Case Study: Polarify - JOINT VENTURE FOR CROSS CHANNEL BIOMETRIC AUTHENTICATION AND E-KYC

Partnering for success in Japan: passwordless authentication and digital onboarding

The challenge

Japanese service providers wanted to offer a better experience to their customers, both in customer registration for new services, i.e. digital onboarding or e-KYC and when accessing services or approving transactions. If every service provider developed their own solutions, that would introduce even more friction for customers and costly duplication of effort.

The solution

Sumitomo Mitsui Financial Group/Sumitomo Mitsui Banking Corporation, one of Japan’s largest financial groups, along with its technology partners NTT Data asked Daon to bring its technology and expertise to a new joint venture. The result is Polarify: a service that delivers cross channel secure and convenient biometric authentication and e-KYC for streamlined digital onboarding.

THE MARKET REACTION

Polarify quickly became an attractive alternative by offering best-of-breed biometric authentication and onboarding capabilities as a service within the Japan market. With Daon as its partner, Polarify delivers a future-proofed solution for customers, who include not just banks, but also some of the world’s most prestigious ecommerce and insurance companies, including Japan’s largest life insurance company.

THE E-KYC AND TRUSTED AUTHENTICATION OPPORTUNITY

Recent revisions to the Japanese Act on Prevention of Transfer of Criminal Proceeds (APTCP) and other Know Your Customer (KYC) regulations enabled Japanese companies to go digital with their customer KYC procedures and particularly to leverage facial biometrics to enable the integrity of e-KYC. Not only that, in a single process, end users can be registered in an e-KYC process and setup for trusted authentication– a market leading business innovation from Polarify that benefits all sides, while still complying with Japan’s strict regulatory requirements.