Todd Shollenbarger, COO of Veridium

Todd Shollenbarger, COO of Veridium

Dutch mobile-only challenger bank Bunq is using Veridium’s hand recognition software for its new app.

The app will now use VeridiumID and its software, 4 Fingers TouchlessID. With their collaboration, Veridium and Bunq say this is a “world first” for “safe” mobile banking.

Todd Shollenbarger, COO of Veridium, calls Bunq’s banking platform a “market disruptor”.

By capturing all four fingerprints at once, 4 Fingers has a “higher level of precision and reliability for authentication than other biometrics such as face, voice or a single fingerprint”.

Banking Technology contacted Bunq about its underlying systems.

A spokesperson says the bank’s core platform was built fully in-house, from scratch. Bunq’s strategy is to build key software itself – “to be fully independent”.

The spokesperson adds that Veridium is “one of the few” third party software suppliers that it collaborates with.

Amsterdam-based Bunq was founded in 2013 and has 70 “bunqers” (i.e. employees). It received its licence in 2015 and opened for business in November that year. The bank’s founder, Ali Niknam, says Bunq will become “the WhatsApp of paying each other”.

US firm Veridium has offices in Boston and New York; Oxford (UK) and London; Houten, Netherlands; and Bucharest and Timisoara, Romania. It was also founded in 2013.