Krautscheid: A digital identity for Europe – foster innovation across borders

4 July 2018

Andreas Krautscheid, Chief Executive of the Association of German Banks, on the position paper unveiled today entitled “Know your customer: retail customer verification in the single market”. The paper was prepared by the association’s Digital Banking Project Committee and sets out the joint views of fintechs and banks.

“In the EU, it is not normally possible to collect and use customer data in a standardised way either across borders or digitally. This is currently hampered by very different national rules and standards. If we are serious about creating a digital and consumer-friendly Europe which also fosters innovation, urgent action is needed. So as a basis for standardised KYC processes, we are calling among other things for uniform standards for identification documents and a uniform EU-wide identification feature (number or certificate).”

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