FacePhi continues LATAM expansion with Panama bank biometric onboarding contract
Banesco Panama is the latest financial institution to select biometric facial recognition technology from FacePhi to secure its digital onboarding processes, giving FacePhi its third new contract in the country this year.
FacePhi’s SelphID will be integrated by the bank into its systems, enabling customer authentication with an ID document photo and a biometric selfie over iOS and Android apps or the bank website, for an improved user experience and higher levels of security for account opening and use, according to the announcement.
The agreement gives FacePhi an international client portfolio that includes more than 30 banks, and a strong presence in Latin America. Banesco Panama is a subsidiary of Banesco International, which has a presence in 14 countries in Europe and the Americas. During 2019, FacePhi has closed eight contract with banks in Uruguay, Argentina, Ecuador, Peru, and Panama, as well as Argentina’s Swiss Medical Group, which brings its technology to the health market.
“The Latin American market is a strategic market for our corporate growth, although we have recently opened the doors to the Asia-Pacific area, where we have launched our first branch in South Korea,” says FacePhi CEO Javier Mira. “This last contract with Banesco allows us to strengthen our activity in the Panamanian market, where we opened up the market last June.”
FacePhi says its technology has been used by more than 6 million users to perform more than 500 million authentications, with a success rate of 99.998 percent.
At last month’s Money 20/20 USA event, FacePhi demonstrated its multi-modal biometric system inPhinite, which provides facial, periocular, fingerprint, voice, and signature recognition, for what the company says is a ‘zero risk’ security system.
The company also announced it had raised more than $4 million in funding in September to fuel its international expansion.