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SSenStone and Toss Bank apply card-tapping OTP generation technology even on iPhone for the first time in Korea
Seoul, South Korea – SSenStone today announced that it has been selected by Toss Bank, an online only bank, to supply switch OTP, 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 just by tapping the card on the back of a smartphone. It supports user convenience and strong security functions at the same time and is evaluated as the most advanced OTP solution in existence. It is embedded in Toss Bank's check card and the users of the Toss Bank mobile application can transfer large sums of money by simply tapping the check card on the back of their phone.
One-time authentication code (OTAC), an original SSenStone technology, is applied to the switch OTP. When a user taps their card on the back of their smartphone using Near Field Communication (NFC) technology, it is possible to authenticate themselves for financial services and two-factor authentication for large remittance services at the same time.
Unlike mobile OTP, which is often used by financial service firms, there is no need to enter a PIN number. Whereas existing OTP is used only for two-factor authentication after username & password or biometric login, the OTAC applied to the switch OTP enables unique user identification with no possibility of code duplication with other users, so that financial services can be provided with the first “single-step” authentication only.
In addition, the switch OTP service of Toss Bank allows iPhone users who previously could not use a card-tapping OTP such as smart OTP. SSenStone makes it available for the first time in the industry. Now, iPhone users can use the Internet banking service more safely and conveniently.
Chang-Hun Yoo, CEO of SSenStone and swIDch, said, “I am very pleased to introduce a financial service with OTAC-based switch OTP to Toss Bank, a leader of digital financial innovation. We look forward to contributing to new business development as well as various financial service authentications through partnership with Toss Bank.”