KFTC Launches First Simple Authentication Service for Businesses

Issuable at Most Banks Throughout 2022

[Asia Economy Reporter Park Sun-mi] The Korea Financial Telecommunications & Clearings Institute (KFTC) is launching the first simplified authentication service for business operators in Korea.

On the 10th, KFTC announced that it will expand its financial authentication service (YESKEY) to business operators, providing the country's first simplified authentication service for businesses.

Business operators can obtain and use financial authentication certificates for business transactions from Gyeongnam Bank, Kookmin Bank, Industrial Bank of Korea, Korea Development Bank, and Saemaeul Geumgo. Most banks, including Toss Bank, will sequentially issue certificates in the first quarter of next year and apply them to corporate banking. Additionally, starting from the 13th, the service will be available for Seoul City eTax and the National Pension Service, with plans to expand usage to major government civil service tasks throughout 2022.

The financial authentication certificate is issued after thorough verification of the business registration certificate and the identity of the business representative or authorized delegate by financial institutions. Users can access the cloud using their preferred method, either mobile phone authentication or OTP. Only individuals authorized by the certificate issuer can use the certificate, and settings such as certificate usage time and blocking overseas use can be configured to prevent unauthorized use abroad outside business hours.

A KFTC official stated, "The business financial authentication service is a customized authentication service designed to allow business customers, who frequently conduct high-risk transactions such as large fund transfers, to use it safely and conveniently." He added, "Following the amendment of the Electronic Signature Act, the simplified authentication service, which was previously provided only to individual customers, will now be expanded to business customers, meeting the needs of business clients who were previously underserved in the authentication market."