October 25, 2014 -
FacePhi announced it has signed a deal with Costa Rican bank Grupo Mutual to install its facial recognition system in the mobile banking service.
There will be a little bit more than a month for Grupo Mutual to trial the system among its employees and clients, before it becomes fully operative in January with more than 250.000 active clients.
In its first phase, Grupo Mutual will apply the facial recognition authentication service to its mobile banking service, before moving on to the second phase where it will be extended to all the possible scenarios at the bank.
The contract is a major boost for FacePhi in its expansion plan in the Latin America market in accordance with the guidelines of the business plan, as well as marks its point of entry in the financial sector.
FacePHi is also in talks with Peru banking association Asbanc, which is comprised of 15 different banks, along with other regional institutions.
“Facial recognition technology is the most single way to ensure the passwords and access of the clients and it lets us to avoid the banking fraud by phishing, which is one of our biggest concerns,” said Juan Carlos Miranda, technological manager of Grupo Mutual.
Facephi Biometrics develops and markets facial recognition software and uses its own algorithms, with a focus on reducing fraud in accounts.
The company has a direct presence in 18 different countries, including Panama, Chile, Colombia, and Argentina.