Cybernetica provides UXP for Sumitomo Mitsui Trust Bank in Japan

  • Country: Japan
  • Project timeline: 2018 - ongoing
  • Customer: Sumitomo Mitsui Trust Bank (SMTB)
  • Partner: NEC Corporation as technology partner

Project Background

Since 2018, Sumitomo Mitsui Trust Bank (SMTB) has launched consecutive proof-of-concepts (PoC) to explore Cybernetica’s Unified eXchange Platform (UXP) technology.

SMTB, the core organisation of the Sumitomo Mitsui Trust Group, is the largest trust bank and the fifth-largest bank in Japan measured by assets. It is the only Japanese bank specialising in trust banking services. As part of its new service discovery, different technologies are being explored to assess their commercialisation potential.

In addition to exploring different technologies, SMTB is interested in the business opportunities that implementing the UXP can help uncover in their domain. One of the main ideas behind this collaboration was the concept of a novel data bank solution that would connect service providers of various sectors from financial and e-health services to local governments. Several inheritance, healthcare and well-being related digital services use cases have been tested under this initiative. The long-time technology partner of SMTB, NEC Corporation, supported the local technical implementation of the project.

Over the course of 2018-2024, Cybernetica and SMTB have carried out eight different PoCs, gradually moving closer to the full concept of a data bank. The first PoCs assessed the reliability and appropriateness of the UXP technologies, while the latter ones have focused on specific use cases and add-on (consent management, data tracking etc.) functionality developments.

Between 2023-2026, SMTB intends to continue with proof-of-business (PoB) type projects to test the commercialisation potential of different UXP use cases. The first stage has already been completed with contract signed for September 2023-August 2024.

Cybernetica’s Contribution

Cybernetica, as the technology partner was responsible for implementing the latest version of UXP technology as the basis for secure data exchange in the PoCs. UXP enables the foundation for digital services and allows information systems to securely and seamlessly communicate with one another.

The first PoC focused on assessing how UXP could be used to bring additional value to the financial sector and was completed. Another PoC involved working with SMTB’s partner, NEC, to carry out a full system security audit according to FISC standard as well as a technological assessment of compliance with the legislative framework of Japanese banking. There was also a thorough investigation of the UXP Consent Management component, scalability of the platform and UXP support conditions. This PoC resulted in the creation of a Japanese market specific consent management system.

Working together on several PoCs has allowed SMTB to determine the security of the UXP, whether the UXP meets their business objectives and whether it is applicable to the Japanese market and, more specifically, to trust banking. In the scope of these PoCs, Cybernetica has provided UXP software components, consultation on e-governance, training, maintenance, and support for the UXP software, including operation of a second level support service. Since SMTB is a private company and does not have their own certification services, Cybernetica's Certification Authority and OCSP (Online Certificate Status Protocol) solutions were used in this project.

Project Impact

  • The PoCs that used UXP as an interoperability platform to connect different private businesses with local governments and end-customers in Japan, allowed SMTB to try and test the feasibility of different innovative services and business models.
  • Through the deployment of UXP Data Privacy features (e.g., Consent Management), SMTB could meet transparency and privacy needs of end-customers and adhere to the data protection requirements for financial entities.
  • UXP will enable SMTB to diversify their service offering and expand to different sectors that extend beyond the traditional financial sector. SMTB already has had a long track record of providing complete solutions to wholesale and retail customers in the form of synthesised services related to banking, asset management, and real estate. Considering the rapid ageing of the Japanese population in the era of "100-year lifespan“, the breadth and depth of services offered by a trust bank will need to broaden to include domains like healthcare and well-being.

Want to know more?

For more information about this project, see the following or get in touch!

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