🎧How does the EUDI-Wallet change KYC processes, customer authentication and digital signatures? – Tune in now!
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The EUDI-Wallet in Practice – More Than Just an ID Tool
In the third episode of our EUDI-Wallet series, host Dana Wondra from Payment & Banking talks to Peter Frey, lawyer and partner at Annerton, about practical use cases and benefits of the EUDI-Wallet in the financial sector.
While the previous episodes covered the basics, this one focuses on implementation: How can KYC, SCA and contract signing be not just digitalised but reimagined with the Wallet?
Rethinking KYC
The EUDI-Wallet does not simply replace existing KYC processes – it fundamentally transforms them. Instead of a manual video identification, the user provides a cryptographically secured, seamless data set. The result: greater security, fewer errors, lower costs and a significantly better user experience.
Strong Customer Authentication Made Simple
The Wallet also opens up new possibilities for strong customer authentication (SCA). It combines the smartphone as a possession element with biometrics or a PIN – enabling legally secure two-factor authentication. The bank initiates the process, and the Wallet handles it – including the digital signature.
Digital Contracts with Qualified Signature
A particular highlight: The Wallet enables qualified electronic signatures, making it possible to digitally conclude contracts requiring written form – such as consumer loans or guarantees – in a legally compliant and fully digital way.
Clear Regulatory Benefits
Peter Frey highlights the advantages for banks: harmonised processes across the EU, reduced liability risks and less dependence on external service providers. The EUDI-Wallet is more than just another identification tool – it sets a new standard.
In the next episode, we’ll look at liability: Who is responsible when things go wrong?
About This Podcast
Alles Legal – Fintech Law in Brief delivers weekly insights into legal and compliance topics in the banking and fintech sectors.
This podcast is a collaboration between Payment & Banking and PayTechLaw.
Each Wednesday, our experts explain current legal developments in a clear and concise way – no legalese, just the context you need. Since 2021, PayTechLaw authors and Annerton lawyers have been bringing legal depth to the mic without losing clarity.
Whether it’s PSD3, DORA or FiDA – we provide the background you need. In 20 minutes. Straight to the point.
