#Japan #Osaka #LIQUID #eKYC #01 Bank

Online Identity Verification Transformed

In a significant advancement for digital banking services, Liquid, a firm under the ELEMENTS group headquartered in Tokyo, has launched its online identity verification service, LIQUID eKYC, for 01 Bank, based in Suita City, Osaka. This partnership not only streamlines the process of identity verification for 01 Bank's business loans but also enhances convenience and efficiency for its customers.

Understanding Liquid and 01 Bank

Liquid specializes in biometric authentication services aimed at providing safe and easy access to essential services, catering to the needs of over 8 billion individuals worldwide. Its technology facilitates seamless online identity verification through innovations such as AI and biometric recognition. Meanwhile, 01 Bank, which is set to commence its services in July 2025 after obtaining its banking license in February of the same year, focuses on serving small and medium-sized enterprises with data-driven financial solutions.

The Introduction of LIQUID eKYC

The integration of LIQUID eKYC into 01 Bank's loan application process represents a leap forward in operational efficiency. By allowing business owners to perform identity verification entirely online, the bank eliminates the traditional step of physically submitting documents. Customers can now use their smartphones to capture images of their identification documents and a selfie for immediate verification. This innovation significantly reduces the time taken from application to fund disbursement, potentially enhancing customer satisfaction.

Key Features of LIQUID eKYC

LIQUID eKYC is recognized as the top player in the eKYC market for six consecutive years, underscoring its reliability and effectiveness. The service employs various methods for confirming identity, including:

• - Taking photographs of government-issued IDs such as driver's licenses or My Number cards.
• - Reading IC chip data.
• - Comparing selfies with ID photos using advanced biometric technology.
• - Utilizing public personal authentication systems (JPKI / smartphone JPKI) to enhance security.

This flexibility also extends to age verification for student discounts and other demographic-specific services, making LIQUID eKYC a versatile tool in the digital banking landscape.

Achievements and Impact

Liquid's solutions have proven particularly effective, achieving a remarkably low dropout rate during the verification process. With approximately 130 million identity verifications completed and around 600 companies utilizing its services, LIQUID is firmly positioned as a leader in the growing eKYC industry.

The Future of Digital Banking

For 01 Bank, the implementation of LIQUID eKYC is a crucial aspect of its mission to support businesses through data-driven services. The bank aims to empower small enterprises by providing accessible financial products that eliminate unnecessary hurdles.

The innovative eKYC technology aligns perfectly with 01 Bank's vision, as it seeks to redefine how identity verification is approached in the world of digital finance. As more businesses adopt such technologies, the future promise of a smoother, more efficient banking experience is rapidly coming into focus.

About 01 Bank

Founded to meet the unique needs of small businesses, 01 Bank is driven by its philosophy of supporting commercial growth through innovative banking solutions. Located at EDGE Esaka in Suita City, the bank is spearheaded by President Masayuki Ito, who emphasizes a user-centric approach to banking.

About Liquid

Liquid is committed to creating a seamless digital experience for users, leveraging cutting-edge technology in biometric authentication and data analysis. Their goal is to ensure that every individual can access necessary services safely and easily, regardless of their circumstances. Through the ongoing development of products like LIQUID eKYC and LIQUID Auth, Liquid is setting new standards in the identification services sector.

By embracing the LIQUID eKYC service, 01 Bank shows its commitment to utilizing technology for improved customer service and operational performance, heralding a bright future for digital banking in Japan and beyond.