#Japan #Tokyo #LIQUID #eKYC #BANKIT®

Improving Online Verification for BANKIT®

In a significant move to enhance the security and efficiency of its financial platform, Liquid, a subsidiary of ELEMENTS Group, has announced the introduction of advanced online verification methods for BANKIT®, an innovative financial service offered by APLUS, part of the SBI Shinsei Bank Group. Since 2021, Liquid has partnered with APLUS to provide eKYC (Electronic Know Your Customer) solutions designed to streamline user identification processes. With the latest enhancements, Liquid is set to implement new methods of identity verification that promise to not only reduce review times substantially but also strengthen the battle against fraudulent activities such as document forgery.

New Verification Methods

The new offerings include two distinct verification approaches:
1. The IC Chip Reading Method
2. Public Personal Authentication (JPKI) Enhanced with Facial Recognition

Both methods leverage the ubiquitous IC chip reading technology and facial recognition capabilities, fostering a robust identity verification framework for BANKIT®. The first method, influenced by Japan’s Prevention of Transfer of Criminal Proceeds Act, utilizes IC chips embedded in identity documents, where users can have their photos taken alongside their documents to confirm their identity. The second method incorporates public personal authentication via the My Number Card (Juminhyou) in conjunction with facial recognition, effectively filling the gaps where fraud can occur and ensuring a more stringent verification process.

By enhancing verification methods to include facial recognition, the risks associated with third-party fraudulent applications that take advantage of just the card and PIN input are mitigated. Moreover, these improvements align with the anticipated amendments regarding the Prevention of Transfer of Criminal Proceeds Act set to take effect in April 2027, reinforcing compliance while optimizing operational efficiency.

About BANKIT®

The BANKIT® platform, developed by APLUS, serves as a financial hub that offers a suite of financial services, including payment and credit functionalities, in a flexible cafeteria-style format for partner companies. This platform allows businesses to launch their applications with integrated financial capabilities through two primary plans:

• - White Label Plan: Enabling companies to create their branded application tailored to their needs.
• - Embedded Plan: Utilizing Software Development Kits (SDK) to seamlessly integrate banking functionalities into their existing applications.

This structure allows businesses to offer customizable and efficient financial solutions to their customers, enhancing their overall service delivery.

Liquid's Identity Verification Leadership

With seven consecutive years holding the number one position in the eKYC market, Liquid's identity verification service, LIQUID eKYC, significantly simplifies online identity checks necessary for various digital transactions. It provides services that include capturing images of identity documents, reading IC chips, and comparing these with selfies taken by users. They also employ cutting-edge AI and biometric technologies to minimize process abandonment rates, a hallmark of their service approach. Their solution has supported a remarkable count of approximately 150 million identity verifications across around 700 client contracts.

Conclusion

In today’s digital economy, the strength of identity verification determines not only compliance with regulations but also the trustworthiness of the financial services ecosystem. The latest enhancements to BANKIT® provided by Liquid and APLUS reflect a proactive approach to tackling growing security concerns while aiming for seamless user experiences. As these technologies continue to evolve, they promise to redefine standards for online verification and contribute to building a secure framework for financial transactions in the years to come.

For more information on BANKIT® and Liquid’s offerings, you can visit their respective websites to explore the innovative solutions that are setting new benchmarks in the financial technology landscape.