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Mexico’s National Electoral Institute installs Veridas facial biometrics engine

Table of contents

Introduction

This milestone allows Veridas to offer its leading video-identification solution to meet CNBV (mexican National Banking and Securities Commission) requirements..

CNBV regulatory changes in Mexico

Veridas continues to expand its international footprint, this time in the strategic country of Mexico. Together with BBVA, Veridas has integrated its facial biometrics engine in the main Mexican public institution, the National Electoral Institute (INE), in charge of issuing the credential used by Mexican citizens to prove their identity in electoral processes or when opening bank accounts.

In the latter case, Veridas video-identification technology enables financial institutions to comply with the new resolution of the National Banking and Securities Commission (CNBV) published on May 21. This resolution updates the one already published on October 12, 2020, and modifies the general provisions applicable to credit institutions for the following assumptions: 

  • Opening of Level 4 Bank Accounts.
  • Consumer loans for customers or applicants who are individuals related to Level 3 and 4 Bank Accounts.
  • Commercial loans for customers or applicants who are individuals with business activity or legal entities related to Level 3 and 4 Bank Accounts..

The deadline set by the Commission for the application to implement a system that complies with the new requirements is July 13. Before that date, the financial institutions affected by this new context must find a solution that complies with the resolution requirements. 

Veridas already offers its services to BBVA Mexico, the country’s main financial institution, among other banks, and is positioned as one of the most important identity verification providers in Latin America.

It is worth noting that Veridas’ facial biometrics engine is optimized explicitly for biometric comparison in INE credential photos and has been evaluated in verification and identification tests by the National Institute of Standards and Technology (NIST) in the United States.

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Download the guide to the new regulatory framework of the CNBV

If you want to learn more about how our video-identification solution helps you comply with the new CNBV regulatory framework, download our free compliance guide.

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