Aktif Bank made a collaboration with Japanese technology company Hitachi and Mitsubishi Corporation; the bank has started operating a technology that authenticates from hand veins without the need for any additional equipment. The collaboration was announced in the Aktif Bank Head Office meeting.
With this collaboration, Aktif Bank aims for new, life-facilitating technology solutions, especially like cyber security and biometric verification, to be used in Turkey and in neighbouring countries in future periods.
The partnership will expand the use of Hitachi’s existing solutions in the field of biometric recognition and authentication technologies, crypto signing and cybersecurity solutions, as well as the VeinID-Five technology that will be launched in the near future.
Thanks to VeinID-Five technology, which does not require any special hardware and reads the hand vein of a person through the camera of devices such as computers and mobile phones, the time-consuming stages such as logging into Windows systems, remembering password, password renewal, and changing the password at intervals become easier.
VeinID-Five technology, in which showing the hand of the user with a simple wave of a hand to the camera of devices such as computers and mobile phones, leaves behind security steps such as password, SMS message, answering questions about the bank card for verification.
Solutions based on VeinID-Five technology that do not require physical contact will be available for Windows10, then iOS and Android devices in a short time. It is also planned to prepare a platform model for new customer acquisition and authentication requirements of existing customers.
“We want to present the verification work as a service.”
Serdar Sumer, the general manager of Aktif Bank, stated in the meeting that they started to use VeinID-Five technology within the company at first, and said:
‘’ We are excited to offer this technology to Turkey; it will launch a new era in the world. We aim to present VeinID-Five technology as a platform that will be at the centre of digital life in a short time.
I refer to Aktif Bank as ‘a fintech with banking licence’. Many-stage entry and approval processes can now be carried out much easier and with high security due to the help of VeinID-Five technology. We think that with our targeted platform, we will meet the identity verification requirements during remote customer acquisition and management in main sectors such as e-commerce, transportation, health, especially in the finance sector.’’
He stated that they consider this collaboration as a little bit independent from the bank and said:
‘’ Recently you can buy verification under the name of service, we also want it to be included as a service. For example, you entered an e-commerce platform; we want to provide the verification job of this platform or to do the verification work of it, to be a sub-platform or a service from the platform. That is why, as Aktif Bank, when we had this platform, we did not have any concerns that everyone would pass through here; but we want any platform or customer to receive our technological solution as a service when they need verification. “
Sumer noted that Aktif Bank employees have already started to use VeinID-Five technology and they expect the use of this technology to become widespread in 2021. He mentioned that Aktif Bank will construct the bridge combining the Japan technologies and Turkey, and that both countries have the desire to develop business in different work field and geographies.
“Remote customer acquisition is a good step.”
Serdar Sumer stated that concerns about cyber security have come to the fore recently and that they expect the technology of hand vein authentication from a phone or computer camera without the need for any additional equipment to become popular.
Upon a question about the effect of the regulation of “remote customer acquisition” on the sector and the bank, Sumer said:
It is very useful in terms of financial democratization. The combination of this with the ‘open banking’, which we see later as a draft, will open an even bigger door for us. I think the liberalization will increase the total benefit in here.
Of course, I think we will be a little cautious when we start learning. For example, I think remote customer acquisition will become even more liberal. In fact, this version is a bit conservative version… This is also very normal, with every new thing, the regulator becomes a little conservative, then a little liberalized… This is the expectation. But for Turkey, I think it’s a good step for the integration of Turkey with the world. “
‘’Turkey quickly adopts new technologies.’’
Ravi Ahluwalia, the general manager of work securities of Hitachi stated that they have been working on authentication systems for 20 years and that their technology is the best in the authentication field. He said:
‘’ Turkey quickly adopts new technologies. At Hitachi, we work with our partners to create innovative technologies that can solve problems in society and empower society. As a new technology centre, Turkey is an ideal location for the deployment of VeinID-Five. We believe that Turkey will quickly adopt this technology with the help of our partners.’’
‘’We aim at gaining new customers.’’
Kazuo Inada, the general manager of Mitsubishi Corporation Turkey emphasized the importance of the collaboration and said:
‘’ It is exciting to start this partnership with such large and reliable companies. Our common goal is to create a platform that can be used by many organizations and end users from targeted geographies.
Mitsubishi has important missions in this collaboration. We will use our long-term global experience from different industries. We want to present a platform-based business model and spread this model. In addition, we aim at gaining new customers. ‘’
source: AA / translated by Melisa Karayusufoglu