[By NBC-1TV H. J Yook]The Authentication Means Evaluation Committee of FSS (Financial Supervisory Service) has chosen PayGate as the first authentication enterprise on the 9th of this month.

The accredited certificate, currently used among electronic financial transactions, first introduced in 1999, then generalized for the settlement over 300,000 KRW. But there has been an issue pointed out that it works only under the Microsoft Internet Explorer’s Active-X environment. Additional problem is that, since the accredited certificate and name verification is limited to domestic customers, foreigners outside of Korea have fundamentally been limited purchasing amount over 300,000 KRW.

Nevertheless, since PayGate is operational on Chrome, the Google Web Browser, and Safari, it is expected there will be rapid increase of users starting this year. Yet this authentication method is used only among electronic financial transactions less than 300,000 KRW.

Mr. Lee, Dong San, the CTO of PayGate said, “Soon we will showcase our long term technical skills capable of replacing accredited certificate by strengthening non-repudiation, which is a security technology that prevents denial by proving the running of communication process.

On the one hand, The Authentication Means Evaluation Committee was established by the request from the Tribune Office of The Blue House in 2010, since it was impossible to install Active-X(Technology provided by Microsoft connecting general application program and web) on smart phones, and the usage of accredited certificate might inconvenience the electronic financial transactions based on this program, there needs to be a substitute authentication method other than that of accredited certificate.

Afterwards, The Prime Minister’s Office, Ministry of Public Administration and Security, The Financial Services Commission, The Korea Communications Commission, and The Small and Medium Business Administration made a mutual agreement with the ‘Safety Guideline of Electronic Financial Transaction Authentication Method’, enabling a new authentication method instead of accredited certificate for internet banking and electronic settlement over 300,000 KRW.