ICONLOOP and NH NongHyup Bank Launch DID Financial Identity Verification Service
August 9, 2021, Seoul — ICONLOOP (CEO JH Kim), a leading Korean blockchain company, announced today that it is launching NH NongHyup Bank Financial Identity Verification, a DID-based real-name verification service, together with NH NongHyup Bank.
In August last year, ICONLOOP achieved Korea's first commercial deployment of a DID service in the financial sector with Shinhan Bank. Now, by providing DID real-name verification to customers who hold NongHyup accounts, the company is opening the door to the financial sector's DID era in earnest.
NH NongHyup Bank Financial Identity Verification is implemented on MyID, ICONLOOP's DID identity verification platform designated as an Innovative Financial Service by the Financial Services Commission (FSC), and the special exemption for simplifying non-face-to-face real-name verification procedures applies.
Users with a NongHyup account can obtain NH NongHyup Bank Financial Identity Verification through the MyID-based Zzeung app. From then on, every financial transaction can be completed with simple non-face-to-face real-name verification — with no separate, cumbersome steps such as mobile phone identity authentication, photographing an ID, or verifying account ownership.
NH NongHyup Bank Financial Identity Verification applies within All One Bank, NH NongHyup Bank's mobile everyday-finance platform, to the issuance and reissuance of All One PASS (the All One Bank mobile OTP) and to raising transfer limits — procedures that require non-face-to-face real-name verification.
"We expect this launch of a financial identity verification service with NH NongHyup Bank to further accelerate DID services in the financial sector," said ICONLOOP CEO JH Kim. "ICONLOOP plans to expand MyID into every field that requires identity verification, working with a range of partners so that more users can experience the convenience and security of DID technology."
"We introduced this new service to give All One Bank customers a new experience in simplified non-face-to-face real-name verification," an NH NongHyup Bank official said. "We will keep working to develop All One Bank into an everyday-finance platform that anyone can use with ease."
*Note: Key partners of MyID, ICONLOOP's DID identity verification platform
NH NongHyup Bank, Shinhan Bank, Shinhan Card, Samsung Electronics, Hanyang Securities, Orange Life, and the Jeju Special Self-Governing Province, among a total of 86 institutions and companies
###