The Financial Sandbox is a “Controlled Testing Space” enabled by the Government of Spain in November 2020 to promote initiatives in the fintech ecosystem with innovative technologies in a controlled manner. In many cases, these new technologies lack an established regulatory framework, so this space will help build it without slowing down the development of the projects.
In general, the initiatives are focused on improving the customer experience and the activity of supervisors.
The project led by CaixaBank, Veridas is a technology partner, aims to use biometric systems to prevent money laundering and terrorist financing, and fraud control.
The initiative also seeks to improve the efficiency of the identity verification processes of financial institutions carried out by their agents.
With this project, Veridas strengthens its position as a leading biometrics company in Spain, being the only Spanish company that meets the requirements of the National Cryptologic Center (CCN) for remote video-identification endorsed by the National Institute of Standards and Technology (NIST) with an error rate of 1.27%, less than the 5% required by the CCN. Veridas is also the only company evaluated by NIST in its Vendor Testing for 1:1 Facial Biometrics (verification), 1:N (identification), and Voice Biometrics.