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Mizuho Bank To Trial Digital ID With Google Cloud

– Fintech Direct

FinTech Direct Founder and Editor, Antony Peyton, reports on Mizuho Bank and Google Cloud’s collaboration to use facial recognition and location on mobile devices for digital banking identification

Peyton explains the partnership between Mizuho Bank, Google Cloud Japan, Nomura Research Institute and Dai Nippon Printing, and how the group will collaborate to design the trial, develop an online banking app and facial recognition, as well as verifying results.

"The bank believes two-factor authentication cannot completely eliminate phishing-based password theft and other types of unauthorized access. Therefore, it wants to beef up CDD [Customer Due Diligence], and combat money laundering and financing of terrorism."

Peyton reports the trial will run through the autumn of 2020, and the partners hope it will result in new Know-Your-Customer (KYC) protocols.

The idea is to help banks and fintech firms identify potential risks in terms of compliance or supervision as well as any potential conflicts in terms of the interpretation of the law

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