As the first banks to offer the solution within the region this development furthers SWIFT's strategy to enable its customers to benefit from 3SKey on a global basis.
J.P. Morgan is leveraging the solution with a multitude of clients over their proprietary web portal to promote the corporate e-banking functionality. BBVA has already implemented 3SKey in several Latin American countries including: Argentina, Chile, Mexico, Colombia, Peru and Venezuela. Santander will offer 3SKey through their global portal for corporate clients.
Sean Croston, Executive Director, J.P. Morgan Treasury Services said: "We've observed our Latin American clients requesting a secure and simple way to manage multiple banking relationships and we are pleased to offer 3SKey as a solution for the region. By providing SWIFT's single device for interoperable credential management, we are supplying our customers with improved efficiency."
Ignacio Ybarra, Head of Global Transaction Services in BBVA, said: "By partnering with SWIFT to provide our Latin American clients with 3SKey we're furthering our commitment to help build our customers' business by offering increased control of their digital identity. We are now able to offer a secure and simple way to authenticate a myriad of transactions, saving our customers time while supplying peace of mind."
Carlos Gutiérrez, Global Head of Cash Management at Santander Global Banking & Markets said: "We perceive a significant increase in Corporate demand for SWIFT based communications with banks in an aim to simplify and standardize it. 3Skey is clearly another step towards the same goal but not necessarily through a Swift exchange. We are confident it will have a strong demand from our customer base."
3SKey is a simplified signing mechanism for corporates and financial institutions. It secures the exchange of information in banking applications, enabling corporate users 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 devices and passwords needed to manage several accounts with multiple financial institutions.
Jairo Namur, Head of Latin America, SWIFT said: "The adoption of 3SKey by multiple financial institutions in Latin America demonstrates the region's need for a secure and easy way to more effectively control e-banking identity. With more than 20,000 3SKey tokens being used worldwide, Latin American firms will be able to transact easily and securely with their banking partners around the globe."
Today 3SKey is offered in more than 50 countries by 26 banking groups subscribed to the service, 45 application providers have integrated 3SKey into their solutions.