Digital and Contactless Acceleration... Korea Financial Telecommunications and Clearings Institute Expands Certificate Usage

[Asia Economy Reporter Song Seung-seop] The Financial Security Institute's certificate is establishing itself as a lifestyle-oriented certificate beyond the financial sector. As demand for convenient non-face-to-face services steadily increased due to COVID-19 and other factors, its usage has gradually expanded.

According to the Financial Security Institute on the 3rd, financial authentication services have recently become available for internet and mobile banking at 67 savings banks, including the Korea Federation of Savings Banks. This followed a business agreement signed with the Korea Federation of Savings Banks on the 22nd of last month. Under the agreement, users can log in, transfer funds, open accounts, and use loan services through the savings bank application by entering a 6-digit password for the financial certificate.

The financial certificate is a newly introduced electronic signature method developed by the Financial Security Institute and domestic banks to enhance reliability and convenience. Unlike the joint certificate (formerly the public certificate), it is issued and stored in a cloud storage. It does not require separate program installation and can be authenticated using a 6-digit PIN, pattern, or fingerprint. The validity period is three years, with an automatic renewal feature. Using the history inquiry function, users can check when and where the financial certificate was used over the past three months.

When it was officially launched on December 10th last year, it was mainly used for financial tasks at commercial banks and government/public institution websites. Within six months of implementation, 7.9 million certificates were issued, and the cumulative number of authentications reached 160 million. The financial certificate can be obtained for free on the websites or apps of frequently used banks.

The Financial Security Institute explained that with the introduction of the financial certificate, savings banks can now provide the same authentication experience as commercial banks. In particular, it is expected to improve financial accessibility by allowing information-vulnerable groups who have difficulty with non-face-to-face transactions to use an intuitive and simple financial authentication service.

From University Document Submission to Airplane Boarding... The Transformation of the Certificate

The financial authentication service can also be used for online certificate issuance at over 220 universities nationwide. This was made possible through a business partnership agreement between the Financial Security Institute and I&Tech, a company providing online certificate issuance services. Current students and alumni of these universities can obtain about 20 types of university certificates online through the financial certificate, including enrollment, leave of absence, graduation, and transcript certificates. This is useful when document submission deadlines for extracurricular activities, contests, or job applications are approaching, or when visiting offline campuses is difficult due to COVID-19.

Starting from the upcoming second semester, the financial certificate has also been applied to services at the Korea Student Aid Foundation. Services such as student loans and national work-study scholarship applications within the Korea Student Aid Foundation can be accessed using the financial certificate. One of the essential documents for applying to the Korea Student Aid Foundation, the resident registration certificate, can also be issued via Government24 using the financial certificate. The Financial Security Institute plans to enable login, course registration, and attendance management at domestic universities, cyber universities, and credit banks in the future.

In May, the Financial Security Institute, Korea Airports Corporation, and NH Nonghyup Bank conducted a pilot service for boarding airplanes without an ID using biometric information (palm vein) from financial companies. This is the first case of applying biometric authentication services to non-financial sectors. Customers pass through the airport's unmanned speed gate by having their boarding pass, QR code, and palm vein recognized by sensors, which is processed through the Financial Security Institute's biometric information distributed management service.

The biometric information distributed management service is a system that manages customers' biometric information such as palm veins and fingerprints in a distributed manner between financial companies and the Financial Security Institute. It is secure against hacking and allows use at other financial companies once registered with one. In the financial sector, it serves as the foundation for enabling banking transactions at counters, ATMs, and kiosks without ID cards or credit cards.

With the pilot introduction, NH Nonghyup Bank customers can board airplanes without ID at three domestic airports (Gimpo, Jeju, Gimhae) using biometric information. The Financial Security Institute explained that simplifying the check-in process increases customer convenience and reduces contact with airport staff, which is effective in preventing the spread of COVID-19. It is also expected to enhance airport security and improve the operational efficiency of domestic airports.

The Financial Security Institute aims to become a customer-centered comprehensive authentication center as the transition to an untact era with increasing digital processing accelerates. A Financial Security Institute official stated, "Once you obtain the financial certificate, you can use it not only during university life but also for year-end tax settlements, stock trading, loans, and more," emphasizing, "We will maximize its versatility so that it can be used at every moment authentication is required."

This content was produced with the assistance of AI translation services.