TOPPAN IDGATE Boosts Trust With Digital Identity Solutions for Banks

Efficient digital id options for banks are important to stop fraud and spoofing. This turns into intertwined with Anti-Cash Laundering (AML) and conduct evaluation in latest occasions.

As we navigate this evolving panorama, staying updated with developments turns into essential. The rise of Synthetic Intelligence presents a major alternative for progressive options in numerous sectors, together with monetary companies.

Among the many corporations leveraging this expertise, TOPPAN IDGATE, a Taiwan-based fintech software program firm, stands out for its decade-long experience in offering digital id options for banks.

Kersey Shang

Kersey Shang, Founder and Managing Director of IDGATE shared,

“I established IDGATE due to the SMS One-Time-Passwords system. Throughout this era, SMS OTP was the trade normal and deemed safe.

 

Nevertheless, the vulnerabilities of this answer turned evident as hackers exploited and compromised the safety of banking transactions that led to id and cash theft”.

Recognising the shift in direction of cellular gadgets as a major technique of fee and monetary companies, IDGATE launched iDenKey, a notable gadget binding expertise that helps risk-based multi-factor authentication and launched the in-app push notification mechanism.

Now a broadly used function in digital companies, iDenKey’s introduction by IDGATE has redefined safety and person expertise requirements within the digital monetary companies panorama.

Kersey added,

“Although many monetary establishments at the moment are putting heavy emphasis on AML evaluation and fraud monitoring, there may be room for additional enhancement in current countermeasures.

 

Banks presently manually block transactions in response to potential fraud circumstances. Nevertheless, with TOPPAN IDGATE’s iDenKey answer, banks can differentiate the chance stage of every transaction of service and handle fraud in actual time”.

TOPPAN IDGATE is devoted to delivering an end-to-end passwordless digital id answer that ensures a seamless person expertise. Their product, iDenFace, an AI-based face recognition expertise, has been in growth since 2019 to make sure it stays state-of-the-art.

iDenFace acts as a server-side biometric engine that facilitates digital onboarding on banking apps. Collectively, iDenKey and iDenFace guarantee a excessive stage of comfort and safety all through the id verification and authentication course of.

Furthermore, IDGATE’s digital id answer can assist gadget rebinding procedures to stop id fraud when customers replace private info, log into the platform, or authenticate transactions.

Kersey emphasised the significance of mixing iDenKey’s binding expertise with iDenFace’s facial recognition answer for advancing digital monetary companies and making certain safety.

In mild of latest coverage modifications from the Hong Kong Financial Authority (HKMA), State Financial institution of Vietnam (SBV), and Financial institution Negara Malaysia (BNM), these complete options could develop into the brand new trade normal.

Over the subsequent 5 years, TOPPAN IDGATE plans to focus on the Southeast Asian area as highlighted by its latest collaboration with Financial institution Saqu in Indonesia.

Be taught extra about TOPPAN IDGATE right here.