In recent months, digital identity partnerships have seen a surge as companies focus on strengthening identity security, improving user experiences, and reducing fraud risks across various industries. A number of recent collaborations in this space highlight a growing trend toward secure, scalable, and efficient digital ID solutions.
Okta and the OpenID Foundation, alongside tech giants such as Microsoft, Ping Identity, and Beyond Identity, have formed a working group aimed at creating a new identity security standard known as the Interoperability Profile for Secure Identity in the Enterprise (IPSIE).
The open standard is designed to address the challenges of securing identity across SaaS applications, offering companies a comprehensive framework that incorporates features such as single sign-on (SSO), lifecycle management, and risk signal sharing. By enabling seamless integration of identity security measures, the initiative seeks to ensure consistent security across SaaS platforms, reducing the risk of cyberattacks and enhancing operational efficiency.
Meanwhile, Digidentity and Trinsic have partnered to streamline digital identity verification through a newly developed Software Development Kit (SDK). By leveraging Digidentity’s secure verification system and Trinsic’s Identity Acceptance Network, the partnership aims to reduce reliance on physical documents and enhance compliance with global regulations like eIDAS 2.0. The collaboration is expected to facilitate faster onboarding and verification procedures, targeting the expanding global market for digital IDs, which is projected to reach 3 billion by 2025.
Similarly, Liquid, Inc., in partnership with DocuSign, is introducing an identity verification solution integrated into DocuSign’s electronic contract platform. This integration, leveraging Liquid’s biometric authentication technology, enhances the security of digital contracts by verifying signers’ identities using government-issued IDs and smartphones.
More such collaborations are likely to emerge as the digital ID space continues to evolve, particularly with frameworks like IPSIE being built to support interoperability.
Sources: Computable, Yahoo Finance
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October 18, 2024 – by Tony Bitzionis
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