*This is a machine-translated text of the original article.
NEC Corporation, Mizuho Bank Ltd, MUFG Bank Ltd, Sumitomo Mitsui Banking Corporation (SMBC), the Bank of Yokohama Ltd, Fukuoka Financial Group (FFG) Inc, and Polarify announced that they had agreed to provide a platform for customers’ online identity verification, i.e. an efficient and reliable digital solution.
While information such as person’s name, address, and date of birth is stored in financial institutions’ database, it can be verified using the new platform if users of financial services give their consent.
The platform developed by NEC is scheduled to start operation in June 2020, and as a first step will be used by securities companies which are required a stringent verification process.
Each party is assigned a role: five financial institutions provide customers’ data via secure API platforms; NEC builds and operates the platform; Polarify offers eKYC (electronic Know Your Customer) solutions.
While seven companies are working closely on the project, plans for the future include wider use of the platform by other financial institutions and businesses in general, and also improvement of platform accessibility and usability through cooperation with Polarify and other eKYC solutions providers.
Original Text: https://ampmedia.jp/2020/05/07/nec-25/