The partnership is part of BBVA’s strategy to improve the security and user experience of its mobile banking services through state-of-the-art biometric capabilities.
Nok Nok —a leading developer of authentication solutions and is one of the driving forces behind the new FIDO (Fast Identity Online) standard— will provide BBVA with a series of technological capabilities. This will enable BBVA put user privacy at the center of its mobile banking services by offering secure and scalable authentication solutions, which are already being used by more than half of BBVA’s customers worldwide.
The agreement also includes the implementation of the new FIDO (Fast Identity Online) standard in BBVA’s mobile banking services, that will strengthen the security of biometric authentication systems in web and mobile applications. FIDO standard, promoted by the FIDO Alliance, allows alternative identification systems, such as fingerprint or facial recognition, to be used instead of passwords in a comfortable and secure manner.
In 2013 Nok Nok was one of the founding companies of the FIDO Alliance along with the world’s leading tech companies. Nok Nok has contributed to developing the key technical specifications and features of this new standard, which is already being used by other leading digital companies.
BBVA will take advantage of Non Nok’s interoperable solution that has the support necessary to adapt to industry standards and global regulations, such as for the European Market, Payment Services Directive 2 (PSD2) which defines minimum requirements for strong customer authentication. With this agreement, BBVA will be able to continue offering its customers innovative and agile mobile banking solutions that offer a perfect balance between user experience and security.
Juan Francisco Losa, BBVA’s Global Technology Information Security Officer commented: “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.”
Phillip Dunkelberger, CEO of Nok Nok, added: “Having a simple and robust authentication process on mobile devices is integral for protecting customer privacy. 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.”
SOURCE: Banco Bilbao Vizcaya Argentaria, S.A.