The collaboration, announced in a Thursday (Dec. 16) press release, will give customers secure and frictionless logins and transaction confirmations, digital signatures and transaction receipts.
Spanish residents send more than $18 billion in remittances every year, mostly to their family members in Latin American countries, the joint announcement said. The partnership with LoginID builds on Bnext’s strategy around creating next generation banking services.
“Working with the LoginID team was a natural fit for Bnext; they understand the compliance and security requirements around securing financial services,” said Guillermo Vicandi, CEO of Bnext, in the joint announcement. “We are excited about the potential to leverage the LoginID technology to secure Bnext financial services to support our customers.”
LoginID and Bnext are both partnered with Algorand, with Bnext announcing a relationship to support their growth of financial services for Latin America and LoginID announcing in October initiatives related to building its authentication and identity SDKs for the Algorand community.
“Bnext has focused on emerging, underserved markets with new, exciting financial services for customers,” said Simon Law, CEO of LoginID, in a recent PYMNTS interview. “An important part of these new services will be helping provide a frictionless, secure experience that customers will feel confident in. Integration of the LoginID FIDO2 SDKs is easy and will provide the strongest form of authentication for customers.”
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Related: DeFi Opens New Possibilities for Banks Willing to Embrace Change
Last month, Algorand Director of Business Solutions Giuliana Berchicci and Bnext’s Vicandi told PYMNTS that banks can take several cues from DeFi’s triple-digit growth and innovate as they respond to competitive pressures.
Vicandi told PYMNTS that the DeFi growth has shaken the core of financial services, including through a number of “unquestioned monopolies” in the delivery of commerce across myriad vertical markets.
Digital finance has “been heavily influenced by large, centralized monolithic institutions,” Vicandi said.
