{"id":41747,"date":"2022-09-21T10:46:34","date_gmt":"2022-09-21T10:46:34","guid":{"rendered":"https:\/\/veridas.com\/?p=41747"},"modified":"2025-02-25T00:37:33","modified_gmt":"2025-02-25T00:37:33","slug":"bbva-switzerland-digital-onboarding-biometric-signature","status":"publish","type":"post","link":"https:\/\/veridas.webgate.codes\/en\/bbva-switzerland-digital-onboarding-biometric-signature\/","title":{"rendered":"BBVA Switzerland incorporates Veridas digital onboarding and biometric signature"},"content":{"rendered":"\t\t
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BBVA Switzerland has incorporated <\/span>Veridas <\/b>digital onboarding system<\/b><\/a> and advanced biometric signature<\/a> to its digital offering<\/b>. This adds yet another use case to Veridas\u2019 strong relationship with BBVA across the globe where <\/span>more than 20 use cases<\/b> have been deployed involving the use of biometrics.\u00a0<\/span><\/p>

New Gen was an initiative launched a year ago as a complement to BBVA Switzerland\u2019s traditional private banking model. In this sense, <\/span>as BBVA states<\/span><\/a>, <\/span>armor-plating the security of identity verification was a key priority<\/b> for scaling up the business.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\u201cFor a 100% digital service like BBVA New Gen, offering a simple, secure and multidisciplinary space is critical. We are fully confident the new digital onboarding process will let us reach more people in more countries who want to invest in high-impact innovative and sustainable industries or in cryptoassets,\u201d \n\t\t\t<\/p>\n\t\t\t\t\t\t\t

\n\t\t\t\t\t\t\t\t\t\t\tAlfonso G\u00f3mez, CEO of BBVA Switzerland<\/cite>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/blockquote>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t
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Digital onboarding expands across geographies\u00a0<\/b><\/h2>

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The account opening for the New Gen product needed to match the feeling of financial freedom and security that the bank was seeking. Aimed at a new investor profile, innovation and high-tech were must have ingredients. Veridas solution for digital onboarding has more than proved its effectiveness,\u00a0 being<\/span> already implemented across BBVA\u2019s branches in <\/b>Spain<\/b><\/a>, Mexico, Colombia, <\/b>Italy<\/b><\/a>, and Uruguay.\u00a0<\/b><\/p>

The keys for its success are <\/span>simplicity, security and modularity<\/b>. This digital onboarding solution is backed by Artificial Intelligence and complies with the strictest of regulations.\u00a0<\/span><\/p>

A <\/span>wide document coverage <\/b>allows BBVA and other customers to serve their diverse client base, while providing confidence on the authenticity of identity documents with <\/span>more than 30 AI algorithms used to verify a single document.<\/span><\/a>\u00a0\u00a0<\/span><\/p>

In terms of facial recognition, <\/span>anti-deepfake and other replay attack detection<\/span><\/a> algorithms are incorporated in the system to <\/span>prevent identity theft attempts<\/b>. Veridas offers one of the <\/span>best performing engines<\/span><\/a> in the world as tested by the National Institute of Standards and Technology (NIST) on a regular basis.\u00a0<\/span><\/p>

All while providing a seamless customer experience to the end user. <\/span>The process is completely automated and guided<\/b>, taking less than a minute to complete.\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Signing documents with your face<\/b><\/h2>\n

A major achievement in this project has been the incorporation of <\/span>biometric technology for contract signing<\/b>. Thanks to the onboarding process, customers are able to <\/span>electronically<\/b> sign documents with a single click. <\/b><\/p>\n

What is happening in the background is that biometric engine converts the user\u2019s into a biometric vector, a numeric representation of their face. This vector is both <\/span>irreversible and not interoperable<\/b>, which means that it cannot be used by another system for other purposes and the original image cannot be retrieved. <\/span><\/p>\n

Once this vector is generated, it is <\/span>embedded in a <\/b>biometric QR code<\/a> <\/b>along with a time stamp and contextual data from the specific contract. <\/span>The identity of the signer can then later be checked at any given moment<\/b> by taking another selfie and comparing it with the information contained in the QR code. This <\/span>biometric QR technology is patented by Veridas<\/b> and allows for multiple use cases. <\/span><\/p>\n

Thanks to this new method, <\/span>BBVA Switzerland can get rid of One Time Passwords (OTPs)<\/b> like SMS and enable biometric authentication, offering a much more convenient user experience to its customers. <\/span><\/p>\n

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Biometrics lead the way<\/b><\/h2>\n

This new collaboration between BBVA and Veridas is clear proof of the bank’s bet on biometric technology. The Financial sector in general is deeply invested in these type of technologies as they have <\/span>proved to be both safe and optimized for user experience. <\/b><\/p>\n

Veridas continues to be one of the <\/span>main providers of these technologies in Europe and Latin America<\/b> with hundreds of customers in more than 20 countries. <\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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