Sudeban pushes Venezuelan banks to adopt the Biopay system

The Superintendency of Banking Sector Institutions (Sudeban) established a schedule to include Venezuelan banks in the issuance of the BioPay system which allows transactions using biometric authentication

Sudeban met with representatives of public and private banks and with credit and debit card operators in Venezuela to continue working on the acquisition and expansion of alternative payment systems.

A press release from the financial institution states: “The BioPay service aims to provide point-of-sale functions without the need to use the physical card, validating the user’s identity through their fingerprint.”

Similarly, at the meeting the leaders of Banco de Venezuela, a pioneering bank in the use of BioPay system in the country, presented various aspects of the novel alternative, including product description, versions, current architecture and integration considerations.

First, a timetable for the incorporation of the banks was defined and adjustments will be made later to establish the necessary implementation times for the BioPay service, in accordance with the legislation issued by Sudeban.

The emerging measure goes hand in hand with the integration project of the payment operators and the creation of a national switch with the purpose of generating confidence in the citizenship at the moment of making their transactions, according to the new technologies and options offered by digital banking.


Source: Banca & Negocios

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