Nok Nok, BBVA partner to deliver biometric authentication for mobile banking
Nok Nok Labs has partnered with BBVA to help the multinational financial services company deliver stronger biometric security and authentication for mobile banking services and enhance user experience, the company announced.
Spain-based BBVA will be leveraging Nok Nok’s technology to distribute privacy-centered scalable authentication solutions and will implement the FIDO standard which increases biometric authentication security in web and mobile operations. The standard enables the secure use of fingerprints or facial recognition instead of traditional passwords. Nok Nok notes it was one of the founding companies of the FIDO Alliance and, with other members, has contributed to developing key technical specifications and features of this standard
Nok Nok’s interoperable solution helps BBVA adapt to industry standards and global regulations such as for the European Market, Payment Services Directive 2 (PSD2) and deliver agile mobile banking solutions for an enhanced user experience and security.
“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,” says Juan Francisco Losa, BBVA’s Global Technology & Information Security Officer.
“Having a simple and robust authentication process on mobile devices is integral for protecting customer privacy,” says Phillip Dunkelberger, CEO of Nok Nok Labs. “We are very proud to partner with BBVA and this is a fantastic collaboration for Nok Nok because it will allow us to introduce the latest innovations in authentication for customers, through a simple, transparent and secure experience. This agreement will allow us to continue expanding our international presence.”
Last year, BBVA announced the launch of a facial recognition payment system using the technology provided by its joint venture startup Veridas for its trial with restaurants at its corporate headquarters. It then added the capability to enroll self-employed people as new business customers through a remote digital process using the biometric technology developed by Veridas, and prepared to extend its biometric onboarding technology to customers around the world.