“Veridas is a joint venture between BBVA and Das-Nano that was launched in 2017, and has developed an algorithm that achieved a top-three score in NIST testing.”
BBVA is looking to expand the scope of its biometric onboarding program. BBVA was the first Spanish bank to enable digital enrollment, which is currently available in Mexico, Spain, the US, and Colombia. The technology will soon arrive in Turkey, Peru, and Argentina, before making its way to all BBVA customers by the end of 2019.
The bank’s onboarding platform uses selfie authentication tech from Veridas to verify the identities of new customers. Veridas is a joint venture between BBVA and Das-Nano that was launched in 2017, and has developed an algorithm that achieved a top-three score in NIST testing.
BBVA noted that it will be reusing old technology to bring biometric enrolment to each region, and that different locations will have access to different channels depending on local preferences and regulatory requirements. For instance, users in Colombia can open an account through the web, while those in other regions will need to download the company’s mobile app to complete the process.
“We want customers to have access to their preferred channel at any time of day or night,” said BBVA Head of Customer Solutions Gonzalo Rodríguez. “Veridas has demonstrated that they have unrivaled technology, which will now be available to our customers wherever we operate.”
BBVA hopes to introduce more mobile banking features – including loan and mortgage applications – over the course of 2020. The company has been a fierce proponent of password-free authentication, and formed Veridas in anticipation of a FinTech ecosystem built around biometric technology.
(Originally posted on FindBiometrics)