by Marlon Madden
CIBC FirstCaribbean International Bank could be one of the first financial institutions out the blocks to allow customers the option of linking their national identification card to their bank accounts.
Chief Information Officer Esan Peters disclosed that the bank has been involved in the discussions with Government on the rollout of the national ID card. “We will be one of the early adopters. We are keen on it,” said Peters.
The new hybrid card, which will have several physical and electronic security features, will allow individuals to access a range of government services, and with the approval of individuals, information can be shared with private sector entities.
It is hoped that the proposed chip-based national ID cards will facilitate the secure transfer of information for several activities including internet banking, e-commerce and e-communications, while at the same time providing user authentication in online transactions and facilitating the signing of documents electronically.
Peters, who is also the Managing Director of Technology and Operations at CIBC FirstCaribbean, told Today’s BUSINESS that being able to use the ID card for banking purposes would create
greater efficiency.
“We think digital ID or electronic IDs, the infrastructure they provide are of great efficiency to us in banking. If we can get the digital ID in place it makes it so much easier to do so much more with our clients in terms of know your customer (KYC) [and] being able to uniquely identify them and uniquely serve them – those things are all great positives,” said Peters.
“So it is both good for the country, good for banking and good for our clients. So we are definitely going to be keenly helping with its introduction,” he said.
The current Barbados ID card, which has been around since 1979, is currently a laminated paper containing the basic information of a registration number, the holder’s name, sex, date of birth, nationality, height, date of issue and a signature.
The new card will have the ability to contain an individual’s address, information on any special medical condition or allergy, and will eliminate the need for each Government department to maintain separate common information.
It will also significantly reduce or eliminate the filling out of paper forms and reduce the requirement for submitting original documents when doing business.
marlonmadden@barbadostoday.bb
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