BBVA incorporates Bizum's digital identification tool

Following this announcement, customers will be allowed to use this new method of operating online in order to streamline the processes related to registration, as well as access to their personal accounts in businesses, digital providers, and companies. 

The aim of the service also sits on eliminating the need to enter data (such as passwords or email addresses), while enabling the entire procedure to be carried out with the customer's phone number associated with Bizum. 

The new Bizum feature represents an additional solution to the already available functions for instant payments. The function was designed to make the interactions with e-merchants more simple, secure, and efficient by minimizing the information and data shared with third parties. This will allow the management of data transfer to consent, as well as facilitate the association with the payment with Bizum in all of these traders and merchants. Furthermore, the tool was developed to offer clients more control over the process of managing their data. 

Customers who already have the Bizum solution available will be given the possibility to use its new features in online stores, suppliers, and shops, without any other prior arrangements. In order to access the merchant or the online platform that they need, users will have to select the option `identify or register with Bizum`. They will instantly receive a notification from their BBVA application to confirm the process. 

While using the BBVA app, customers will be enabled to view the stores and applications the registration has made, being allowed to manage permissions over their personal data and overall privacy whenever they need to. Moreover, they will have the capability to consult all of the sites that have been accessed through the services and revoke them if necessary.  

BBVA is set to also improve the manner in which online merchants and clients integrate the Bizum service into their websites and applications, in order to leverage digital payment developments and contribute to the growth of their business. Traders can also benefit from the increase in sales through the use of digital channels, streamlining the processes for the customers, and improving their shopping experience as a whole. Fraud possibilities and multiple online threads are reduced at the same time, as records are made with only certified information, and the operating costs are cut as the tasks are delegated to Bizum. 

The Spain-based bank announced in August 2023 that it implemented a business banking service model that aimed to speed up the procedure of account opening for multinational companies when they want to expand to new countries. 

The `Cross-Border` model was developed to reduce the requirements for opening non-resident accounts while shortening the time that is needed usually to set up the new subsidiaries. 

Earlier in July, BBVA partnered with Bank Santander and CaixaBank to fight financial fraud. As mentioned in the press release published at the time, the three financial institutions were designing and building new tools and products to facilitate the sharing of information in order to combat financial crime.