How can Banks Implement secure QR codes in 2022?

Secure all generated bank documents and make it easy to validate the authenticity.

How can banks implement secure QR codes in 2022?

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It is 2022, and we still get requests from banks and their IT team on their need to generate documents with a secure QR code that would be used to validate the authenticity of the document issued by the bank. These could be for trade finance documents or cheques or account statements, as the case may be.

Solving the core problem of document verification

At Qryptal, we have been solving the problem for almost a decade with global clients.

As seen in the above diagram,

  1. An issuing bank (organization ABC) provides transaction information to a second party (P) in the form of an electronic or a printed document. These could range from checks, account statements, or on-screen confirmations.

  2. The second party (P) submits this document (in physical or digital format) directly or through intermediaries (M) to an external organization (Organization X).

  3. The external organization could be a government entity or any business or institution that needs to validate the document issued irrespective of the format (digital or physical ) and take appropriate action.

With secure QR Code technology, the external organization (X) can instantly validate the information received via an intermediary (M) or the second party (P) directly and authenticate that the information indeed came in from the bank initiating organization (ABC). Qryptal’s framework of secure information sharing between institutions via untrusted medium without needing a complex integrated system between organization ABC and Organization X.

The advantages of this

  1. It is one it is less expensive to build and maintain
  2. Provides better data security, and
  3. This solution delivers better data privacy.

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Some of the use cases in banking and insurance

  • Account Statements, Transaction Advice, Online transaction confirmations (to secure screenshots)
  • Cheques, Trade Documents, Bank Guarantees, Insurance Certificates
  • Workflow automation with audit trails: Claims & Forms Processing

Why Qryptal's Solution

  1. Better core QR technology for sensitive information:
  2. High Security and dense compression technology
  3. No central database
  4. Designed for greater scalability with modest infrastructure (millions of codes/day/)
  5. Reduces surface area for cyber attack
  6. De-centralized public key-based validation
  7. A range of secure code types like PDC, EDC, and hybrid codes for a broad spectrum of applications

How Qryptal solution is Enterprise Ready

  1. In production use since 2016 in many markets and use cases
  2. Product has gone through evaluations and security audits by demanding customers
  3. Backed by comprehensive services to help ensure project success
  4. Core technology wrapped in an easy-to-integrate solution with associated components
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