Banco Industrial de Guatemala licenses FacePhi’s facial recognition technology

May 16, 2016 - 

Through its partner GBM, FacePhi has secured a contract to provide its facial recognition technology to Banco Industrial de Guatemala.

Banco Industrial is the eighth Central American financial services company to license FacePhi’s technology and is one of the biggest banks in Central America with locations in Guatemala, El Salvador, Honduras, and Panama.

The technology forms the basis for the authentication system on the bank’s new mobile app, which lets customers verify their identities via selfie photos.

This form of biometric authentication is becoming increasingly popular in the financial services sector, with companies like Alipay and MasterCard adopting facial recognition for user authentication.

According to a statement by the company, the deal has further contributed to FacePhi’s revenues of 1,321,000 euros (roughly $1.5M USD) as of the end of April.

Earlier this year, Banco Nacional de Costa Rica selected FacePhi`s facial recognition technology to authenticate clients using the bank’s mobile app.

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About Stephen Mayhew

Stephen Mayhew is the publisher and co-founder of Biometrics Research Group, Inc.. His experience includes a mix of entrepreneurship, brand development and publishing. Stephen attended Carleton University and lives in Toronto, Canada. Connect with Stephen on LinkindIn.