#Japan #Tokyo #LIQUID #LIQUID eKYC #PayPay Securities

Revolutionizing Online Account Opening in Japan

In a significant development, Liquid Inc., a leader in biometric verification technology, has partnered with PayPay Securities to introduce a groundbreaking online identity verification service called LIQUID eKYC. This innovative service targets the securities account opening process, simplifying it for users while enhancing security measures against fraudulent activities.

The Need for Enhanced Security

As financial crimes such as money laundering and fraudulent transactions continue to evolve, the necessity for robust security measures has never been more pressing. The Japanese government has outlined plans to amend the Act on Prevention of Transfer of Criminal Proceeds (also known as Anti-Money Laundering Law) by 2027, mandating the use of IC chip technology during online account openings. This change aims to mitigate the risks associated with bank account abuse, which has seen a dramatic increase.

Introducing LIQUID eKYC

Liquid's LIQUID eKYC system offers an efficient solution that aligns well with the anticipated changes to the law. By leveraging biometric facial recognition along with IC chip technology from identification documents such as My Number cards and driver’s licenses, Liquid aims to facilitate a smoother account opening experience for users. By using their smartphones, users can confirm their identity without the hassle of traditional methods, which often require extensive data input and image capture.

Flexibility in Verification Methods

The LIQUID eKYC provides various methods for identity verification:

• - Integrated IC Chip Reading with Facial Recognition: This method allows for a streamlined process where the user simply needs to take a selfie and have their IC chip card scanned, completely eliminating the need for a PIN.
• - IC Chip Reading with Public Personal Authentication (JPKI): This verification needs a PIN but provides an additional layer of security through the use of government-issued credentials.

Benefits of the LIQUID eKYC System

Liquid's implementation of eKYC aims not only to bolster security but also to enhance user convenience. Here are the key advantages of this system:

• - Fraud Prevention: The service utilizes electronic signature verification to confirm that the information on the IC chip is unaltered. Coupled with facial recognition, this thwarts attempts at impersonation effectively.
• - User Convenience: With LIQUID eKYC, users are relieved from entering their personal details such as name, date of birth, and gender, significantly making the process quicker and user-friendly.
• - Reduced Approval Burden: The automated verification process allows for an approval rate of about 99%, reducing the time and effort typically needed for manual checks.

Trusted Solution in the eKYC Market

Liquid’s LIQUID eKYC holds the distinction of being the #1 solution in the eKYC market for six consecutive years. It allows organizations to conduct identity verifications online securely, using advanced technologies such as AI, biometric authentication, and Optical Character Recognition (OCR). Thus far, it has recorded an impressive 1.3 billion identity verifications and partnered with around 600 companies.

For those interested in learning more about LIQUID eKYC or how it can simplify identification processes, visit their official website.

About Liquid Inc.

Founded in December 2018, Liquid Inc. focuses on creating a seamless and secure society through biometric authentication. Their office is located in the Nihonbashi Life Science Building in Chuo-ku, Tokyo. They are dedicated to providing solutions across various industries, ensuring both usability and security in identification processes. More about Liquid and their innovative offerings can be found on their web page.

As Japan prepares for the 2027 revisions to its financial laws, Liquid’s LIQUID eKYC stands out as a forward-thinking solution that not only meets regulatory needs but also places a strong emphasis on user experience and security.