Mizuho Bank launches face ID biometrics for online banking
Japan-based Mizuho Bank is launching a proof-of-concept trial of a new biometric digital ID system, aimed at improving customer authentication on its online systems.
The Otemachi Tower, Mizuho HQ. Image source: Gungun01, Wikimedia Commons
The new ID system is being developed in partnership with Google Cloud Japan, Nippon Printing Co. and Nomura Research Institute.
According to documents posted by the bank, the trial will test out authentication based on location, cloud synching, granular access across different levels of service, and a “timely profile update” system.
Mizuho plans for the trial to be the first step in a rollout of a full-fledged digital ID system. It will run from May to October 2020.
The ID rollout is the sixth project selected by the Japanese Financial Services Agency for support under its FinTech Proof-Of-Concept Hub programme.
The scheme sees the Financial Services Agency providing “ongoing support” to fintech businesses, banks, and other organisations” conducting trials to address “relevant practical issues” in financial services.
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Mizuho Bank is the integrated retail and corporate unit of Mizuho Financial Group, itself the third-largest financial services firm in Japan.
The bank has an operating revenue of around $10 billion, and employs more than 30,000 people.
In June 2019 FinTech Futures reported that the bank had selected Oracle FS and its Flexcube system to modernise its corporate and commercial banking businesses.
