Sumitomo Mitsui Financial Group (SMFG) and Sumitomo Mitsui Banking Corporation (SMBC) have signed an agreement with NTT DATA and Daon for the commercialisation of a biometric-based identification platform.
The new services are scheduled for launch in spring 2017, following the full-fledged consideration of this service and assuming that relevant regulatory approval is received, Daon revealed in a statement.
In addition to financial intermediary services, SMFG plans to offer a smartphone application for accessing various services via biometric authentication, linking client and service provider account information. This will be built using Daon’s IdentityX platform. SMBC will bring to the table its track record in the building and management of banking systems and user authentication knowhow. Whilst NTT Data will provide online technologies expertise.
The plan is to establish a joint venture to provide the smartphone application not only for SMFG and NTT Data, but also for customers of other financial institutions and e-commerce companies, and internal user authentication for companies. After a roll-out in Japan, it will be expanded globally.