Daon, NTT considering biometrics-based joint venture with Japanese financial institutions

September 16, 2016 - 

Daon Inc. and NTT DATA Corporation have been selected by Sumitomo Mitsui Financial Group (SMFG) and Sumitomo Mitsui Banking Corporation (SMBC) to develop a multimodal biometric authentication platform. This new service will be built using Daon’s IdentityX Platform.

According to a statement announcing the agreement, the objective is to deliver benefits to clients and service providers by furnishing a mobile platform for seamless and frictionless user authentication when using and providing services.

The companies also revealed that they are considering establishing a joint venture to provide this service. The plan is to provide authentication functions for customers of other financial institutions and e-commerce companies, and internal user authentication for companies. After rolling out the service in Japan, the companies will consider expanding the service globally.

The service is expected to launch next spring, following the full-fledged consideration of this service and assuming that relevant regulatory approval is received.

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About Stephen Mayhew

Stephen Mayhew is the publisher and co-founder of Biometrics Research Group, Inc.. His experience includes a mix of entrepreneurship, brand development and publishing. Stephen attended Carleton University and lives in Toronto, Canada. Connect with Stephen on LinkindIn.