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- Banks to invest heavily in updating legacy systems to combat challenger banks expired
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- Crédit Agricole’s net income sees sharp rise in 2018 expired
- Credit Suisse Group reports first annual post-tax profit since 2014 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.