SWIFT has launched a revolutionary digital identity solution called 3SKey. 3SKey secures the exchange of information in banking applications, thereby enabling corporate treasurers to manage their various banking relationships using a single, multi-network personal digital identity. This reduces the complexity of managing the ever-increasing number of tokens and passwords needed to administer multiple accounts with multiple financial institutions. The solution is now ready to be deployed and the initial focus will be to roll it out in Europe.
The solution replaces the proprietary infrastructures and solutions banks currently use, and provides both banks and corporates with a market standard for personal signatures. 3SKey is compatible with SWIFTâs new EBAM (Electronic Bank Account Management) solution.
The launch follows a successful pilot in France involving major banks SociÃ©tÃ© GÃ©nÃ©rale, BNP Paribas, CrÃ©dit Agricole CIB, HSBC and BPCE, and several large companies including Danone, France TÃ©lÃ©com and Airbus.
â3SKey provides corporates and banks with a single signing solution, thereby eliminating the need to invest in multiple proprietary infrastructures,â said Luc Meurant, Head of Banking, Supply Chain and Corporate Markets, SWIFT. â3SKey eliminates the complexity of having to manage and maintain multiple authentication methods. It also increases efficiency while reducing operational risks and costs.â
Pierre Jalade, VP Treasury, Airbus SAS, said: âThe successful 3SKey pilot has been for Airbus a great opportunity to validate the SWIFT certificate solution. I am fully convinced that 3SKey is setting the new industry wide standard for personal signatures. With 3SKey, SWIFT is certainly providing, to corporate treasurers operating in an international environment, the most appropriate answer to authentication requirements.â
Martine Boutineau, Head of International Cash Management, Corporate Cash Management, SociÃ©tÃ© GÃ©nÃ©rale, said: â3SKey has helped us simplify time-consuming processes for our customers. The pilot confirmed that the banks and their corporate customers are willing to adopt the solution and create a standard for the financial industry in the digital identity space. We are already preparing to offer 3SKey to our Corporate users and not just on SWIFT but also on other networks in France.â