Spanish multinational financial group BBVA has signed a partnership agreement with authentication firm Nok Nok Labs.
Through the deal Nok Nok will allow BBVA to implement the new fast identity online (FIDO) standard in its mobile banking channel.
The FIDO standard, promoted by the FIDO Alliance, allows the use of alternative identification methods like facial recognition and fingerprint ID.
According to the bank, Nok Nok is providing an “interoperable solution” that has “the support necessary to adapt to industry standards and global regulations” like the European Commission’s second Payment Services Directive (PSD2).
“Traditionally, one of the biggest challenges of authentication systems has been to balance security with user experience,” says Juan Francisco Losa, BBVA global technology information security officer.
“Due to the FIDO standard, we are confident that both elements work together seamlessly to provide customers with the highest security standards, along with a transparent and agile user experience. In this way, we can improve the ability of our clients to interact with us in a more natural way.”
via FinTech Futures http://bit.ly/2RpHZfr