to support trade in goods and services, in particular between buyers and sellers based in different countries. Banks, for example, have notably extensive experience in this area, while public administrations are increasingly developing e-government services for their domestic needs. As the supply chain has become international, the need has arisen for global standards to define the identities of trading partners for the purposes of invoicing, customs declarations and payments. Businesses, consumers and government agencies are all faced with the challenge to understand ‘who is who’ in the digital and global supply chain. This requires a global approach to identity management. This paper discusses the fundamental issues regarding identities in business applications and payment systems.
Keywords: digital identity of natural persons; digital identity of legal entities; payment systems; know your customer; know your supplier
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Author's Biography
Gerard Hartsink has been appointed by the Financial Stability Board in June 2014 as the first chairman of the GLEIF Board of Directors. He serves as member of the World Trade Board that has as objective to enable global trade with support of digital technologies. He is active in organisations promoting e-commerce (member of the Digital Economy Commission of the International Chamber of Commerce [ICC]) and e-governance (member of the Forum Standaardisatie of the Dutch government) and is Head of the Dutch delegation of ISO TC 307 Blockchain and DLT. He has broad experience in the payments, securities and forex industry. He has served as Chairman of CLS Bank International, the European Payments Council and the RMG of ISO 20022 and as Board member of SWIFT, LCH.Clearnet Group, Euroclear Netherlands and the Euro Banking Association (EBA). As former Senior Executive Vice President of ABN AMRO, he has over 30 years’ experience in sales, product development, regulatory affairs, information management and operations.
