Japanese bank to develop biometric ID software

Sumitomo Mitsui Financial Group has announced the impending launch of identification verification software based on biometrics.

Japanese bank Sumitomo Mitsui Financial Group (SMFG) is partnering with Tokyo-based, NTT and Irish biometrics company, Daon, and launching new biometric offerings across its research and development division for simplifying online payments.

SMFG has developed the project to target the Japanese government’s loosening of regulations of the use of fintech in businesses, and is expected to launch within the year. The payments platform would aim to increase transaction security for financial payments and lessen the risk of Cybercrime.

The software for the venture would be provided by Dublin-based Daon , who would incorporate their IdentityX platform and collectively invest in about 20 per cent in the fintech.

SMFG had also announced its intention to expand the venture into other businesses including e-commerce, insurance providers, and utilities companies.