Mizuho Bank has begun proof-of-concept trials of Digital ID based on device location and facial recognition to improve online banking authentication and ongoing customer due diligence.
The technology test is being carried out under the regulatory FSA proof-of-concept sandbox hub, in partnership with Google Cloud, Nomura Research Institute and Dai Nippon Printing.
Among other things, the trial will use cloud syncing tech from Google to extend Digital ID to lost or unavailable devices, and to enable users to restrict handling of high-value transactions on devices to only their homes.
The online banking app is being built by NRI, with DAI Nippon Printing providing facial recognition software and e-KYC functions.
The trial run will use virtual accounts to test account opening, fund transfers, address changes, and profile update requests.
States the Bank: "With commercialisation as our goal, we will address not only technical issues but also legal and security issues and thoroughly examine the feasibility of commercialising the service."