South Korea’s Shinhan Bank has partnered with tech vendors Trustonic and ATsolutions to integrate and secure its one-time password (OTP) service into its mobile banking channel.
The service enhancement removes the need for Shinhan customers to carry separate tokens while increasing security levels compared to SMS-based second factor authentication.
The new solution, designed to make mobile banking simpler, faster and safer applies to Shinhan’s domestic S-Bank mobile banking application and its global S-Bank solution for its operation in Vietnam.
“We are known for innovation and want to provide our customers with secure and convenient services.” says Kil-Woo Kim, Team Manager of the Digital Channel Division at Shinhan Bank.
“For many years, consumers have needed to carry separate tokens to authenticate money transfers. In today’s digital world, this impacts the user experience and is expensive for banks to implement. With Trustonic and ATsolutions, we have been able to integrate this functionality in a secure way, enabling our customers to manage their money whenever and wherever they need to.”
The Trustonic Application Protection (TAP) solution safeguards the app’s OTP engines on any smartphone, including its secret cryptographic keys. The OTP is generated by simply clicking a button in the application when authenticating a money transfer.
“This has been a special collaboration, as we have improved the user experience while maintaining security.” says Ben Cade, CEO at Trustonic. “Consumers expect to be able to manage their lives on their smartphones and it is up to us as technologists to make that happen in a secure, scalable and user-friendly way. TAP’s ability to achieve these goals is driving huge demand from financial institutions.”
Jong Seo Kim, CEO of ATsolutions, adds: “This contract was won because of our joint work with Trustonic. By securing our OTP platform with Trustonic’s technology, we delivered a unique solution to market. It is this dedication to meeting the needs of our customers that has realised Shinhan Bank’s vision of seamless user authentication.”