Source: Nok Nok Labs
Nok Nok Labs (Nok Nok), the trusted leader in next-generation authentication today announced that its partner Hitachi, Ltd., successfully deployed the Nok Nok S3 Authentication Suite (NNL S3 Suite) at MUFG Bank, Ltd. (MUFG Bank), Japan's largest bank.
MUFG Bank customers who are utilizing the internet banking service, now have a frictionless user experience that enables them to execute banking transactions faster and with strong security using global authentication-standards.
"Transactions using mobile devices are rapidly spreading and it is essential to support both usability and security. By combining Hitachi's abundant system development capabilities and know-how in the financial system and security related fields, and Nok Nok's globally deployed and proven FIDO certified products, we achieved this compatibility, which led to this adoption. In addition to further improvements so that users can use Internet banking securely, we will continue to expand FIDO compliant authentication services and their applications to financial institutions and other various industries." said Mr. Nobuo Nagaarashi, General Manager, Financial Information Systems 1st Division, Hitachi, Ltd.
In today's connected world, consumers need easy-to-use, safe and secure methods to execute internet banking functions, especially as the total monetary value of transactions continues to grow. In fact, the total value of Japan's financial transactions is expected to show an annual growth rate (CAGR 2019-2022) of 4.8 percent resulting in the total amount of US$184,025m by 2022.
With the NNL S3 Suite, MUFG Bank's financial services customers can authenticate to their mobile banking application using any biometrics on their iOS and Android devices. The NNL S3 Suite also provides MUFG Bank with a scalable method to authenticate users that is interoperable with their existing security environments, user friendly and increases customer security.
"We are honored that MUFG Bank, Ltd. has selected Nok Nok Labs to provide their mobile customers with peace of mind when accessing their financial data," said Nok Nok Labs' CEO Phillip Dunkelberger. "They recognize that by implementing Nok Nok Labs biometric-based authentication their customers will have a frictionless, scalable and secure authentication experience."
Contributed | what does this mean?