Fintech startup SSenStone (www.SSenStone.com) said on Sept. 21 that it has acquired FIDO (Fast Identity Online) certification, which is an international standard for biometric authentication.
FIDO allows identification of users online by authenticating biometric data based on users’ fingerprints, iris and face. It is a next-generation authentication technology which is safer and more convenient than the existing solutions using certificates or passwords. The FIDO Alliance was launched in 2013 to define the standards for biometric recognition technology.
SSenStone FIDO Server and SSenStone FIDO Client that SSenStone developed by utilizing its own technologies have passed the interoperability test of the FIDO Alliance held in Korea at the end of August this year to be recognized for their strong security and integrity. This is the first case that a local fintech startup with less than one-year history has obtained FIDO certification with its own technology.
SSenStone CEO You Chang-hun said, “Along with the development of a next-generation authentication technology StonePASS, the acquisition of FIDO international certification allows us to complete a middleware platform in the sector of authentication, which can implement and replace all of the existing major authenticating methods including passwords, simple authentication, OTP (one-time password), transaction singing OTP, SMS replacement, authentication between applications, and behavioral biometrics authentication.”
SSenStone will take the certificate obtaining as an opportunity to achieve multiple goals including maximizing public confidence for its own technology, providing service suppliers with cost-saving and risk-reducing effects, and creating a new market by giving users choices to opt for their preferred authentication method with greater autonomy to reinforce and control their choice.
In the meantime, the fintech startup has secured three technology patents up to date since it was established in November last year, and passed the test of Tiger Team specializing in simulation hacking. In addition, it has all finished the processes of security consulting at Financial Security Institute, security consideration at Hana Bank, and product registration at Public Procurement Service. Its security authentication solution StonePASS has been applied to Constitutional Court of Korea from July this year, while currently being under a technology review together with public institutions and financial firms.