Finance & Economics

Major Japanese bank pilots Digital ID

The trial will start in May 2020

Mizuho

Major Japanese bank pilots Digital ID. Source: shutterstock.com

Mizuho Bank revealed it will run a proof-of-concept trial of a new Digital ID in collaboration with Google Cloud Japan, Nomura Research Institute, and Dai Nippon Printing Co.

According to the statement, the Digital ID improves online banking authentication and ongoing customer due diligence (CDD) by using geolocation and facial recognition technology.

The bank revealed that the trial will be a first step towards establishing IT system infrastructure for the Digital ID. As to the main advantages of Digital ID, it provides authentication on any device with cloud syncing.

What is more, it prevents phishing and other forms of fraud by requiring facial recognition. It also ensures authentication is independent of devices and useable when devices aren’t available.

Mizuho Bank highlighted that the trial will last until October 9, 2020.

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