Industry
Identity Management and the Future of Employment Verification
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As the identity management landscape evolves, the need for innovative, secure, and efficient solutions becomes increasingly critical. Konfir is proud to be featured in the Modern Identity Tech Stack Market review, co-authored by Jelena Hoffart, Investor at 9Yards Capital, and Mark Settle, the former CIO of Okta. This recognition highlights the vital role Konfir plays in shaping the future of employee identity management through streamlined Employment Verifications.
While Identity Service Providers (IDSPs) focus on proving an individual's identity, Attribute Service Providers like Konfir confirm specific attributes. This distinction is vital in today's complex digital landscape. Knowing someone's identity is just the starting point; understanding their background and things about them is what enables actions like signing a contract, starting a new job, or accessing credit. Attributes empower individuals to engage in various societal and economic activities after they've proven who they are.
The Modern Identity Tech Stack Market review outlines several key trends and predictions that are shaping the future of identity management. These include the commoditisation of authentication techniques, the rise of passwordless authentication, and the role of big tech companies in identity management.
The review predicts that traditional authentication methods will become more interchangeable, allowing for a mix-and-match approach to support various consumer or employee login scenarios. Konfir is well-positioned to integrate various authentication methods. By leveraging multiple data sources that utilise different authentication techniques, Konfir not only supports strong customer authentication but also optimises user experiences while maintaining industry-leading security standards.
Konfir is well-positioned to participate in the industry's move towards passwordless authentication. Our platform already favours non-password-based authentication methods, such as biometrics with Open Banking and consented data access with Payroll APIs. We envision a future where people can authenticate with services and applications using their “identity”, perhaps via their IDSP of choice or by using their bank account, making the verification process as frictionless as possible.
One of the most intriguing insights from the review is the potential role of big tech companies like Apple and Google in identity management. Konfir is closely monitoring these developments and is planning for a future where people can store their proof of employment and income, in the form of Konfir-produced Verifiable Credentials, in their Google or Apple wallet—or any other wallet of their choice.
Konfir aims to serve as the central hub for employment and income data sharing among a wide range of stakeholders, including employees, employers, screening companies, and other relying parties. The platform's 'Employment Timeline' is designed to automate the verification and processing of employment history checks, thereby reducing operational overhead, turnaround times, and the risk of fraud.
Konfir is working to enable an ecosystem where all parties involved in employment verification can interact seamlessly. By integrating data from multiple sources like Open Banking and Payroll systems, Konfir offers a comprehensive and up-to-date view of an individual's employment history and gaps in employment. Looking ahead, Konfir plans to introduce features that allow consumers to contribute data from additional sources, as well as mechanisms for employers and other data custodians to contribute data on behalf of employees, alumni, or other product holders.
As a certified ASP under the UK Government Trust Framework, Konfir is exploring strategic partnerships with wallet providers and ID verification companies. These collaborations could facilitate the secure and efficient storage, sharing, and verification of digital credentials, thereby enhancing the integrity and efficiency of the entire employment verification ecosystem. This will allow consumers to share their employment and income data easily, through one simple flow, at the point they need it.
The future of identity management is being shaped by consumer identity practices, technological advancements, and the evolving needs of businesses and individuals alike. As a certified Attribute Service Provider under the UK Government Trust Framework, Konfir is uniquely positioned to lead the way in this transformation. By aligning with key trends identified in the Modern Identity Tech Stack Market review, exploring strategic partnerships, and continually innovating, Konfir is setting the stage for a more secure, efficient, and streamlined employment verification process for all stakeholders involved.
