Japanese banks to develop shared ID system

Tuesday 26 September 2017 10:58 CET | News

The Financial Services Agency (FSA) and various financial institutions in Japan have teamed up to develop a shared ID system.

Three large Japanese banks will be taking part in the project: the Bank of Tokyo-Mitsubishi, Sumitomo Mitsui and Mizuho Bank. This project aims to create a common ID for each user, enabling Japanese consumers to use it to open accounts at multiple banks and financial institutions without the hassle of re-entering personal information. The personal data will be stored and administered by blockchains.

In this set-up, an account holder at one bank can register for a shared ID. If the individual wants to open an account at a second bank, they need to provide their common ID through a smartphone app, and confirm their identity through fingerprint or facial scan.

The FSA plans to begin tests of the innovation in October 2017. The trial will extend to next spring and will determine the risk for data leaks or other problems. When fully approved, the Bank of Tokyo-Mitsubishi, Sumitomo Mitsui and Mizuho Bank will be the first institutions to launch the service.

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Keywords: Bank of Tokyo Mitsubishi, Sumitomo Mitsui, Mizuho Bank, digital identity, banking, online security, blockchain, FSA, Japan, Asia
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Securing Transactions | Digital Identity, Security & Online Fraud
Countries: World
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