The session will explore how digitization of remittances, accelerated by COVID-19, can increase financial access and inclusion and how the G20 Roadmap on Enhancing Cross-border Payments can support this development. International remittances can foster access to and use of transaction accounts by both senders and recipients. However, this potential remains largely untapped due to remittance service users electing cash-based methods over transaction accounts. Covid-19 restrictions suddenly disrupted the traditional cash-based remittance models, with agent locations being closed, having access limitations and/or facing cash logistics challenges. As a result, many money transfer operators have seen a considerable increase in mobile and online initiated remittances.
This session will dive deep into e-KYC registries, collaborative solutions for e-KYC which impact individuals and MSMEs and key design features of registries. KYC and identity authentication is critical for numerous financial processes from onboarding a new client to making payments and insurance claims. Underpinned KYC processes, a KYC registry is a centralized repository of key ID attributes and other data that enable the identification of clients and contribute to efficiency of verification processes to meet customer due diligence requirements.
- Bart ClaeysHead of KYCSWIFT
- Kendrick LeeDirector, National Digital IdentityGovernment Technology Agency of Singapore (GovTech)
- Gamochirai MoyoBusiness Development ManagerAfreximbank-Mansa
- RJS RandhawaChief, Customer and Strategy OfficerCentral Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI)
This session will explore the vulnerabilities that can impact DFS applications on basic and feature phones used in emerging economies. Some of the vulnerabilities that will be examined in this session include man in the middle attacks, social engineering, replaying of sessions, and vulnerabilities that can impact the SIM card as well. The session will also provide an overview of the DFS Security Lab at ITU that was set up under FIGI.
Related reports from FIGI SIT Working Group: