Nok Nok Labs, a security platform providing online authentication solutions, has announced the successful integration of the ‘Nok Nok S3 Authentication Suite’ at MUFG Bank, Japan’s largest bank.
The integration, completed through its partner Hitachi, aims to enhance authentication security and improve UX – with biometric solutions often providing faster results for consumers.
“Transactions using mobile devices are rapidly spreading and it is essential to support both usability and security.” said Nobuo Nagaarashi, General Manager, Financial Information Systems 1st Division, Hitachi, Ltd.
“By combining Hitachi’s abundant system development capabilities and know-how in the financial system and security related fields, and Nok Nok’s globally deployed and proven FIDO certified products, we achieved this compatibility, which led to this adoption.”
Nok Nok Labs state that MUFG Bank customers who are utilising the online banking service can now execute banking transactions faster and with strong security using global authentication-standards.
Nagaarashi continued: ““In addition to further improvements so that users can use internet banking securely, we will continue to expand FIDO compliant authentication services and their applications to financial institutions and other various industries.”
In the announcement, Nok Nok Labs state the importance of easy-to-use, safe and secure methods to execute internet banking functions, especially as the total monetary value of transactions continues to grow.
The San Francisco based company support this proposition using CAGR figures that find the total value of Japan’s financial transactions is expected to show an annual growth rate of 4.8 percent resulting in the total amount of $184,025m by 2022.
“We are honored that MUFG Bank, Ltd. has selected Nok Nok Labs to provide their mobile customers with peace of mind when accessing their financial data,” said Nok Nok Labs’ CEO Phillip Dunkelberger.
“They recognize that by implementing Nok Nok Labs biometric-based authentication their customers will have a frictionless, scalable and secure authentication experience.”