Mizuho Bank to launch trial of facial biometrics-backed digital ID service for online banking
Mizuho Bank is launching a proof-of-concept trial of its digital ID service, which leverages facial biometrics and device location information for improved online authentication and ongoing customer due diligence (CDD).
The financial institution will work with Google Cloud Japan, which will provide technical support, Nomura Research Institute, which will develop the app and build the server system and Dai Nippon Printing Co., which provides facial recognition technology for the trial. Dai Nippon Printing will develop facial recognition functions accessed through an API and eKYC functions under the collaboration.
The trial is intended as a first step towards the establishment of infrastructure for a full-fledged digital ID service. It has also been selected for support under the FinTech Proof-of-Concept Hub initiative from Japan’s Financial Service Agency.
The need for enhanced CDD to combat money laundering and terrorism financing has been made a priority by the Financial Action Task Force (FATF), according to the announcement.
Dai Nippon Printing stuck a deal with Gemalto to use its facial biometric authentication solution for banking apps in 2018.
The trial is set to begin on May 11, 2020 and run until October 9.