The Spanish company, leading biometrics in the fintechindustry, strengthens its expansion in this country where already collaborates with three other financial institutions
FacePhi, specialized in biometrics, expands its footprint within Ecuador by signing a new agreement with Banco Bolivariano. This last commercial movement reinforces the company’s position in the Latin American country, where it has already had technological collaborations with three other financial institutions since 2015. The new agreement means the consolidation of the expansion strategy of the company in the LatAm region.
The company, based in Spain, continues increasing its turnover in the course of the first half of the year. During 2019 thefintechcompany has succeeded in achieving agreements with banks in countries such as Uruguay in March and Argentina in April. Now, the Banco Bolivariano of Ecuador is added to the alliances. With these commercial movements, the company’s customer portfolio has increased by collaborating with more than 30 financial entities worldwide.
The agreement with Banco Bolivariano will allow users to open their accounts through SelphID, a facial recognition technology which can be applied either through the web channel or on mobile phones thanks to the IOS and Android systems. Incorporating this biometric technology into the service offered by Banco Bolivariano enhances the degree of security in the process of creating a bank account, as well as improves the user experience.
As Javier Mira, CEO of FacePhi, states, “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”. “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”, Mira says.
SelphID is a digital onboarding solution which will allow Banco Bolivariano customers to open a bank account or bank product from anywhere, by only capturing the identity document on both sides and taking a selfie that can be compared to the photograph on the document. The intuitive use of this tool simplify and accelerate the user experience, since it eliminates the need to create numerical passwords when creating a bank account in order to operate from it.
FacePhi biometric technology is used by more than six million users and performs more than 500 million authentications worldwide each year. As a competitive edge over other biometric tools available in the market, the technology developed by this company has a success rate of 99.998%, making this technology practically a zero risk tool as regards fraud.
