The EU, in concept, is meant to create a single, free-trade zone where consumers can move goods and services easily and without hassle — all because of the relative peace guaranteed by the harmony of the single market.
But, as Trulioo GM Zac Cohen told Karen Webster in a recent conversation, in recent years it has become obvious that the situation online is a bit more fragmented — and thus out of step with the total EU purpose and vision.
Which, he noted, is why the EU first passed the eIDAS in 2014 — because it saw the market evolving.
“That single market for goods and services was very much tied to historical notions of commerce — and they realized they had that same common market for the next generation of commerce, which is eCommerce.”
To do that, the new regulations will make two things possible — eSignatures that can be used and accepted across the EU, and a digital identity protocol that will make it possible for EU residents to transport their digital ID with them when they move across borders.
That, as of today is not possible — there is no such thing as a portable digital identity. Any time an EU citizen relocates to a new member nation, they have to start over with establishing their digital identity. It’s a process that generally involves manual documents, in-person checks, third-party notarizations and multiple government-issued identifications.
That is the area of the regulations that is a bit more relevant to Trulioo — and it ties directly to their goals around creating portable digital identities.
“What these regulations will basically mean is that if I as a consumer create an electronic ID in my home country to access services, I will be able to go to any other member state and leverage that same local ID to use the public services in my new country,” noted Cohen.
That is a boost to the EU, he said, but also to businesses operating therein — because with this infrastructure in place, innovators and private industry can use these new protocols to iterate better and more comprehensive products for consumers in the private sphere to match their new public access.