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SWIFT launches Secure Signature Key (3SKey) to simplify personal digital authentication across banks

SWIFT launched their personal digital identity solution, SWIFT Secure Signature Key (3SKey), in the Americas. 3SKey allows corporate customers to sign digitally 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 functionality.

SWIFT claim that the benefits of 3SKey for corporations and their banking partners include:

  • lower costs: replace multiple digital identity tokens with one SWIFT-certified token that will work with many banks across business lines, locally and on a global scale
  • efficiency gains: it streamlines transactions processing by enabling a single credential for personal authentication
  • reduced risks: enable the latest cryptographic technology, thereby reducing risks associated with authentication
  • global interoperability: it provides seamless communication across banks while each bank maintains the registration process under its own control
  • standardisation: it was designed and built on commonly used industry standards for easy and rapid integration. For example, 3SKey can be used in conjunction with SWIFT's eBAM (Electronic Bank Account Management) messaging solution for personal digital signatures.

The battle is heating up between the platform independent suppliers, e.g. IdenTrust, and SWIFT's 3SKey.

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