The Reserve Bank of Australia (RBA) has confirmed that the first version of an orchestrated framework for a new federated identity credential known as ‘TrustID’ has been completed.
The framework will interoperate with a similar scheme being run by the Digital Transformation Agency (DTA). The RBA, alongside the powerful Payment Systems Board and the Australian Payments Council (which includes banks and schemes), have been cajoling major institutions to get their act together on issuing interoperable digital identity credentials for at least a decade.
The intention is that a digital identity established by a private sector provider under the TrustID framework will eventually be able to be used to access government services, and vice versa.
A critical element of the creation of an RBA-backed digital identity is that banks will no longer be able to point the finger at the bureaucracy’s sometimes challenged efforts to spur adoption of government digital credentials that have periodically been politically weaponised.