One Month After Introducing Financial Authentication Service, 2.2 Million New Issuances and 14 Million Authentications Recorded

[Asia Economy Reporter Song Seung-seop] Since the full-scale implementation of the Financial Authentication Service on the 10th of last month, the cumulative number of newly issued certificates has reached 2.2 million, and the number of authentications has reached 14 million.

The Korea Financial Telecommunications & Clearings Institute (KFTC) announced on the 21st, "About a month after the Financial Authentication Service was launched, the cumulative issuance exceeded 2 million, establishing itself as a major authentication method."

The Financial Authentication Service refers to a service that allows users to use certificates stored in the KFTC's cloud without installing separate applications or programs on PC or mobile environments. It features a simplified authentication process by minimizing screen transitions and clicks so that users can use it directly on the site.

Currently, most banks issue financial certificates free of charge. After issuance, they can be used for face-to-face and non-face-to-face banking tasks such as logging into bank websites, transferring funds, and subscribing to financial products. It is also available on government public institution websites, allowing use for services such as the National Tax Service's year-end tax settlement and issuance of resident registration certificates.

KFTC plans to gradually expand the application of the Financial Authentication Service. According to KFTC, the service is being introduced to electronic financial tasks of insurance companies and card companies, and some securities firms such as Eugene Investment & Securities and Samsung Securities are expected to implement the Financial Authentication Service as early as February.

KFTC is also considering adding a function to check usage history in the Financial Authentication Service. This will allow users to verify when and where the certificate was used, preventing illegal use and theft of certificates in advance. KFTC explained that if a function allowing individuals to set the usage region and time of the certificate is added within the first half of the year, customers will be able to manage their certificates proactively.

KFTC stated, "We will expand non-face-to-face electronic financial and electronic transaction services to various fields to become a customer-centered comprehensive authentication center," and added, "We plan to be evaluated as an electronic signature certification operator to provide reliable and secure authentication services to customers and user institutions."