Today In Digital-First Banking: Fondeadora Taps AU10TIX For ID Verification; Federal Reserve Reveals FedNow Specifications

In today’s top news in digital-first banking, Fondeadora said it had chosen AU10TIX to be its identity verification provider, while the U.S. Federal Reserve revealed message specifications for FedNow. Plus, the European Central Bank (ECB)’s president said a proper digital currency rollout could take years.

Fondeadora Chooses AU10TIX For Identity Verification Services

Mexican challenger bank Fondeadora announced it tapped AU10TIX to be its identity verification provider. The collaboration will provide more accessible financial services for millions of individuals in Mexico. “As Fondeadora’s demand grows, we’ve been looking across all systems to ensure our offering is resilient and ready to scale — particularly at that first touchpoint with a potential account holder, which is so critical in establishing confidence,” Fondeadora Chief Business Development Officer Miguel Gutiérrez said in a news release.

Federal Reserve Announces Message Specifications For FedNow

The U.S. Federal Reserve, on Wednesday (March 31), unveiled message specifications for its FedNow instant payments platform. The specifications, which are set by the International Organization for Standardization (ISO), frame the message flows and formats for when the service begins running in 2023. “Our adherence to the ISO 20022 standard means more opportunities for implementation across products and market segments,” Nick Stanescu, senior vice president and FedNow business executive, said in a release.

European Central Bank: Proper eCurrency Launch Could Take Years

The European Central Bank (ECB) said it could debut a cryptocurrency sometime in the 2020s but that it will take a few years to properly roll it out. ECB President Christine Lagarde said it is possible that a token could launch in the middle of the decade, providing that legislators support the effort this summer. “We need to make sure that we do it right — we owe it to the Europeans,” Lagarde told Bloomberg. “The whole process — let’s be realistic about it — will, in my view, take another four years, maybe a little more.”