Who is issuing the credentials in Bridge pilot?

The KYC credential will be issued by Walt.id after the holder has completed the self identification process via the IDnow. FundingBox will issue the KYB credential via an API on the OnePass platform after the application of the startup has been reviewed and verified. Other partners can use the same method as FundingBox or can issue the credentials using their own issuers portal, and follow these steps after the verification of the data provided by the startup.

Who can become an issuer?

(Formal and technical requirements) Issuer selection: The issuers will be selected by the TAO. During the project, the issuers will be selected by project partners who will be acting as the TAO. The issuer would be selected based on their domain expertise, their reputation and track record, their technical abilities, compliance with data protection regulations and financial viability. In the first phase of the UC, the issuers will be the project partners. Issuer Onboarding: Once an issuer has been selected and approved by the Trusted Accreditor Organization (TAO), they must complete an onboarding process to integrate with the EBSI infrastructure and become a trusted entity on the platform. In the first phase of the project, the issuers to be onboarded will be the project partners FundingBox, Accelerace, BIA, and Walt.id. The onboarding process typically involves the following steps:

Registration and Submission of Documentation: The issuer must register with EBSI and provide the necessary documentation to verify their identity, credentials, and domain expertise. This may include submitting a certificate of incorporation, a list of authorised representatives, and proof of compliance with data protection regulations. Technical Integration: The issuer must integrate their issuance system with the EBSI infrastructure to enable secure and interoperable issuance of verifiable credentials. This may involve implementing necessary APIs, protocols, and security measures. Credential Schema Registration: The issuer must register the credential schemas they intend to issue with EBSI. These schemas define the structure and content of the credentials, ensuring they adhere to EBSI standards and interoperability requirements. Policy and Procedures Review: The issuer must review and agree to EBSI’s policies and procedures related to credential issuance, data privacy, and compliance. Security Assessment: The issuer must undergo a security assessment to ensure their issuance system meets EBSI’s security standards and protects user data. Testing and Validation: The issuer must perform testing and validation of their issuance system to ensure it is compatible with EBSI infrastructure, credential schemas, and security requirements. Issuing of credentials: The credentials will be issued by either of 2 ways depending on the credential to be issued (KYC, KYB, or Momentum) and the partner issuing the credentials.

Issuers can streamline the verification and authentication processes for their credentials, eliminating the need for manual paperwork and reducing errors. Is it possible that Issuers could create new revenue streams by monetizing their credential services, such as subscription fees, data analytics, or specialised credential issuance. In the first phase of the project, the credentials will be issued by the project partners but in phase 2 and beyond, this could be done by Accelerators or business incubators for example, who could streamline their services and generate revenue by issuing legal entity existence credentials and/or investability credentials. This scenario will be updated in later iterations of this document.

How are credentials issued?

Go to the issuers dashboard. Create the VC document containing the credential data. Sign and submit to the EBSI network. Send to the holder.