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

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.