FacePhi to launch multi-biometric onboarding and authentication system for banks
FacePhi will unveil a banking authentication product which combines facial, optical, fingerprint, signature, and voice recognition to provide what the company calls a “zero risk” security system at the upcoming Money 2020 event.
The new inPhinite onboarding and authentication product combines six user identification tools developed in collaboration with the company’s technology partners. A U.S. partner worked on the 4Phingers touchless fingerprint recognition capability, a South Korean partner contributed to the SignPhi signature recognition system, and another U.S. company provides voice recognition technology for the Phivox feature. The other features include Selphi face recognition, SelphID digital onboarding, and Look&Phi periocular recognition.
“The release of this product will mean the consolidation of our position within the biometric security market in financial entities,” says FacePhi CEO Javier Mira. “We offer a product that provides a wide flexibility to potential clients when it comes to choose all the technological components of the product, or just the ones that they are interested in.”
FacePhi is currently working with 25 financial entities worldwide to provide service to more than 6 million users, and has performed 500 million authentications, according to the announcement. The system can run on all operating systems, on multiple devices, and can be integrated with bank services within 40 days. The company says its system has a success rate of 99.998 percent, which means a 0 percent fraud rate. By combining biometric services, FacePhi says it provides the highest security levels currently available to financial institutions.
The technology partners collaborating on inPhinite give it a competitive advantage, the company says. Phivox voice recognition takes less than 0.2 seconds, while SelphID leverages leading Opical Character Recognition (OCR).
Latin American financial services software developer Bantotal recently integrated FacePhi biometrics into its products.