Facephi brings its facial recognition technology to Bolivian banking sector

Facephi announced it has signed a four-year contract with multinational financial services group BBVA Prevision AFP’s Bolivian entity to implement its facial recognition system, initially to its pensioners and later to its users.

As a result, BBVA will increase its digitization process and become the first fund and pension administration entity in Bolivia to use a biometric recognition system.

The facial recognition system’s implementation will be executed in multiple phases to ensure a gradual and effective adoption.

First, the system will be used by employees and beneficiaries of provisions, who strongly require provide proof of their “state of life”.

Later, the remaining BBVA users will use the authentication technology to login to their mobile apps and Web, enabling them to access all data regarding their account without having to endure the long waiting lines at the offices.

The agreement marks the entry of FacePhi into the Bolivian banking sector and a significant increase in its strategic plan of internationalization.

Additionally, the operation is part of FacePhi’s overall expansion strategy, which includes a specific focus of the growth in the LATAM region.

“[These types] of agreements are of key importance to entities which have bet for the online access and need to reinforce their security systems to increase final customer loyalty,” said FacePhi president Salvador Martí. “The software we have developed will close the circle of the three security factors to make any operation to be completely secure: the card, something that the user has; the code, something that he knows; and the face, something which is unique and it cannot be usurped.”

Previously reported, FacePhi Biometrics signed a deal with Coopeservidores to install its facial recognition system for the Costa Rican financial institution’s mobile banking service.

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