Argentina hot for FacePhi biometrics as Banco del Sol deploys SelphID

FacePhi continues to expand its presence in Argentina with this week’s announcement that Banco del Sol will deploy its SelphID facial recognition-based digital onboarding solution to enable clients to remotely open an account or buy a banking product through the bank’s web channel or IOS or Android mobile app with just a selfie and photograph of an identity document. Banco de Sol is the online banking of Grupo Sancor Seguros.

Javier Mira, FacePhi CEO, says that Argentina is “the bridgehead of its business development in Latin America.” With this new contract the Spanish biometrics company is working with eight banking and financial institutions in the country including Banco Supervielle, ICBC Argentina, Banco Macro, Red Link and Garantizar.

FacePhi serves 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.

FacePhi is working with its Argentine technology partner Compusistem on the Banco del Sol project.

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