Mexico’s Banking Authority Announces Biometric Authentication Requirement

“The move is likely to spur a regional biometrics industry that is already highly active in the financial services sector.”

Mexico’s National Banking and Security Commission (CNBV) has issued a new regulation requiring all banks in the country to implement fingerprint scanners for clients within the next 12 months, reports Riviera Maya News.Mexico's Banking Authority Announces Biometric Authentication Requirement

Banks will be required to scan all of an individual’s fingerprints at the time of account creation and also for loan and credit card applications. The biometric data will then be matched against records held by the National Electoral Institute in an effort to confirm the individual’s identity.

For services transacted online, banks will be permitted to use facial and speech recognition technologies for identity verification purposes.

The move is likely to spur a regional biometrics industry that is already highly active in the financial services sector. FacePhi, for example, signed a deal earlier this summer to bring its selfie-based authentication system to Banco Inbursa, and in May biometrics specialist Credence ID opened a new office in Mexico City and appointed a new Director of Channel & Business Development for the Caribbean and Latin America region with a strong background in the financial services sector. More such examples are likely to materialize as the industry scrambles to comply with the CNBV’s new order.

Source: Riviera Maya News

August 31, 2017 – by Alex Perala