Spanish banking group BBVA has partnered with IMDEA Software Institute to research and develop advanced cryptographic techniques to create data-based digital solutions.

The partners have formed a joint framework to study cryptographic technologies.

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The data-based digital solution is expected to protect the privacy and security of users’ financial data.

BBVA research and patents head Carlos Kuchkovsky said: “There is a growing need to develop technological solutions that allow us to protect the information we share when consuming digital services in our everyday lives.”

In recent weeks, cyber-attacks are on the rise as the use of digital banking channels has increased due to the Covid-19 lockdown.

IMDEA Software Institute specialises in the space of privacy-enhancing technologies (PET) and its partners are currently studying the ‘zero knowledge proofs (ZKP)’ technology.

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This technology uses algorithms, protocols and encryption systems which allow financial data to be shared without exposing the information to third parties.

The ZKP technology can be used to develop authentication systems that do not require personal data for verifying identity, thus protecting users’ information.

BBVA and IMDEA are working on testing the technology on a series of real use cases identified in the financial sector.

To do so, the partners will develop and incorporate possible prototypes in the digital products and services offered to BBVA customers.

IMDEA Software Institute postdoctoral researcher Antonio Faonio said: “In recent years, we have seen enormous advances that could make cryptographic techniques applicable to some practical scenarios, but several challenges remain: the efficiency and integration in larger systems, among others.”

IMDEA associate professor and researcher Dario Fiore added: “This collaboration could help us and the scientific community to transfer this technology to relevant industrial actors and to identify the problems that must be addressed to reach this goal.”