Markets Turn Their Focus to Cross-Border Trade of Digital Services

July 26, 2017

Blog

Since the drafting of eIDAS in 2014, there has been a renewed interest from businesses, particularly in Europe, in secure cross-border trade using digital services. Initiatives such as the Mobile Connect-eIDAS pilots, both in 2015 and the upcoming pilot, which demonstrate how mobile networks can be used to identify an EU-citizen of one Member State in order to gain access to a public service of another, have helped the wider industry understand -and prepare for- the impact of digital technology on cross-border commerce.

Earlier this month, the financial sector seemed to take a step closer towards improving cross-border payments, after it was reported that the Bank of England successfully tested an “interledger” programme developed by Ripple, the California-based blockchain specialist, to synchronise a payment between two central banks’ systems that simultaneously processes “a successful cross-border payment”. According to Mr Daniel Aranda, Head of Europe at Ripple, the test showed that the interledger, which uses cryptographic algorithms to securely co-ordinate money transfers, could reduce the time it takes to settle a large cross-border payment from between two and four days to “only a few seconds”.

The ease and speed with which cross border transfers was the subject of a recent survey by Saxo payments. The survey, which asked companies the main challenges they faced over cross-border payments, concluded that transaction fees, getting the best financial exchange rate and risk of fraud are the three leading concerns for companies when making and accepting cross-border payments.

Concern over fraud has one of the major obstacles to establishing secure cross-border payments and has been heavily debated in recent years. In an attempt to bring countries into regulatory alignment, eIDAS provides a consistent pan-EU regulatory environment for the electronic identification of individuals and for a set of electronic trust services, namely electronic signatures, seals, time stamps, registered delivery services and certificates for website authentication. Mobile network operators, with their presence in markets across the globe and universal technology, are ideally suited to support financial and commercial services with secure authentication and verification.

The suitability of mobile networks to enable secure cross-border trade extends beyond Europe. In Asia, China has turned its attention to the security of cross-border transactions. China’s recently enacted Cybersecurity Law requires that security assessments are made before personal information and important data are provided to any entity or individual outside of China. Additionally, China has published draft legislation addressing the requirements for local storage and cross-border data transfers and, amongst other things, assessment guidelines for security assessments of cross-border data.

Across the globe, operators can play a role in facilitating cross-border trade operator-developed identity solution, Mobile Connect. Speaking at the industry seminar ‘Deploying Mobile Identity Services Across Asia’ Glen Porter, Managing Director of the digital intelligence firm GBG, explained that Mobile Connect, with its privacy promise, gives people control over which companies they share what data with and could be suitable for various regulatory environments. As pointed out by Porter, Mobile Connect can help combat fraud by using operator attributes -such as usage history and location data- to verify transactions.

Back

Operator cooperation in South Korea has created a successful identity To ensure broad service provider adoption, SKT and the other Korean operators realised that they needed to offer a single identity solution with full market coverage, and subsequ...

Read more | See all Identity Resources

Driving Mobile Connect Usage – Turkcell Looking to improve its customers’ experience and further differentiate its proposition, Turkcell launched Mobile Connect initially on its self-care mobile application and websi...

Read more | See all Identity Resources

Mobile Connect London Summit: Presentations Taking place on the 25th and 26th April, the Mobile Connect London Summit was a forum for leading figures in the wider mobile industry to debate the most pressing issues in the...

Read more | See all Identity Resources

The PSD2 Opportunity: Mobile Operators and Fintech This paper discusses the opportunities relating to the partnership between mobile network operators and fintech companies, and how both parties can benefit from each others&#...

Read more | See all Identity Resources

SK Telecom: Integrating Existing Identity Solutions into Mobile Connec In December 2016, SKT adapted both T-Auth and T-ID to comply with the Mobile Connect specifications. The goal was to make it easier for international customers to use SKT’s app...

Read more | See all Identity Resources

Seminar Presentations from Mobile World Congress 2017 Mobile World Congress 2017 hosted three industry seminars on Mobile Connect and the future of digital identity.  You can find out more about each of these subjects by downloadin...

Read more | See all Identity Resources

3 Reasons to Attend MWCA’s Identity Seminar Whilst digital technology has stimulated the growth of new and innovative services across practically every sector in the, service providers have yet to fully capitalise on this ...

Read more | Visit Identity Blog

Could UK’s Planned GDPR Implementation Signal Global Trend? Earlier this week, the UK Government announced its plans to introduce new legislation that will give citizens greater control of their personal data. The legislation will expand ...

Read more | Visit Identity Blog

MWCA: Digital Identity in the Innovation City See below for a list of digital identity demonstrations in the GSMA Innovation City As the Americas experiences explosive growth in its digital economy, businesses across the...

Read more | Visit Identity Blog

Markets Turn Their Focus to Cross-Border Trade of Digital Services Since the drafting of eIDAS in 2014, there has been a renewed interest from businesses, particularly in Europe, in secure cross-border trade using digital services. Initiatives s...

Read more | Visit Identity Blog

Mobile Connect-eIDAS Pilot Prepares for Secure Cross-Border Trade Marta Ienco, Head of the Government & Regulatory affairs, Personal Data   As we draw closer to the implementation of the eIDAS Regulation in September 2018, both governments...

Read more | Visit Identity Blog

Asia’s Mobile Industry Unites behind Mobile Connect Download presentations from the event Shanghai—A broad array of MNO’s across Asia have underscored their commitment to Mobile Connect after revealing how the identity solutio...

Read more | Visit Identity Blog

Mobile Connect Summit – Singapore November 21, 2017 Following April’s successful Mobile Connect Summit in London, we are pleased to confirm that we will soon be hosting another regional Summit – this time in Singapore...

Read more | See all Identity Events

Contact GSMA Legal Email Preference Centre Copyright © 2017 GSMA. GSM and the GSM Logo are registered and owned by the GSMA.