[Seoul, Korea] Raonsecure, a leading provider of biometric mobile security based on Fast Identity Online (FIDO) standards; and Infinitium, a leading online electronic payments and authentication solutions provider in Asia, announced August 30, a formal strategic alliance to bring together global standards and best practices in biometrics authentication and digital payments. The partnership will combine Raonsecure’s domain expertise in the field of biometric authentication with Infinitium’s electronic payment offerings that are already deployed in Asian markets, adding enhanced security value besides enabling new types of jointly developed products.
Lee Soon-hyung, Chief Executive Officer of Raonsecure, said in his speech, “As the leading provider of FIDO-based biometric solution in Korea, we are pleased that this alliance has forged important collaboration of best practices that enables Raonsecure to expand our regional market reach. The purpose of FIDO-based biometric authentication is to increase the level of security for both the relying organization as well as the end-user, with an added benefit of providing consumers with greater convenience and user experience.”
The alliance signifies another expansion milestone for Raonsecure’s FIDO-based authentication solution into the regional markets, as Infinitium adopts biometric authentication within its products and services, thus pave the way for an emerging methodology for payments and stronger security in the region.
Ho Ching Wee, Chief Executive Officer of Infinitium, said in his speech, “Our collaboration will allow us to improve technology solutions such as Infinitium’s two-factor authentication product with Raonsecure’s biometric platform to enhance security and protect the financial information and identity of consumers. By adding a third authentication factor of “who you are”, this will arm financial institutions and users with the ability to utilise biometrics in multi-factor authentication for faster and more secure identity verification process. This is expected to propel the adoption of biometrics within the regional markets, and further deepen Infinitium’s already established market footprint of more than 40 banks and over 180 million cardholder base within Asia.”
Addressing growing trends in the industry, biometric authentication security will form one of the central pillars of the partnership. The partnership will offer a range of different services to clients, the first of which will be launched as early as the first quarter of 2018. For the first initiative, Infinitium will adopt Raonsecure’s biometric authentication platform to enhance Infinitium’s two-factor authentication (2FA) products and extend its strong authentication capabilities.
Biometrics and the Future of Secured Payments
The global explosion of digital and mobile payments is driving the need for a more secure authentication system. Technological advances continue to challenge banks and financial service providers to migrate to new authentication systems that meet the twin objectives of tightening payment security and improving user experience. Biometrics related to payments is about ways to enhance authentication, and among the core drivers around it are about increasing usability and provide a better customer experience, while at the same time reducing fraud.
Currently, adoption of biometrics solutions is happening across two forms of payment – mobile and online. Biometric technology is used alongside other security protocols for multi-factor authentication (MFA) as a secure way of verifying the account holder’s identity. MFA security methods include the fusion of things like “what you know”, such as a PIN or a password; “what you have”, like a mobile phone or One-Time Password (OTP); and “who you are”, say a fingerprint or voice recognition.
While Korea has in many ways pioneered strong authentication technologies particularly with the FIDO-based biometric authentication, the rise of this technology is now seen in the Asia Pacific region, as biometric authentication becomes incorporated in payments processing for increased payment security and enhanced user experience. As biometric authentication becomes readily available for the regional markets, it is set to take e-commerce to new heights given the impact on every aspect of the ecosystem.
From an end-user perspective, greater convenience for consumers leads to fewer refused transactions, and better security for peace of mind. Stronger authentication support increases non-repudiation and anti-fraud capabilities for Issuing Banks and Acquiring Banks, whereas product and service innovations is made possible for Merchants and Fintech players to offer better security and user experience for end-users.
Raonsecure Co Ltd (Raonsecure) is one of Korea’s leading ICT security software companies – providing a variety of PC and mobile security solutions to financial institutions, government, and enterprise both on premise as well as in the cloud. Raonsecure supplies security products and solutions, as well as ICT security consulting services to more than 500 customer organizations and its products are used by more than 30 million users.
Joining the FIDO Alliance in 2015, Raonsecure launched its TouchEn OnePass biometric authentication solution with the first group of certified FIDO products in May, 2015. Since that time, it has deployed biometric authentication for numerous banks and financial services institutions in Korea. The company has also expanded internationally, with offices in the USA in San Jose, CA and Austin, TX.
Infinitium Group of Companies (Infinitium) is a regional payments solution provider specialising in a multitude of end-to-end solutions in electronic payments and authentication services for Internet and mobile applications. Starting out as a private limited company in Kuala Lumpur, Malaysia, the company has grown into a group of companies providing a multitude of end-to-end solutions for online ventures in various sectors. Today, the company has expanded into Asia with businesses in Singapore, Indonesia, India, Thailand and the Philippines.