Cybertrust Partners with Money Forward to Enhance Online ID Verification Services
In a significant step toward modernizing online identity verification, Cybertrust Inc., based in Minato, Tokyo, has revealed its partnership with Money Forward Kessai Co., Ltd. This collaboration involves the implementation of the "iTrust Identity Verification Service" by Money Forward, through which the scanning and authentication of My Number Cards will be enhanced. With the impending enforcement of the Criminal Proceeds Transfer Prevention Act in 2027, requiring all financial transactions to implement strict verification protocols, this shift comes as a proactive response to the upcoming changes in the legal landscape.
"Money Forward ID Verification" aims to facilitate online identity checks for users when they begin utilizing services offered by Money Forward. The integration of the iTrust service enables the scanning of the My Number Card’s IC chip, allowing for a smooth and efficient verification process. By implementing this cutting-edge technology ahead of the 2027 requirements, Money Forward is setting a benchmark in compliance and user experience, which could lead to significant improvements in operational efficiency for service providers.
The financial industry is increasingly under pressure to maintain up-to-date customer information, adhering strictly to guidelines established by the Financial Services Agency. Continuous verification of customer data is needed to mitigate risks associated with money laundering and terrorist financing. Traditionally, cumbersome methods such as sending postcards have been employed to confirm this data, accruing high administrative costs.
With the revised Criminal Proceeds Transfer Prevention Act set to take effect in April 2027, verification processes are expected to tighten significantly. Both face-to-face and online transactions will be required to utilize ID documents with IC chips such as My Number Cards, driver's licenses, or residency cards for verification.
In response to these regulatory changes, "Money Forward ID Verification" has adopted a dual approach. Alongside the conventional photo-based identity checks, the new scanning technology for IC chips aims to simplify and improve the verification process for users. The iTrust service offers two crucial features:
1. Daily Status Check Function: This function retrieves information about changes in the core customer data (name, address, gender, date of birth) for users who have previously completed ID verification. Service providers will execute this function daily to keep pace with any changes in customer information.
2. Latest Core Information Retrieval Function: If any changes occur in the previously verified core customer data, the service provider can update this information automatically without requiring further input from the user, at any chosen moment, provided they have obtained prior consent from the user.
These functionalities collectively enhance the user experience by allowing for updates and verification to occur seamlessly. Therefore, when a My Number Card is scanned for verification, if there are any changes in the user’s core information, the iTrust service automatically pulls the latest data, ensuring that service providers maintain accurate customer records effortlessly.
This innovative approach alleviates the burden on users who would otherwise need to manually update their information, especially during significant life changes such as moving or getting married. The reduction in compliance risks for service providers, paired with the drop in administrative costs associated with traditional verification methods, underscores the value of this partnership.
Cybertrust is dedicated to ensuring a secure and trustworthy infrastructure by supporting robust identity verification practices. Their services promote ease of use for individuals and provide a solid foundation for businesses seeking to uphold digital trust in this evolving regulatory environment.
In summary, the collaboration between Cybertrust and Money Forward signifies a proactive move towards digital identity verification, anticipating future regulatory challenges while enhancing user convenience. This partnership not only addresses impending legislative requirements but also fosters much-needed efficiency and accuracy in customer data management, promising to benefit both service providers and users alike.
For further information, visit the respective websites for Cybertrust and Money Forward.
"Money Forward ID Verification" aims to facilitate online identity checks for users when they begin utilizing services offered by Money Forward. The integration of the iTrust service enables the scanning of the My Number Card’s IC chip, allowing for a smooth and efficient verification process. By implementing this cutting-edge technology ahead of the 2027 requirements, Money Forward is setting a benchmark in compliance and user experience, which could lead to significant improvements in operational efficiency for service providers.
Background
The financial industry is increasingly under pressure to maintain up-to-date customer information, adhering strictly to guidelines established by the Financial Services Agency. Continuous verification of customer data is needed to mitigate risks associated with money laundering and terrorist financing. Traditionally, cumbersome methods such as sending postcards have been employed to confirm this data, accruing high administrative costs.
With the revised Criminal Proceeds Transfer Prevention Act set to take effect in April 2027, verification processes are expected to tighten significantly. Both face-to-face and online transactions will be required to utilize ID documents with IC chips such as My Number Cards, driver's licenses, or residency cards for verification.
In response to these regulatory changes, "Money Forward ID Verification" has adopted a dual approach. Alongside the conventional photo-based identity checks, the new scanning technology for IC chips aims to simplify and improve the verification process for users. The iTrust service offers two crucial features:
1. Daily Status Check Function: This function retrieves information about changes in the core customer data (name, address, gender, date of birth) for users who have previously completed ID verification. Service providers will execute this function daily to keep pace with any changes in customer information.
2. Latest Core Information Retrieval Function: If any changes occur in the previously verified core customer data, the service provider can update this information automatically without requiring further input from the user, at any chosen moment, provided they have obtained prior consent from the user.
These functionalities collectively enhance the user experience by allowing for updates and verification to occur seamlessly. Therefore, when a My Number Card is scanned for verification, if there are any changes in the user’s core information, the iTrust service automatically pulls the latest data, ensuring that service providers maintain accurate customer records effortlessly.
This innovative approach alleviates the burden on users who would otherwise need to manually update their information, especially during significant life changes such as moving or getting married. The reduction in compliance risks for service providers, paired with the drop in administrative costs associated with traditional verification methods, underscores the value of this partnership.
Cybertrust is dedicated to ensuring a secure and trustworthy infrastructure by supporting robust identity verification practices. Their services promote ease of use for individuals and provide a solid foundation for businesses seeking to uphold digital trust in this evolving regulatory environment.
In summary, the collaboration between Cybertrust and Money Forward signifies a proactive move towards digital identity verification, anticipating future regulatory challenges while enhancing user convenience. This partnership not only addresses impending legislative requirements but also fosters much-needed efficiency and accuracy in customer data management, promising to benefit both service providers and users alike.
For further information, visit the respective websites for Cybertrust and Money Forward.
Topics Consumer Technology）
【About Using Articles】
You can freely use the title and article content by linking to the page where the article is posted.
※ Images cannot be used.
【About Links】
Links are free to use.