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Spanish bank signs up for FacePhi selfie biometrics to simplify loan access

Spanish bank signs up for FacePhi selfie biometrics to simplify loan access

FacePhi has provided its ID document and selfie biometric checks for onboarding to numerous Spanish customers, and for financial services companies around the word, but SoYou is the first Spanish bank to deploy the company’s technology to provide easy and transparent service access for its clients, FacePhi has announced.

SoYou, part of the Crédit Agricole Consumer Finance (CACF), provides consumer loans and financing to Spanish customers. Many of its loans are in the automotive sector.

Customers of SoYou can use FacePhi’s facial authentication and optical character recognition through the financial institution’s mobile app or website to perform identity verification in line with regulatory requirements, under the new deal.

FacePhi’s face biometrics seem to have been deployed in Spain for ATMs before, and it has been selected by the country’s airports authority for passenger and employee identity verification.

“Companies like SoYou are spearheading the digitisation of the banking and financial sectors, where the customer experience, the simplification of procedures, protection of personal data and cybersecurity are elements of vital importance,” explains Jorge Sanz, CRO of FacePhi. “Digital identity verification is the next step for the entire industry, both for the convenience it offers to users and for greater protection it provides against fraud. In the coming years, many banks will follow this path of digital transformation, where biometrics already plays a relevant role.”

FacePhi entered the Chilean market through a contract with Cencosud Scotiabank in 2021, in one of its most recent customer wins in the financial services industry.

Revelock’s continuous behavioral biometrics were integrated by FacePhi last year to better serve banks, and the Spanish government recently declared FacePhi’s biometric onboarding tools strategically important for the country’s fintech sector.

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