Published last week, the proposal outlines two key components: the Payments Identity Credential (PIC) and a Trusted Access and Credentialing Hub (TACH)
A consortium of World Bank specialists has proposed a novel “foundational model” to enhance the interoperability of digital payments, an initiative experts say could transform fragmented systems into inclusive and resilient financial ecosystems.
Published last week, the proposal outlines two key components: the Payments Identity Credential (PIC) and a Trusted Access and Credentialing Hub (TACH). Together, these aim to link fast payment systems with digital identity platforms in a unified framework.
The PIC would function as a portable, verifiable bundle of identity credentials issued by payment service providers, enabling secure access across multiple platforms. The **TACH**, meanwhile, would act as a trusted framework connecting digital ID systems and payment infrastructures, governing the lifecycle of PICs and allowing for real-time interoperability.
Proponents argue that if effectively implemented, the PIC–TACH system could significantly reduce KYC bottlenecks, streamline onboarding, bolster authentication, enable offline transactions, and allow for the digital delivery of social benefits – even via basic mobile phones.
Yet, realising this vision requires more than technology. The experts stress that success depends on robust regulatory and governance frameworks to support the formal acceptance of PICs and TACH across KYC, authentication and fraud-prevention contexts. Clear policies are needed on access, pricing and system interoperability, as well as standardised governance roles for digital ID and payment system operators.
Privacy and security are also central. The specialists underline the need for strong user-consent mechanisms, data-protection protocols and cybersecurity safeguards.
A white paper detailing the legal, regulatory and technical considerations of the proposal is under development, and exploratory efforts at the country level are already underway.