- From: Anders Rundgren <anders.rundgren.net@gmail.com>
- Date: Thu, 4 Jan 2024 08:47:22 +0100
- To: W3C Credentials Community Group <public-credentials@w3.org>
In Europe there is a strong belief that Verified Credentials and Wallets will revolutionize payments. An apparent "fly in the soup" is the huge cost for implementing new payment authorization systems in banks. In theory, Open Banking APIs should be an easy path. However, the European Open Banking APIs are built on a monolithic, one-dimensional concept which have proved to be incompatible with wallets. I have since years back advocated for a layered API concept which mimics how operating systems work. That is, when you login to a computer, your credentials are verified by a trusted application which belong to a layer above kernel functions. If this concept is applied to Open Banking, you will probably end-up with something like the following: https://cyberphone.github.io/doc/research/revised-open-banking-architecture.pdf If will try to implement a public PoC to permit reviews and testing. This may very well be the best shot Open Wallet Foundation (OWF) can get at payments. I wouldn't mind getting some help. Regards, Anders Rundgren
Received on Thursday, 4 January 2024 07:47:29 UTC