The Digital ID is supposed to support the online banking authentication process and ongoing customer due diligence (CDD) by utilising device location information and facial recognition technology. The trial is set to run from May 11, 2020 to October 9, 2020.
Mizuho Bank will be responsible for the trial design and results verification. Google Cloud Japan will provide technical support. Nomura Research Institute will develop an online banking app and will build the server system. Dai Nippon Printing will provide facial recognition technology-based authentication functions and will develop API-linked facial recognition functions and e-KYC functions.
Currently, online banking authentication mainly relies on two-factor authentication, in which one factor is something the user knows, such as an ID and password, and the other factor is something the user has, such as a dedicated card or a one-time password.
Therefore, Mizuho and its partners will launch the proof-of-concept trial to evaluate whether or not device location information and facial recognition technology can ensure security in online banking and, in the case of device location information, enhance CDD.
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