FacePhi will be looking to partner with more financial institutions in Spain after obtaining Pinakes certification. The company has provided identity services for Spanish banks in the past, but has previously needed to complete a separate security audit for each client to comply with Europe’s EBA/GL/2019/02 regulatory framework for financial institutions.
The Pinakes certification, on the other hand, is a single certification that clears FacePhi’s identity technology for use by any bank in Spain. The designation will negate the need for more redundant security audits, and reduce the number of hoops that FacePhi has to jump through to conduct business with financial institutions in the country.
The EBA/GL/2019/02 regulation specifically applies to third-party technology providers that take on critical operational tasks for financial institutions. Now that it has Pinakes approval, the Center for Interbank Cooperation can essentially list FacePhi as an approved supplier, which should increase its appeal with prospective clients. The Center for Interbank Cooperation is a banking association that advocates for the interests of financial institutions, and reports directly to the Bank of Spain.
The actual Pinakes evaluation is set up to measure a solution’s integrity, confidentiality, and availability. FacePhi achieved the highest possible score in all three categories, to receive a AAA overall rating that indicates that its solutions will live up to the strictest cybersecurity and data privacy standards. The company’s digital identity platform is designed to be user friendly, making it a viable option for smaller savings banks as well as large scale financial institutions.
Banco Santander selected FacePhi as its benchmark identity supplier back in August. FacePhi has since been listed as a strategic company by the Spanish Ministry of Industry, Commerce, and Tourism, and previously received the government’s National SME Award for 2020. The company has also launched a new FacePhi LATAM subsidiary to solidify its presence in the Latin American market.
March 7, 2022 – by Eric Weiss