Spanish banking group BBVA has turned to Nok Nok Labs to strengthen its mobile banking services through biometric authentication.
The partnership will enable the lender to deploy the FIDO (Fast Identity Online) standard, which enables authentication using facial recognition or fingerprint in a secure way in place of passwords.
The standard is promoted by the FIDO Alliance, in which Nok Nok Labs is a founding member.
The tie-up with Nok Nok Labs is also said to offer the bank an interoperable solution that has the ability to comply with evolving regulatory norms including PSD2.
BBVA Global Technology & Information Security Officer Juan Francisco Losa said: “Traditionally, one of the biggest challenges of authentication systems has been to balance security with user experience.
“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.”
Developments at BBVA in 2019
BBVA has been on a digital transformation in recent years.
Last October, the bank launched its digital onboarding solution, enabling over 650,000 companies to open and manage a business account in a few clicks.
In June 2019, BBVA launched AI Factory to develop its artificial intelligence (AI) capabilities.
The bank also collaborated with hybrid cloud data services provider NetApp last year.