BBVA Unveils the Champions of the Open Talent 2017 Identity Challenge

May 31, 2017     By : Elena Mesropyan

The world’s biggest challenge for FinTech startups – BBVA Open Talent 2017 – unveiled the first finalists for its 2017 Open Talent competitions, starting off with the key issue of identity.

BBVA Open Talent Identity competition was around identity, and how technology can lead to huge improvements for customers and clients in everything from online safety and data protection to giving people access to banking and its services in the first place.

BBVA Unveils the Champions of the Open Talent 2017 Identity Challenge BBVA Unveils the Champions of the Open Talent 2017 Identity Challenge

BBVA judges selected 10 best FinTech identity solutions to take through to the final of the Open Talent Identity challenge, which was held at the K(NO)W Identity Conference in Washington DC, USA, a three-day gathering of the world’s most influential organizations and smartest minds across all industries that have a stake in shaping the future of identity.

Company Solution From Contact
Biid Mobile identity solution using asymmetric cryptography to secure digital commerce. Spain LinkedIn
Crayonic Uses behavioral biometrics of handwriting in combination with strong cryptography to solve the industry challenge of making digital signatures as secure and usable as a pen and paper signature. Netherlands Twitter
Global Data Consortium Allows real-time identity checking in more than 30 countries by enabling businesses to plug into a single API source. USA Twitter
Electronic IDentification A solution that identifies customers in real time by video, with the same level of technical security and legal compliance as face-to-face identification. Spain
NuCypher A security and encryption platform for big data and the cloud. USA Twitter
Privakey Privakey is a universal, password-free method for consistent, convenient, and secure online user identity and authentication. USA Twitter, LinkedIn
SAASPASS Killing the password by moving beyond passwords with the only full-stack identity and access management solution USA Twitter
SBM id Protection against fraud, phishing and identity theft using voice, fingerprint, iris and facial recognition technologies. Mexico Twitter
SnapSwap SnapSwap is an EMI authorized platform that provide electronic money instruments and financial services. Products: Remote KYC and Money Messenger Luxembourg Twitter, LinkedIn
Soffid IAM Soffid brings single sign-on and identity management in one product! A tool to increase security and productivity. Spain Twitter, LinkedIn

Source: BBVA Open Talent 2017

SnapSwap – The Open Talent 2017 Identity Champion!

Among the diverse group of the finalists, SnapSwap, a Luxembourg-based compliant and automated mobile onboarding service that was founded by Denis Kiselev in 2015, won 30,000 euros when it was announced as the winner of the first of five global Open Talent competitions sponsored by Madrid-based BBVA.

BBVA Unveils the Champions of the Open Talent 2017 Identity Challenge

BBVA Unveils the Champions of the Open Talent 2017 Identity Challenge

“The judges all agreed that SnapSwap is one of the most promising FinTech startups in the world of identity,” said Head of Open Innovation for BBVA Marisol Menéndez. “SnapSwap has a solid team with a great deal of knowledge in compliance, and it has answered a common issue when it comes to identity, which is creating a compliant and convenient user identity verification experience. We’re excited to look for collaboration opportunities with them in the coming months.”

SnapSwap has been hosted by the Lux Future Lab incubator (powered by BGL BNP Paribas – one of the biggest banks in Luxembourg) since its establishment. This young and promising startup develops innovative financial products based on the blockchain technology.

The company has a great advantage holding an electronic money institution license. This allows SnapSwap to develop innovative financial products and nearly instantly push them to the European market (28 countries). Currently, there are two products which are in active development stage:

1. Gloneta money messenger (B2C product)

SnapSwap uses digital payments protocol to connect transactions layer with messaging layer in one unique solution – Gloneta. The connection with the messaging layer allows treating payment transactions as messages within unified user experience of online chat.

Thus, Gloneta is a mobile messenger with the innovative approach to P2P money transfers. The mission of the application is to serve customers with instant money transferring which is as easy and as cheap as instant messaging.

Gloneta is like WhatsApp and PayPal but it is an all-in-one product, which allows communicating with people and uploading money to an account, sending it anywhere within supported countries and downloading funds to a bank account or a card.

2. Automated Remote Onboarding in 6 minutes (B2B product)

The solution has been developed for banks, telecoms, insurance companies and other entities, which are required to collect ID information and scan users through a KYC procedure. It is a value-added service to digitize the account opening process.

It is a unique fully automated solution for onboarding customers in compliance with anti-money laundering and “know your customer” requirements remotely. Thanks to this digitization, the procedures are simplified, cost-effective, and time-saving. It allows customers to register instantly and securely. Moreover, the solution brings a renewal and a reinforcement of the customer experience. The service is fully automated end-to-end, available 24/7, and passported to 28 EU member states.

Thus, banks can allow their customers to create a new bank account without visiting a local branch. The solution is fully compliant with European requirements and is an equal substitution to traditional manual onboarding.

The remaining steps for BBVA Open Talent 2017

BBVA Open Talent FinTech for Companies

BBVA Unveils the Champions of the Open Talent 2017 Identity Challenge

  • Application Deadline: July 3
  • Finalists Announcement: August
  • Finals: September

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  • 10 finalists will participate next September in the final
  • The winner will receive €30,000 in prize money
  • An Immersion week in Madrid to meet and interact with BBVA teams and executives
  • A slot to participate in BBVA Global Summit
BBVA Open Talent Global Trends
  • Application Deadline: July 17
  • Finalists Announcement: September
  • Finals: October
  • 10 finalists will participate next October in the final
  • The winner will receive €30,000 in prize money
  • An Immersion week in Madrid to meet and interact with BBVA teams and executives
  • A slot to participate in BBVA Global Summit

BBVA Open Talent Global is the culmination event that will be celebrated to honor the winners of the biggest FinTech challenge globally:

  • The BBVA Global Summit will be celebrated next October in Madrid
  • The winners of all the competitions will participate in the BBVA Global Summit; BBVA Open Talent Identity, Artificial Intelligence, FinTech for Companies, Regional and Global Trends
  • The BBVA Global Summit winner will receive an additional €50,000 in prize money

About BBVA Open Talent 2017

For 2017, BBVA Open Talent has grown to offer more FinTech startups around the world the chance to compete and win. The competitions are focused in seven key areas: Identity, Artificial Intelligence, FinTech for Companies, Global Trends, Women in FinTech, Financial Inclusion and a regional competition for finalists from Spain, Latin America, and Turkey. The winners from each of these main areas are invited to the Open Talent Global Summit and Immersion Week held in October at the BBVA Group headquarters in Madrid. In addition to time spent networking and collaborating with BBVA executives, one finalist will win 50,000 euros.

BBVA Unveils the Champions of the Open Talent 2017 Identity Challenge

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Elena Mesropyan
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Elena Mesropyan

Global Head of Content at Let's Talk Payments
Elena is a research professional with a background in social sciences and extensive experience in consumer behavior studies and marketing analytics. She is passionate about technologies enabling financial inclusion for underprivileged and vulnerable groups of the population around the world.
Elena Mesropyan
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