Standard Chartered will transition from physical to mobile tokens for its online corporate banking platform with expectations to benefit more than 100,000 clients in over 38 markets.
The transition will be rolled out across the markets for the «Straight2Bank» platform, which focuses on cash management and trade transactions, over the next three months.
According to the bank, «the process of mailing, tracking and continuous replacement required for the physical token activation was time-consuming». Previously, it would take 10 days to open accounts compared to instant account-opening with mobile tokens. The new tokens will also contain enhanced encryption and a built-in layer of security against malware targeting mobile applications.
Standard Chartered noted that transition from physical to mobile tokens is only the beginning of a broader strategy to «simplify user authentication and security».
The mobile token solution takes into account not just convenience, it also provides our corporate customers with a more secure solution compared to physical tokens, said Martijn De Jong, Standard Chartered’s co-head of digital channels & data analytics for corporate, commercial and institutional banking.
This is a critical first step in our aspiration to simplify user authentication and security. The endgame will be to leverage physiological credentials of the user to establish user identity and continuous authentication to combat fraud.