SWIFT today announced the launch of its new personal digital identity solution, SWIFT Secure Signature Key (3SKey), in the Americas. The financial messaging group first launched the product in Europe at its SIBOS conference in October in Amsterdam. 3SKey is designed to allow corporate customers to digitally sign financial messages and files sent to their multiple banks, using a single signing device. It can be used on the SWIFT network and proprietary networks or the internet. 3SKey was developed in partnership with the financial services industry and supports SWIFT's strategy to expand beyond its core messaging service with innovative products.
"Prior to the availability of 3SKey in the Americas, corporate treasurers maintained separate digital authentication tokens for each banking relationship," said Eileen Dignen, managing director, banking initiatives and accounts, SWIFT Americas. "3SKey simplifies and improves corporate treasury operations by allowing corporate treasurers to manage multiple banking relationships across multiple business lines with one SWIFT-secured identity token."
Sean Croston, executive director, J.P. Morgan Treasury Services, expressed support for the product, saying, "We are pleased to see SWIFT expand into the digital interoperability space. This is a logical step for the Cooperative that addresses a growing market demand in the Americas."
According to SWIFT, 3SKey could lower cost for corporations and their banking partners by replacing multiple digital identity tokens with one SWIFT-certified token, saving banks having to each distribute their own. The organization says its authentication product should streamline transaction processing by enabling a single, globally accepted credential for personal authentication and reduce risk by providing strong encryption. 3SKey can be used in conjunction with SWIFT's eBAM (Electronic Bank Account Management) messaging solution for personal digital signatures.
Loretta Gannon, vice president treasury services planning, strategy and innovation, BNY Mellon added, "3SKey's compatibility with eBAM is a great example of SWIFT turning strategy into action. The availability of a single-signing solution makes eBAM even more attractive as an end-to-end product for electronic bank account management, and we look forward to incorporating the benefits of 3SKey as part of BNY Mellon's continued SWIFT eBAM effort."