The Asian Banker

Bank of Tokyo-Mitsubishi UFJ selects SWIFT's 3SKey solution
Oct 03, 2013

September 18th 2013 - SWIFT, the financial messaging provider for more than 10,000 banking organisations, securities institutions and corporate customers in 212 countries and territories, today announced that The Bank of Tokyo-Mitsubishi UFJ (BTMU) has become the first Asian bank to adopt the multi-bank digital identity solution 3SKey in the region. BTMU will initially offer the solution to its corporate customers for transaction signing using personal signatures.

Eiichi Kashiwagi, General Manager, The Bank of Tokyo-Mitsubishi UFJ, commented: "We selected 3SKey in response to a strong demand from our corporate clients for personal identification on file channels. We are convinced that advanced controls and open international standards will benefit corporates, banks and the industry as a whole."

Alain Raes, Chief Executive, Asia Pacific & EMEA, SWIFT, said: "The Bank of Tokyo-Mitsubishi UFJ is the first Asian bank to adopt 3SKey in the region. This is a significant milestone in extending the global bank readiness for 3SKey and further consolidates 3SKey as the standard digital identity solution in the financial industry."

3SKey is a digital identity solution available to corporates from their banks. It enables multi-bank exchange of personal signatures and strong user access control using a single universal token across all channels (SWIFTNet, proprietary and domestic bank channels and online portals).

3SKey meets the needs of corporates and banks alike. Corporates seek to further strengthen approval processes, reduce risk for internal fraud and meet ever increasing compliance requirements. 3SKey enhances controls and traceability mechanisms with detailed information at individual level in the approval process. It enables banks to offer new services to their corporate customers as they can ensure non-repudiation and are guaranteed that only entitled individuals approve banking instructions.

SWIFT has been in Asia Pacific for over 30 years, starting in Hong Kong and Singapore. Three regional offices have been opened in Asia since 2005, bringing the total to eight commercial and support offices, as well as an Operational Central Control Centre and a new corporate services hub that opened in Kuala Lumpur earlier this year.


Re-disseminated by The Asian Banker

Categories: Technology & Operations
Keywords: BTMU, SWIFT

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