A Smarter Way for Corporate Banking Authentication

A Smarter Way for Corporate Banking Authentication

by September 26, 2023

In the wake of the pandemic that struck in 2020, businesses have been severely affected. A study by the World Bank found that one-quarter of businesses saw their sales fall by 50%.

Today, three and a half years later, businesses, especially those with international operations, are flourishing again. Digital solutions have provided a platform for businesses to shift and adapt to the ever-changing business environment.

With this digital shift, financial technology ensures that digital banking transactions can be safe and efficient. Corporate banking users can find themselves managing a high volume of transactions, taking on more payment risks than individual users.

Traditionally, hard tokens were the go-to solution for a safe and secure online transaction authorisation. But is it still the best solution moving forward?

Hard tokens are a safe solution but an expensive one to maintain

A Smarter way for corporate banking auth_vs

Hard tokens are designed to generate a random key for the accounting manager and the company head when authorising a transaction online.

These are usually managed separately with a pair of hard tokens. Although it is very safe and can only be managed locally by the owners, they have some limitations, such as high maintenance costs for the bank serving corporate users and aren’t convenient because they’re difficult to transport and could be lost.

For payments and transactions, digital banking risk management is essential to prevent fraud. Depending on different transaction types and scenarios, banks should provide and support multi-factor authentication mechanisms to manage different risk levels.

Under this demand, hard tokens are not enough for current corporate users anymore. There is need for a smarter solution.

Turning corporate banking app into a unique token keys

In today’s digital age, hard tokens are no longer the preferred solution, instead mobile apps have become essential for corporate banking users to manage their payments.

With TOPPAN IDGATE, a subsidiary of Toppan Gravity focusing on mobile authentication solutions, corporate banking can use the dynamic token in their mobile banking app to support multi-factor authentication (MFA) and enable remote approval.

But how does TOPPAN IDGATE achieve this without compromising security and user experience? It all starts with its revolutionary device-binding technology.

iDenKey device binding technology for corporate banking apps

TOPPAN IDGATE’s self-developed device binding technology iDenKey is the perfect solution for corporate banking apps.

With the help of TOPPAN IDGATE’s 3 + 1 layer protection technology, security keys are efficiently obtained and transmitted to the bank terminal.

iDenKey utilises encryption and asymmetric encryption technologies with dynamic authentication layers. Additionally, the solution is based on a combination of multi-factor authentication systems and passwords to achieve optimal security.

These multiple protection measures aim to prevent data leakages, enhance soft token security, and provide stronger security than the traditional username and password format.

Manage multiple banking accounts on one device

For companies with global branches, each transaction request issued by an account manager requires approval from a top manager or CFO.

This process typically involves hard tokens, and for businesses with multiple branches, carrying numerous hard tokens is inconvenient.

With IDGATE’s iDenKey solution, the CFO can bind each device to the mobile app, managing all approvals anytime, anywhere.

iDenKey supports multi-factor authentication, including biometrics, via a patented in-app push notification mechanism. It facilitates remote approval and ensures regulatory compliance, making it ideal for group management of corporate banking accounts.

Proven technical excellence across Asia

iDenKey’s track record speaks for itself. It was first adopted in 2014 by “China Trust Commercial Bank” in Taiwan and has since won the trust of more than five corporate banking customers across several countries, including Hong Kong, Singapore, Vietnam, Cambodia, Myanmar, Macau, and the USA.

The solution’s on-premises deployment ensures security and regulatory compliance. Moreover, iDenKey has been embedded in banking apps in more than 70% of all digital banks in Taiwan, providing a reliable and secure technological backbone.

Learn more about TOPPAN IDGATE here.