April 17, 2024

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CORRECTING and REPLACING swIDch Announces New, First-of-its-Kind Strategic Partnerships

Press release content from News Direct Corporation. The AP news staff was not involved in its creation.

–News Direct–

This release issued on November 11, 2021 is being replaced with the following corrected version due to multiple revisions.

The updated release reads:

swIDch Announces New, First-of-its-Kind Strategic Partnerships

Toss Bank to Apply Card-Tapping OTP Technology in Korea, while swIDch’s OTAC Technology Supports PERURI’s Digital Transformation in Indonesia

swIDch has announced that it has been selected by Toss Bank, an internet bank, to supply switch OTP (one-time password), a card-tapping OTP generation technology, that can be used even on iPhone for the first time in Korea.

Switch OTP is a technology that generates an OTP code in real-time by tapping it on the back of the smartphone. It supports user convenience and strong security functions at the same time and is regarded as one of the most advanced OTP solutions in existence. It is embedded in Toss Bank’s check cards, enabling the users of Toss Bank’s mobile app to transfer large sums of money by simply tapping the check card on the back of the smartphone.

“I am very pleased to introduce this financial service partnership and to provide OTAC-based switch OTP technology to Toss Bank, a leader of digital financial innovation,” said Chang-Hun Yoo, CEO of swIDch. “We look forward to contributing to new business development as well as various financial service authentications through this partnership with Toss Bank.”

In addition to the Toss Bank partnership, swIDch has announced that it has partnered with PERURI, the Security Printing and Minting Corporation, in Indonesia to provide its unique OTAC technology as an authentication in line with the organisation’s overall digital transformation business.

PERURI is Indonesia’s Digital Certificate Provider (DCP) issuing a digital certificate as a digital ID for every user who will conduct transactions in the digital world. The company is responsible for printing money, passports, ID cards, stamps, and revenue stamps, has been expanding its business from security printing to digital security since 2019.

With OTAC’s excellent anti-counterfeiting function, PERURI can now provide a user-friendly service by more securely and accurately digitising a range of unique information such as document issuance date and purchaser. This key strategic partnership with swIDch will enable PERURI to establish itself as a world-class business in the field of integrated security printing and digital security solutions.

About swIDch

swIDch Ltd. ( www.swidch.com ) is a cybersecurity start-up based in London. The company helps businesses to identify and authenticate its users through our patented algorithm, one-time authentication code (OTAC) that generates in a networkless environment, to tackle problems of identity theft and CNP frauds. It is a security feature for uninterrupted use of devices by combining user identification and authentication steps into one only with the dynamic authentication code. Since its foundation in 2018, the company has been chosen for the leading accelerator programmes in Europe and Asia – LORCA, Global Entrepreneur Programme, and Accenture FinTech Innovation Lab. Furthermore, swIDch gained global recognition for its innovative authentication technology, selected the winner of the “Authentication Solution of the Year” in the CyberSecurity Breakthrough Awards, the winner of the hottest Cybertech Company from Europas 2020, and the annual list of the world’s most innovative Cybertech Companies ‘Cybertech100’ two years in a row since 2020.

Contact Details

Kite Hill PR

Caroline Brunton

+1 843-693-7161

[email protected]

View source version on newsdirect.com: https://newsdirect.com/news/correcting-and-replacing-swidch-announces-new-first-of-its-kind-strategic-partnerships-557934278

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