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The European Central Bank (ECB) functions as the central bank of the 19 European Union countries which have adopted the euro. As the official EU institution at the heart of the Eurosystem, it is the prudential supervisor for European banks in the Single Supervisory Mechanism (SSM). The fulfillment of its supervisory role requires a frequent exchange of information with the various stakeholders – at all levels - in the outside world.
The diversity of the supervisory role requires many processes and supporting applications, all exposed via a portal. Access to these applications requires strict control, taking the highest security standards into account. A fragmented approach on access control would not ever meet these requirements, hence there was the need for a single Identity & Access Management platform with strong capabilities for fine grained delegation of user and access management to the supervised banks and other stakeholders.
With these requirements - along with the adoption of Zero Trust, the need for European data residency and the required flexibility - the search led to iWelcome.
iWelcome is the central Identity & Access Management system enabling and protecting access to applications for the supervision process, document exchange and breach reporting. Through a fine grained access control model, delegated administrators within supervised banks are empowered to invite colleagues to fulfill parts of the process and to exchange information with the ECB.
This reliefs ECB from the administrative burden to maintain these users, but also from the responsibility associated with it. The user population is very extended. there is also a wide population of external business users that need access to the information and reports that the ECB provides, such as parliamentarians, employees of national banks within the Eurosystem and reporters.
The ECB is also working on an app to make the exchange of data faster and more user friendly. By adding iWelcome Mobile Identity to the platform, the ECB disposes of a Mobile SDK to add a high security level to their apps in the form of Multi-Factor Authentication. But the app can also be used for secure messaging and transaction signing.
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