One of the many features of the Trivore Identity Service (TIS) that we are proud of is its digital wallet capability which allows an individual to make electronic transactions.The wallets can be prepaid (i.e., money is deposited in the digital wallet prior to any transactions) or they can be linked to a user’s bank account or payment card.
TIS enables each user account to have multiple secure personal wallets that can be used for digital transactions. The built-in anonymization features of the system allow the wallets to be connected with a strong identity while still allowing anonymous purchases. This combines transaction security with consumer privacy, a goal which is typically very difficult to achieve.
TIS also supports another rare use case: anonymous users and identities may also have wallets. This enables bearer-based usage patterns, which typically have low-value transactions. Higher monetary values easily triggerAML and KYC requirements, which we also support, but that is another blog post.
A single user account can have an unlimited number of wallets indifferent currencies for different purposes. Value may be moved between wallets and identities. This provides a great deal of flexibility and enables numerous use cases.
Wallets have the same level of high security as bank accounts but are otherwise deliberately much simpler and have fewer features for ease of use and convenience.
TIS also supports corporate user accounts which may have wallets. The use cases of this are countless, but an easy example would be a corporation paying in a very cost-effective manner for (either fully or partially) an employee’s public transportation fares while commuting. Since the wallets are always tied to a strong identity, it is easy to control what and by whom the corporate wallets can be used for. This makes life easier for the employee and the company alike and helps reduce back-office work considerably. For the service provider, this capability enables new value-added services and creates additional business opportunities.
TIS supports the attachment of a line-of-business business rule engine for the wallets. As TIS is purposely agnostic to the business processes, this allows for huge innovations. For instance, a corporate commuting wallet can be restricted so that it can only be used from 6 am to 6pm on weekdays. Or the wallets could only be used on certain routes.
Digital wallets are just one example of the added value of TrivoreIdentity Service, that helps customers integrate identity and access management into their applications and accelerates solution development significantly.
Unlike most IDaaS platforms, TIS is built from the ground up to be easily integrated with demanding business applications and can act as the backbone of critical business workflows.
Should you be interested in how to integrate strong identities into your business, you can read more aboutTIS on our product pages.
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