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Digital Identity, Security & Online Fraud

SBI Savings Bank launches blockchain-based authentication service

Tuesday 2 April 2019 | 12:43 PM CET

ICONLOOP, a blockchain-focused company based in South Korea, has integrated its blockchain technology with SBI Savings Bank’s personal authentication service.

According to the official release, ‘SBI Simple Authentication’ is now open to public. Users are able to authenticate blockchain-based personal identification number (PIN) or fingerprints through ‘SBI Simple Authentication’ using the bank’s mobile app. The new service will allow users to log in and initiate transfers by using just a PIN or fingerprint without a public certificate, security card, or one-time password (OTP).

The authentication process is compatible with existing certificate standards. It follows the FIDO standards to support biometric authentication, ICONLOOP said. In addition to the authentication service, SBI Savings Bank is also rolling out a blockchain-based document certification system which will confirm that the files are not damaged or tampered with when browsed or downloaded.

Located in South Korea, SBI Savings Bank is majority-owned by Japanese financial services corporation SBI Group. It has been working with ICONLOOP since November of 2018 to certify electronic documents, as well as to provide blockchain-based authentication services.

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