The company expands its client’s portfolio and increases its presence in Latin America with this new market opening.
FacePhi facial recognition technology has landed for the first time in Peru through a new contract with BCP (Banco de Crédito del Perú).Thanks to this agreement, the technology firm specialized in biometrics within the fintech field has opened a new market in Latin America, an operation that strongly consolidates its internationalization strategy in LATAM area.
So far this year, the company strategy has made it possible to add new assets to its client portfolio with financial entities from Uruguay, Argentina and Panama. Therefore, the company portfolio includes clients from other countries such as Costa Rica, Guatemala, Mexico, Argentina, Paraguay and Spain. FacePhi has recently opened its first international headquarters in South Korea, with the aim of diversifying its expansion strategy towards this potential market.
BCP customers will be able to use SelphID technology shortly. This is a facial recognition tool applied in mobile channels for IOS and Android systems, and on the website of the financial institution. Through this technology, BCP users can benefit from a better user experience, and the banking system security levels will also be reinforced.
For FacePhi CEO, Javier Mira, “we have had a very positive and a truly promising year, marked by the significant increase in our turnover in 2018.” “We keep objectively good expectations for this year: during this first semester, we have already closed several contracts in Latin America, and we hope to close some more shortly, thus continuing with our solid expansion plan,” Mira said.
The SelphID product consists of a digital onboarding solution that allows to open an account or buy a banking product from anywhere, simply by capturing the identity document on both sides and taking a selfie being matched to the photograph of the document.The facial recognition system authenticates the user so there is no need to go to a bank branch office to open a bank account.
With FacePhi biometrics technology, more than 500 million authentications are being made worldwide every year through the more than six million users who use it. As a distinctive element of this technology, its success rate stands out, as it is around 99.998%, what makes this technology a tool reducing the fraud risk to zero.
