IAMX — Founding Member of the OpenWallet Foundation
IAMX is proud to be a founding member of the OpenWallet Foundation — a collaborative consortium of businesses and organisations, creating an open-source software engine to power a multitude of interoperable wallets. IAMX joins other inaugural founding members, including Visa, American Express, IDnow, IndyKite, Spruce, Swisscom, Deutsche Telekom, and many more. Announced in September 2022, by the global non-profit organisation, the Linux Foundation, the OpenWallet Foundation is formally established as of 23 February, 2023, according to a recent Press Release issued by the European Linux Foundation.
The Linux Foundation fosters open source, decentralised innovation, helping communities and developers find and contribute to projects that matter. The OpenWallet Foundation joins over 850 open-source projects under the Linux Foundation umbrella, and a community of 777,000 developers, blending a plurality of skill sets to build a secure, privacy-protecting, interoperable wallet core.
“The mission of the OpenWallet Foundation is to develop an open source engine to enable secure and interoperable multi-purpose wallets anyone can use to build solutions. The OpenWallet Foundation aims to set best practices for digital wallet technology through collaboration on open source code for use as a starting point for anyone who strives to build interoperable, secure and privacy-protecting wallets.” — OpenWallet Foundation Mission Statement
The world is on a trend of digitisation, including currencies and assets, identity documents, credentials and achievements. These items of digital information often manifest as tokens, existing in a cryptographically secure wallet. As wallet options develop, there are limited efforts underway to ensure a secure infrastructure exists to promote and maintain wallet interoperability.
As a founding member of the OpenWallet Foundation, IAMX intends to inform and support the development of the open-source wallet core. IAMX has developed Self-Sovereign Identity wallet technology that is portable, decentralised, interoperable, open, user-centric, GDPR-conformant, legally compliant, and privacy-ensured. As such, IAMX is well-suited as a founding member of the OpenWallet Foundation. Together with strategic partner, KYC Spider, IAMX provides a fully regulatory-compliant KYC, KYB, and AML onboarding processes, worldwide.
“IAMX would like to get involved with the OpenWallet Foundation because there is an opportunity to realise the shift of identification power from centralised entities to the individual. The era of your identity serving as the product, controlled and capitalised by corporations is coming to an end. It is time for the people to take ownership of their identity. Digital ID wallets will be the individual gateway for people to participate in digital life. An open source solution is the best way to develop interoperable wallet solutions. IAMX is here to help shape this process and would like to contribute to this ecosystem,” — Tim Brückman, co-founder, IAMX AG.
KYC Spider is a leading provider of digital KYC solutions, servicing banks, financial institutions, and companies worldwide. Through a single platform, KYC Spider makes it easy to access and share KYC data. It is a secure, reliable, and highly customisable solution that can be integrated into existing systems. Together, IAMX and KYC Spider focus on optimising onboarding and compliance processes for individuals and institutions in the blockchain space. KYC Spider will support IAMX as a founding member of the OpenWallet Foundation, providing advice, knowledge, and expertise on KYC, KYB, AML, and compliance.
For more information, see the OpenWallet Foundation website, the Overview Deck, and a report on Why the World Needs an Open Source Digital Wallet Right Now.
About IAMX
IAMX is a token-based SSI and authentication protocol that empowers individuals with the means to own their identity. Adhering to the strictest of regulatory standards for identity protection, IAMX builds on the foundational principles of SSI to provide a robust and secure system where individuals are able to take control and manage their identity. Users of IAMX will realise significant time and cost savings through novel approaches to identity management and e-commerce transactions, like 1-click fulfillment, which are legally binding and maintain local regulatory compliance. With users in control of their identity data, time-consuming processes like KYC and KYB become near-instant, highly secure transactions.
IAMX builds upon the foundations of SSI, blockchain, and decentralised identifiers (DIDs), enabling individuals, organisations, or any entity to prove their identity independent of external parties or centralised authorities. This way, the authenticity of anything tied to an IAMX DID can be independently confirmed by the entity holding the DID.
IAMX is at the forefront of the Web3 revolution, bringing the world’s most secure, decentralised, and user-friendly SSI solution to the Internet. Adding the layer of identity and authentication to the Internet, with IAMX you can treat the Internet like you are always logged in. Pursuant to its mission and vision, IAMX is working to solve the problem of providing an identity to the billions of people who do not currently have a state-recognised, legal identity. Using a Biometric Identity Gateway, users with or without state-level identification can create their own identity for use online, one that relies on their unique physical attributes, including their face, iris, and fingerprints.
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