With VisionLabs Stake, Sberbank Takes First Step Toward Multimodal Biometric Platform

“In a statement announcing the deal, Sberbank asserted that its aim is to ultimately incorporate facial, voice, and retina recognition in its biometric identification platform…”

A major Russian bank is looking to build a multimodal biometric authentication platform, and has taken the first step in that direction with a new partnership with VisionLabs.

With VisionLabs Stake, Sberbank Takes First Step Toward Multimodal Biometric PlatformSberbank has proven to be an early adopter with FinTech innovations, at least when it comes to mobile payments; the company was the only Russian bank to support Apple Pay at its launch in the country, and later went on to offer support for Samsung Pay as well. Now, it has taken a 25.07 percent stake in VisionLabs, a facial recognition specialist whose technology is also being used in the new Humaniq digital banking platform, with the two companies agreeing that VisionLabs’ ‘LUNA’ biometric technology will provide the foundation of Sberbank’s identification platform, while Sberbank will support VisionLabs in other projects around the world.

In a statement announcing the deal, Sberbank asserted that its aim is to ultimately incorporate facial, voice, and retina recognition in its biometric identification platform, which will extend across its digital ecosystem. Sberbank Executive Board First Deputy Chairman Lev Khasis added that “the VisionLabs platform is a world leader, both in terms of international testing and the results of extensive internal tests and pilots carried out by Sberbank.”

The agreement was brokered with the help of venture capital firm Sistema_VC, which took the remaining stake in VisionLabs. The firm says that the structure of the agreement will ensure that VisionLabs’ founders retain control of the biometrics company even as Sberbank brings their technology to a wider market.

November 24, 2017 – by Alex Perala