Innovation from PPI's Operational Partner

Identity & Greenlist Defined

IDENTITY: A representation of an entity in the form of one or more attributes that allow the entity or entities to be sufficiently distinguished within context [ITU-T]

GREENLIST: A global network of registries that are a specialized source for assured* identity attributes on behalf of issuers whose identity-vetting procedures are trusted by Relying Parties. [PPI]

* "assured" means highest level of trust...whereby an issuer is compensated for owning liability for binding the publicly discoverable ePayment address with an account owner's PII and an Authoritative Party owns Custodial responsibility for data availability & query fulfillment at scale. Account-owners opt-in to be issued a deposit-only ePayment address which is incapable of being debited. This cloaking technology renders routable account identifiers that are linked to true accounts but safe to be made publicly discoverable by a variety of search means. One's private bank account and/or card numbers remain safely protected inside the bank. Security is achieved through Data Minimization and Use Limitation. One example how this can be used by banks is the new Instant Payment Service by FISGlobal called PayNet™

WHY BOTHER WITH DNS FOR ePAYMENT ADDRESSES? ...or if you prefer, WHITE PAGES FOR INFORMATIONAL AND MONETARY ASSET TRANSFERS?

In the face of mounting market shifts, new technologies, and regulations, financial institutions must look to new revenue sources. The growth in e-commerce, mobile commerce, and alternative providers adds urgency to that search. An important opportunity, that leverages the considerable FI investment in KYC infrastructure, is the establishment of a “neutrally positioned registry” of payment addresses. Known as the Greenlist®1, it is an enabling technology for Immediate funds transfer and, on a larger scale, secure value exchange to support transactions in what is an increasingly internet-dominated global economy.

I prefer to have the banking industry, which is highly regulated throughout the world, vouch for my most important publicly discoverable identity attributes rather than a Google, a PayPal or my government. Banks would love to have new ways to delight their customers with augmented services.

Financial Institutions earn little revenue from online banking while costs increase in authentication and security. Demand exists for Identity Management Services with 1 Billion smart phones in use, 2nd. Billion by 2015 and 129.4M sold in the US alone! Consumers trust banks yet use them less. FIs must figure out how to transition from servicing transactions to performing augmented services such as proactively knowing and telling what they can do for customers. Examples include: news, alerts, advice, knowledge, support, help and instant rebates.

Finally, I really like the idea that my account numbers never have to leave the safety of the bank's data centers again for me to receive money electronically. This intelligently mitigates my risk that my account could be drained by design! and it helps move the banks along to think how else they can help me.

1: Greenlist is a registered trademark of Payment Pathways, Inc. in the U.S., China, India, EU and registered with licensed permission by BANCwire in several Latin American countries.