Standard Chartered introduces mobile tokens for corporate clients using its Straight2Bank platform

Maria Nikolova

The mobile token will have enhanced encryption and built-in layered security protection against malware targeting mobile applications.

Standard Chartered today announces it is introducing mobile tokens in more than 38 markets for corporate clients using its Straight2Bank platform for cash management and trade transactions.

The mobile tokens are set to remove the need for clients to carry physical tokens and are poised to allow them to secure their two-factor authentication (2FA) from their mobile phones. The Bank will roll out this new feature over the next three months, with more than 100,000 of its clients set to benefit from the new functionality.

The mobile token allows clients to self-register, reset their PIN and activate the mobile tokens instantly. Previously, the process of mailing, tracking and continuous replacement required for the physical token activation was time consuming. With the use of mobile tokens, the time taken for clients to activate 2FA reduces from more than 10 days to instantaneously.

The mobile token will have enhanced encryption and built-in layered security protection against malware targeting mobile applications, providing clients with more secure authentication. Straight2Bank users also benefit from an easier access to the platform as they can now scan in a QR code, eliminating the need to key in a one-time password.

Martijn De Jong, Standard Chartered’s Co-Head of Digital Channels & Data Analytics for Corporate, Commercial and Institutional Banking explains:

“The endgame will be to leverage physiological credentials of the user to establish user identity and continuous authentication to combat fraud. As part of our strategy to provide consistent products and services across our network, this capability is being rolled out across all our markets globally where regulations permit us to do so.”

Mobile tokens will be available to both existing and new clients, with the physical tokens continuing to function as a complement to the digital offering for existing clients until they expire or run out of battery.

Read this next

blockdag

BlockDAG Transforms Crypto Mining with X1 Beta App Launch, Raises $49.2M in Presale; SEI & BONK Developments

Uncover BlockDAG’s X1 app beta launch, reshaping mobile mining and propelling its presale to $49.2M, eclipsing BONK and SEI.

Digital Assets

Joe Biden’s campaign explores crypto donations via Coinbase

U.S. President Joe Biden’s campaign is in discussions with cryptocurrency industry players about accepting crypto donations through Coinbase Commerce, sources familiar with the matter told The Block.

Chainwire

VGX Foundation and Honeyland Partner to Offer VGX Rewards for Players

The VGX Foundation has announced a partnership with popular web3 game Honeyland, offering rewards utilizing the VGX token for their players.

Digital Assets

Terraform and Do Kwon fined $4.5 billion to settle with SEC

Terraform Labs and its co-founder Do Kwon have reached a final settlement with the U.S. Securities and Exchange Commission (SEC) regarding a fraud case, according to a court filing on Wednesday.

Retail FX

Dukascopy broadens CFD offering with Italian stocks

Switzerland’s forex bank and broker, Dukascopy has just expanded its offering to include Italian stocks and the Italy 40 Index. The new additions allow clients to access a broader range of investment opportunities in the Italian market.

Fundamental Analysis, Market News, Tech and Fundamental

Global FX Market Summary: Federal Reserve Monetary Policy, US Inflation,Eurozone June 12 ,2024

The Fed meets today to decide on interest rates. A dovish shift (keeping rates steady or hinting at cuts) is expected, weakening the US dollar and potentially boosting gold prices.

blockdag

BlockDAG Leads CoinSniper Ranking as Presale Surges to $49.2M While Cardano Shows Resilience & ApeCoin Surges

Explore BlockDAG’s #1 ranking on CoinSniper listing as presale booms to $49.2M. More on ADA’s resilience & ApeCoin’s surge.

Market News, Tech and Fundamental, Technical Analysis

Gold Technical Analysis Report 12 June, 2024

Gold can be expected to rise further toward the next resistance level 2385.00, which stopped the previous minor correction B at the start of June.

<