Banco Bolivariano selects FacePhi biometric digital onboarding technology

Jul 1, 2019 | Stephen Mayhew

Spanish biometrics company FacePhi announced today that Banco Bolivariano will deploy its SelphID facial recognition solution to enable clients to open accounts through the bank’s web channel or IOS or Android mobile app with just a selfie. FacePhi notes that it has had tech collaborations with three other financial institutions in the country since 2015.

“This agreement in Ecuador is a reinforcement of the commercial development that we have begun in the first semester of the year, a development which started on 2018 and has allowed us to record the best economic results in our history with a 66% growth in our turnover regarding 2017,” says Javier Mira, CEO of FacePhi. “We keep on considering the Latin American market as a strategic point in our corporate expansion, which is why we continue to bet on consolidating our position in this area.”

This year FacePhi has also announced partnerships with Banco General de Panamá, HSBC Uruguay and Banco Supervielle in Argentina and participated as a technology partner in a project to deploy biometrics technology in CaixaBank ATMs.

This new agreement increases the number of FacePhi customers to more than 30 financial institutions worldwide. The company reports more than six million users and more than 500 million authentications through its biometrics recognition technology over the last year.

FacePhi closed its 2018 fiscal year with a turnover increase from 2017 of 66 percent for its facial recognition and mobile biometric technologies, netting €4.48 million (US$5.03 million) and increasing its EBITDA by 49.5 percent. The company attributed its best year of performance since being founded in 2012 to the strategic international expansion plan it has developed. In May the company launched its first subsidiary in South Korea.