Aussie payments firm Eftpos has announced that its digital identity project has now moved into the trial phase as it enters this new arena.
According to reports, the company has partnered with 17 Australian businesses following the completion of a proof of concept.
The Australian government already has its digital identity solution called myGovID. However, Eftpos said that it could do better, stating it can provide a “smoother, faster, and more secure onboarding experience, including for government services.”
The firm also added that it could be “activated in a short timeframe and bring significant benefits to the fintech community.”
The project brief stated that the system could also provide new secure and privacy-focused methods of distributing state funds, such as social security, disaster relief, health services, or small business assistance.
The digital payments company added that it could provide fintech firms with cost-effective access to a range of new marketplaces and channels that currently have high barriers to entry.
Its products could also protect the identities of Australians, reduce fraud, and ensure the safekeeping of personal data.
Eftpos claims to have access to over 40 million bank accounts that utilize bank verification systems with its capability. This relationship with local banks would allow the company to provide digital identity services, it added.