Borrow
eftpos receives accreditation for digital identity exchange
The Australian government has accredited connectID from eftpos to act as a broker for verifying personal identity information online.

eftpos receives accreditation for digital identity exchange
The Australian government has accredited connectID from eftpos to act as a broker for verifying personal identity information online.

eftpos has become the first non-government operator of a digital identity exchange to receive accreditation under the Australian government’s Trusted Digital Identity Framework (TDIF).
connectID acts as a broker between identity providers that securely hold identity data on behalf of their customers and merchants or government agencies that need to verify identity information.
“With connectID, eftpos drew on its experience operating the national eftpos network in the development of an exchange to make it easier for Australians to share, store and receive trusted personal identity information online, giving them more confidence and control,” said eftpos CEO Stephen Benton.
“TDIF accreditation is a big step forward for eftpos and industry to help bring the benefits of digital identity to more sectors of the economy.”
Identity providers already operating trials with connectID since it launched in June include Australia Post, several state governments and digital identity platform Yoti. Current uses include age verification for online liquor sales, police checks and licence validation for heavy equipment operators.
“As an accredited provider, eftpos has demonstrated that connectID is trustworthy, safe and secure and has met strict useability and accessibility requirements,” said Stuart Robert, the Minister for Employment, Workforce, Skills, Small and Family Business.
“Through accreditation, we make sure Australians and Australian businesses can have trust and confidence that their personal information is safe and secure.”

Banking
Banks report $14.4bn profit amid pressure on net interest margins
Australia’s major banks have reported a significant boost to their bottom lines and returns in the first half of the 2022 financial year, signaling sector-wide resilience despite persistent pressure...Read more

Banking
Major banks report rising profits
NAB and ANZ announced their half-year results this week. ...Read more

Banking
Modernisation of direct debit system suffers setback
According to the Reserve Bank (RBA), several major banks will not be able to meet the current timeline for the launch of the PayTo service. ...Read more

Banking
Australians' trust in digital providers has decreased in last five years
Australians have little trust in organisations keeping their information secure, but the financial services industry still sits atop the list. ...Read more

Banking
Commonwealth Bank chairman to retire in August
The Commonwealth Bank (CBA) board has announced a successor. ...Read more

Banking
Westpac responds to $113m penalty
The big four bank has responded to the penalty handed down last week. ...Read more

Banking
Westpac ordered to pay $113m for ‘widespread compliance failures’
Westpac has been ordered to pay penalties in the amount of $113 million for widespread compliance failures across multiple businesses, including Westpac’s banking, superannuation, wealth management ...Read more

Banking
Big bank-backed start-up raises $12.75m
A landmark fundraise by Australia’s biggest banks has secured a war chest of $12.75 million to the sector’s blockchain consortium, Lygon, to bolster its research and development into helping banks...Read more

Wrapping up an eventful 2021
Listen now

What Omicron means for property, and are units right for first-time buyers? What is equity crowdfunding? Are industry super funds tapping into member funds to save their skins?
Listen now

Will housing affordability improve in 2022? Will buy now, pay later become the norm? Why are Aussies staying in failing super products?
Listen now

Who really benefits from crypto ETFs? How will the RBA respond to rising inflation? Could a mandate help address unpaid super?
Listen now

Banking
Banks report $14.4bn profit amid pressure on net interest margins
Australia’s major banks have reported a significant boost to their bottom lines and returns in the first half of the 2022 financial year, signaling sector-wide resilience despite persistent pressure...Read more

Banking
Major banks report rising profits
NAB and ANZ announced their half-year results this week. ...Read more

Banking
Modernisation of direct debit system suffers setback
According to the Reserve Bank (RBA), several major banks will not be able to meet the current timeline for the launch of the PayTo service. ...Read more

Banking
Australians' trust in digital providers has decreased in last five years
Australians have little trust in organisations keeping their information secure, but the financial services industry still sits atop the list. ...Read more

Banking
Commonwealth Bank chairman to retire in August
The Commonwealth Bank (CBA) board has announced a successor. ...Read more

Banking
Westpac responds to $113m penalty
The big four bank has responded to the penalty handed down last week. ...Read more

Banking
Westpac ordered to pay $113m for ‘widespread compliance failures’
Westpac has been ordered to pay penalties in the amount of $113 million for widespread compliance failures across multiple businesses, including Westpac’s banking, superannuation, wealth management ...Read more

Banking
Big bank-backed start-up raises $12.75m
A landmark fundraise by Australia’s biggest banks has secured a war chest of $12.75 million to the sector’s blockchain consortium, Lygon, to bolster its research and development into helping banks...Read more