Working with MDMP

Use a Metadata Service Provider (MSP) like Factern to capture the metadata that manages interactions within the KYC data sharing network:

  • Specify all¬†object in the data space (e.g.¬†underlying data; actors; verbs; resources; workflow)
  • Govern data access using specified permissioning models
  • Use Fact Table to create and access extended audit trails between service providers that support risk transfer and liability management

Use MSP to foster a market for services that enhance data quality and trust, e.g.:

  • 'Digital Passport and Personal Information Management Solutions (PIMS)
  • Strong customer authentication services
  • Attestation services, to confirm attribuates and validate data quality
  • Secure 3rd party data storage solutions

For more detail, read the recommendations of the Payment Strategy Forum and the discussion piece by UK Finance.