FacePhi certified for cybersecurity compliance for all Spanish banks
Spain’s FacePhi has been certified by a Spanish banking association for its cybersecurity and information security credentials, which qualifies FacePhi as a technology provider to any Spanish bank or financial institution without a dedicated security audit by each one.
In a news release, the face biometrics provider states that it obtained the Pinakes certification, which links it to the supply chain of the Center for Interbank Cooperation. The Center is a banking association that “that promotes and develops ideas of interest to the sector,” and reports to the Bank of Spain, the country’s central bank.
As part of Pinakes, FacePhi’s security was assessed for integrity, confidentiality, and availability. FacePhi reports it received an AAA rating, or the highest possible score achievable. The high rating assures Spanish financial institutions that FacePhi’s Digital Identity Platform can offer the highest level of compliance with information security and cybersecurity, it says.
Pinakes adheres to an EU regulatory framework known as ‘EBA/GL/2019/02,’ which obliges European financial institutions to perform security audits of outsourced technology providers that carry out operational and control functions. FacePhi says that Pinakes certification therefore enables companies to go from executing an audit per client to one single certification used by all Spanish banks.
FacePhi has made gains in the Spanish financial and banking sector, offering its biometric and ID verification checks to banks like SoYou and being declared a ‘strategic asset’ for Spain’s fintech industry by the Ministry of Industry.