Digital identification system arrives to make banking easier


ACCESSING financial services will soon become much easier with the introduction of a new digital identity scheme.
YuTru will provide a fast, secure and simple form of identification in a way that most banks will accept.
“The YuTru digital identification framework is aimed at people who have otherwise struggled to meet the identification requirements to open a bank account or access other financial services”, Bank of PNG Governor Loi Bakani said.
The YuTru framework will support and complement the work of the financial analysis and supervision unit (FASU) improve the degree of conformance to universal KYC and AML standards.
The framework will set the requirements and then banks (and firms needing a secure way of identifying their customers) can upgrade their onboarding and transaction processes to conform with YuTru’s criteria.
Instead of relying on traditional paper documentation, the new system is based on cutting-edge multi-modal biometrics, blockchain technology, and works across the internet.
Once set up, customers will be able to carry their YuTru ID on their mobile device or a smart card or a token issued by their financial institution.
Computer security consultant Tony Willenberg, of Neocapita Security Consulting, the firm advising the scheme operator, said: “Information will be securely linked to a person’s biometrics, rather than paper-based documentation.
“Not only will this mean that applying for a YuTru identity will be easier to achieve.
“It will be virtually impossible to defraud the system and duplicate people, because no two people have the same biometric scan results.
“The identities are stored on a tamper-proof ledger so not even the operator can change the information about an identity once it is recorded.”
YuTru will be the capability for existing bank customers to vouch for the identity of friends or family members.
This mechanism, which will have safeguards to prevent misuse, will provide further help to the many people that do not have access to a formal means of identification.
The YuTru digital trust scheme is an initiative of the PNG Digital Commerce Association and supported by BPNG’s call for a private sector-led digital identification scheme to expand financial inclusion across the country.
Importantly, the system is based on strict, yet open, international security standards.
Access to the information will be digitally controlled and audited.
Use of a blockchain for the recording identities means that no single institution will control the data or be able tamper with it, including the developers or the operator.
YuTru supports and complements the national identity (NID) programme by establishing the framework for digital identity that can be shared between financial sector actors.
Once established, the YuTru identity can be used online with no need to fill out complex forms or visit an office.
Said Isikeli Taureka, president of the PNG Digital Commerce Association: “The great thing about this system is that you only need to identify yourself once to YuTru, and then you will be identified everywhere the YuTru logo is displayed.
“Initially, that will be banks, but there is scope for this to expand to use and pay for other services.
“In time businesses will also be able to register their YuTru identity.”