Samsung SDS has completed the development of a blockchain-based system that will help financial institutions in Korea facilitate ID verification processes, the IT services firm said in a press release on Monday.
A collaborative effort of the IT arm of Korean giant Samsung Electronics (KS:005930) and the Korea Federation of Banks (KFB), the BankSign tool is designed to streamline transactions in mobile and online banking. To achieve this, the platform will let users make money transfers on the apps of different banks, while being certified on only one of them.
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