NewBanking Identity is a global consent data management platform which allows people to retain ownership of data, but still provides them with the ability of granting others access to this information in a secure and trusted way.
The regulatory technology (regtech)/financial technology (fintech) company NewBanking is pushing for the fundamental structure on how data can be shared between people and companies, with the introduction of the NewBanking Identity global consent data management platform.
With the introduction of the GDPR the world has entered a new digital era. Even though GDPR has its legal foundation within the European Union, the effects and its impact are global. Companies risk a fine worth four per cent of their annual global turnover if they do not comply with the regulation. The enhanced focus and hard legal requirements have enabled a new trend on data ownership and management.
This data privacy trend will have a massive impact on traditional data-driven business models. Traditionally, big tech companies have been very efficient at collecting data, since the more data they can collect of their users, the better they can target their advertising. This process ultimately results in a higher profit margin on the expense of the privacy of their users. Changes in the citizens’ fundamental data rights will substantially challenge these practices.
Despite the huge impact this can have on any type of business that uses data, it can be summed down to a very simple phrase: It is not about how much data you own, it is about what data you have consent to use based on the business offering or service. The first step was the introduction of the GDPR, the next wave will be the large fines.
The European Commission is the frontrunner
Technology and infrastructure will lead the way for data privacy – the more we become digitalised, the more options we have for maintaining a high level of privacy and global consent data management. NewBanking is not unknown to the Commission and has been involved with the development and definitions of the fifth AML directive, as official members of the European Commission’s Payment Service Market Expert Group (PSMEG), specialised in how new technology can support the overall goals of financial regulation and AML initiatives. Likewise, NewBanking has close links with the international Financial Action Task Force organisation as a private contributor.
Scandinavian countries are some of the most digitalised countries in the world. The strong digital infrastructure and the growing access to public data creates one of the best foundations for developing and enhancing digital privacy; bringing new norms and standards for ownership of private data innovation.
NewBanking has developed the first global consent data management platform that allows people to retain ownership of their personal data, but still provides them with the ability of granting others access to this information – in a secure and trusted environment.
It is not to be compared with a traditional document sharing platform, as the NewBanking Identity platform allows private people to access data stored by a third-party data provider, such as banks or public databases. Combining this data with an advanced ability to verify data provides inputs to a variety of different venders both local and global – Gemalto being one of the more well-known global security brands.
With NewBanking Identity, personal data is always owned by the person the data is referring to. Any data provided to a receiving part is only seen as a specific lending period for the exact purpose of use that was consented to, at the given time of consent.
Horizon 2020 and global consent data management
In late 2018, the NewBanking Identity global consent data management platform was enrolled in the first phase of the Horizon2020 programme; with the focus on improving services for people with transparent information about their privacy and personal data protection. NewBanking protects the freedom, security and privacy, and while ensuring personal data protection for the individual person. Individuals should have the ability to evaluate the risks involved in their digital activities and control their own level of security, privacy and personal data protection settings across services. Privacy is also about being fully aware that informed consent is necessary in many situations for allowing access to personal data.
The encrypted global consent data management platform allows for a user-friendly interface for self-sovereign digital privacy and personal data protection, enabling an active participation of citizens and organisations to their own security, privacy and personal data protection.
There is a solid business model beneath NewBanking Identity, even though it may seem as an idealistic approach to solve identity sharing. Companies need the personal information of their users, so instead of each company building their own infrastructure, NewBanking can provide a single identity platform that benefits from economies of scale. Instead of each company solving the same expensive security challenges, then a single identity platform, that is funded in the regulatory space, can do so in a way that is beneficial to all actors. Companies receive a very secure and user-friendly platform, regulators receive state-of-the-art secure audit opportunities while individuals will receive a simple global consent data management platform they can use across companies. All of this, completely transparent and in the control of the individual person.
Individuals already need to share personal information with companies, NewBanking Identity merely facilitates this data sharing in a secure and transparent way. Data is not collected under traditional methods, but users can allow companies to access specific data under specific terms and conditions.
NewBanking Identity opens the door
Once the legal identity of the person has been verified, the door is open for providing more features and value for both the individuals and the companies. Another such feature is the newly launched Secure Conversations. Previously, companies have resorted to use emails instead of physical letters due to the ease of use, convenience and cost advantage of email over traditional letters. But over the last few years it has become very clear that traditional email is simply not secure enough. Now there is a simple and secure alternative. Once a user has engaged with a company through NewBanking Identity, they are now able to communicate securely inside the NewBanking Identity global consent data management platform. They simply start exchanging messages and files with the complete confidence that only the indented recipients are able to view the messages. All of this is happening in a complete secure environment where the identities of the involved parties are verified.
Two patents pending
Even though NewBanking is not positioned as a traditional blockchain company, the innovative technology is still a central part of the platform and blockchain is even included in one of the company’s pending patents.
NewBanking is using the blockchain technology as an immutable system for providing very high security and trust on global consent data management and access. When a specific consent to data is granted, this grant consent (not the actual data) is placed on the private NewBanking blockchain, which enables complete traceability of the verification trail on an immutable data structure for any given data consent.
The second patent changes the way in which we trust shared data. Today, we actually cannot completely trust any data provided directly by a user, as this information could potentially have been altered (since anyone can simply modify the content of a downloaded file). As platforms start to emerge, the level of security can by enhanced. The NewBanking Identity global consent data management platform can directly access information from a third-party data provider (e.g. a bank through an Open API) on behalf of a user. This information can then be imported directly into the user’s personal profile, allowing him or her to grant data access to the desired recipient. The audit log on the NewBanking Identity platform can now verify that the information is granted by the user that the information is the original data provided by the third-party data provider.
Christian Visti Larsen
Co-Founder and CEO
NewBanking ApS
+45 4275 0001
cvl@newbanking.com
