Swift pushes for global digital signature deployment

Swift pushes for global digital signature deployment

Interbank messaging co-operative Swift is preparing for global deployment of its 3SKey digital identity service for bank-to-corporate treasury authentication following a successful roll-out in Europe.

3SKey is designed to replace the multiple passwords and tokens used by treasurers to manage their banking relationships with a single, multi-network digital signature. The product was initially trialled with a group of 20 banks in France, before being formally launched at Sibos in Amsterdam last year.

Swift says that to date, more than 17,000 3SKey tokens have been distributed and there are 18 banks live, "with many more in the pipeline".

The interbank co-operative won't break down the users by country, so it's impossible to say how far the concept has won acceptance outside France.

However, many of the initial pilot participants are now working to extend the service to overseas markets. Dassault Systems, which uses 3SKey to secure XML-formatted credit flows with its French partners, says it plans to extend the usage to its banks and branches worldwide "in the coming months".

HSBC, too, is looking to deploy 3SKey globally. Says Charles Henry Dubarry de Lasalle, head of global direct channels, HSBC: "A single installation allows the 3SKey device to be deployed for use with HSBC and other banking partners. As a leading international bank, we are deploying 3SKey functionality in the 80 countries where HSBC offers cash management services."

After a low-key product push to the US corporate banking market back in March, Swift will be looking to push the concept more forcefully to the North American audience at this year's Sibos show in Toronto.

Stacy Rosenthal, head of corporates and payments strategy Americas, at Swift talks with Finextra about the global roll out of 3SKey in the following video.

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