SAN JOSE, Calif., Feb. 26, 2019 /PRNewswire/ -- Nok Nok Labs (Nok Nok), the trusted leader in next-generation authentication today announced that its partner Hitachi, Ltd., successfully deployed the Nok Nok™ S3 Authentication Suite (NNL S3 Suite) at MUFG Bank, Ltd. (MUFG Bank), Japan's largest bank. MUFG Bank customers who are utilizing the internet banking service, now have a frictionless user experience that enables them to execute banking transactions faster and with strong security using global authentication-standards.
"Transactions using mobile devices are rapidly spreading and it is essential to support both usability and security. By combining Hitachi's abundant system development capabilities and know-how in the financial system and security related fields, and Nok Nok's globally deployed and proven FIDO certified products, we achieved this compatibility, which led to this adoption. In addition to further improvements so that users can use Internet banking securely, we will continue to expand FIDO compliant authentication services and their applications to financial institutions and other various industries." said Mr. Nobuo Nagaarashi, General Manager, Financial Information Systems 1st Division, Hitachi, Ltd.
In today's connected world, consumers need easy-to-use, safe and secure methods to execute internet banking functions, especially as the total monetary value of transactions continues to grow. In fact, the total value of Japan's financial transactions is expected to show an annual growth rate (CAGR 2019-2022) of 4.8 percent resulting in the total amount of US$184,025m by 2022.
With the NNL S3 Suite, MUFG Bank's financial services customers can authenticate to their mobile banking application using any biometrics on their iOS and Android devices. The NNL S3 Suite also provides MUFG Bank with a scalable method to authenticate users that is interoperable with their existing security environments, user friendly and increases customer security.
"We are honored that MUFG Bank, Ltd. has selected Nok Nok Labs to provide their mobile customers with peace of mind when accessing their financial data," said Nok Nok Labs' CEO Phillip Dunkelberger. "They recognize that by implementing Nok Nok Labs biometric-based authentication their customers will have a frictionless, scalable and secure authentication experience."
To learn more or to try a free demo of the NNL S3 Suite, please visit https://www.noknok.com/products/s3-authentication-suite/.
About MUFG Bank, Ltd. (MUFG Bank)
MUFG Bank, Ltd. is Japan's premier bank, with a global network spanning around 50 countries. Outside of Japan, the bank offers an extensive scope of commercial and investment banking products and services to businesses, governments and individuals worldwide. MUFG Bank's parent, Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world's leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with over 1,800 locations in more than 50 countries. The Group has over 150,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. MUFG's shares trade on the Tokyo, Nagoya, and New York stock exchanges. For more information, visit https://www.mufg.jp/english
About Hitachi, Ltd.
Hitachi, Ltd. (TSE: 6501), headquartered in Tokyo, Japan, delivers innovations that answer society's challenges, combining its operational technology, information technology, and products/systems. The company's consolidated revenues for fiscal 2017 (ended March 31, 2018) totaled 9,368.6 billion yen ($88.4 billion). The Hitachi Group is an innovation partner for the IoT era, and it has approximately 307,000 employees worldwide. Through collaborative creation with customers, Hitachi is deploying Social Innovation Business using digital technologies in a broad range of sectors, including Power/Energy, Industry/Distribution/Water, Urban Development, and Finance/Social Infrastructure/Healthcare. For more information on Hitachi, please visit the company's website at http://www.hitachi.com.
About Nok Nok Labs (Nok Nok)
Nok Nok is the trusted leader in next-generation authentication providing simple, secure, scalable methods to authenticate users and devices. Delivering the most innovative authentication solutions in the market today, Nok Nok empowers global organizations to improve the user experience to access digital services, while meeting the most advanced privacy and regulatory requirements. The Nok Nok™ S3 Authentication Suite integrates into existing security environments to deliver a cost-effective, future-proof and standards-based authentication solution. Founded in Palo Alto, CA in 2012, the company has delivered unique inventions and innovations that are protected by over 20 issued US patents and by global patents pending worldwide. As a founder of the FIDO Alliance and inventor of FIDO specifications, Nok Nok is the expert in deploying standards-based authentication, and its industry leading customers and partners include DDS, Inc., Ericsson, Fujitsu Limited, Hitachi, Intuit, Lenovo, NTT DATA, NTT DOCOMO, OneSpan, SoftBank, T-Mobile, and ThreatMetrix. For more information, visit www.noknok.com.
SOURCE Nok Nok Labs