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A legal analysis of a banking industry online identity and attribute authentication service for consumers and merchants

Author

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  • William Gram

Abstract

This is a legal and risk analysis of an online identity and attribute authentication service developed by the Financial Agent Source Transaction (FAST) initiative of the Financial Service Technology Consortium (FSTC). The FSTC is a not-for-profit group organized to enhance the competitiveness of the financial services industry. Members include banks, financial services providers, research laboratories, universities, technology companies and government agencies. FSTC sponsors project-oriented, collaborative research and development on inter-bank technical projects affecting the financial services industry. A complete report on the FAST initiative will be available to FSTC members in September 2000 and to the general public by the late 2000. Contact the American Bankers Association web site at that time to download the paper or contact the writer at the email address below. ; During the FAST initiative, the author was the leader of the FAST Legal/Risk Workgroup. This paper is primarily the author's product with input from Patricia Allouise of the Federal Reserve Bank of Boston and Ann Spiotto of the Federal Reserve Bank of Chicago. The views expressed in this report are solely the writer's and do not necessarily reflect the views of any component of the Federal Reserve System or the Federal Reserve Bank of Chicago, the writer's employer. This report is written at a very general level and is designed to highlight issues and problems rather that give legal advice. The reader is advised to consult expert legal counsel before taking any action related to the views expressed in this report. The report addresses the following questions: (1) What is FAST and how does it work? (2) What are the legal risks and how might they be handled?

Suggested Citation

  • William Gram, 2000. "A legal analysis of a banking industry online identity and attribute authentication service for consumers and merchants," Emerging Issues, Federal Reserve Bank of Chicago, issue Sep.
  • Handle: RePEc:fip:fedhei:y:2000:i:sep:n:eps-2000-2
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