LoginID will be providing biometric authentication services for the fintech start-up Bnext. Though Bnext is based in Spain, the company is trying to raise financial inclusion throughout the Spanish speaking world, with a particular emphasis on Latin American customers. In that regard, the company noted that people living in Spain send more than $18 billion in remittances to family members living in Latin America on an annual basis.
Bnext is hoping that the partnership with LoginID will make it easier for unbanked individuals to gain access to modern financial services. To that end, the company will be integrating LoginID’s FIDO2 SDKs into its branded mobile app. The LoginID SDKS have FIDO certification, and will enable passwordless authentication for those logging into Bnext’s service, and for those who need to authorize a transaction.
LoginID will also generate secure digital signatures and receipts for those financial exchanges. Both LoginID and Bnext are partnered with the Algorand Foundation, which is currently attempting to make blockchain technologies more accessible to the public. The Foundation gave a grant to LoginID to optimize its APIs and SDKs for the Algorand platform in October.
“LoginID understand the compliance and security requirements around financial services,” said Bnext CEO Guillermo Vicandi. “We are excited about the potential to leverage the LoginID technology to secure Bnext financial services to support our customers.”
“Bnext has focused on emerging, underserved markets with new, exciting financial services for customers,” added LoginID CEO Simon Law. “An important part of these new services will be helping provide a frictionless, secure experience that customers will feel confident in.”
LoginID recently entered the NFT space through a partnership with NFT PRO. The company has also been working to develop more secure payments technology after receiving investment support from Visa. The two parties have not disclosed the size of Visa’s contribution.