Leveraging advanced biometric technology, the fintech will be able to verify user identity on its Kash app.
The application allows users to make real-time money transfers that are free of charge.
FacePhi, a leader in digital user identity verification specialising in digital onboarding and biometric authentication solutions, has sealed a commercial agreement with Namutek to offer a new, safer onboarding process on its Kash mobile app.
Kash is the first Visa and MasterCard-backed mobile app (P2P or peer-to-peer) in the Central American region to offer real-time money transfers between people and credit or debit cards that are completely free of charge. Adopting FacePhi technology marks a new era in onboarding new users to Kash as it improves the user experience and reduces Namutek’s client identity validation costs.
Leveraging the FacePhi technology, Kash has elevated its security measures around high value transactions. The process is easy. They simply have to take a picture of the front and back of their identity documents, which will be subject to extensive security validation. They will then have to take a selfie which will be used for user facial recognition. The combination of these two steps verifies users’ identity, meaning Kash can be sure no identity theft has taken place.
These types of secure transfers provided by Kash are already available in Costa Rica, Honduras, Guatemala, El Salvador, and Panama. Furthermore, the app is compatible with iOS, Android, and Huawei HarmonyOS and already has more than 500,000 downloads.
“At Kash, we are constantly on the lookout for ways to improve our onboarding processes to give our users the best experience. This has led us to incorporate services from FacePhi which has the necessary fintech experience to make one of our security layers that users must complete stronger and more efficient. Since adopting these services, we have reduced manual validations by 30% and hope to continue increasing the number of automatic approvals”, explains Rey Barahona, Fintech director at Namutek.
In addition to identity veriﬁcation, Namutek users can now call upon a fraud prevention team, behaviour monitoring, and a 24/7 support team to protect user information and respond to any questions.
“FacePhi and Namutek’s integration on the Kash mobile app is a clear example that our technology can be used to help companies in all sectors identify their clients and provide them with the highest level of security in all their digital interactions”, notes Jorge Sanz, FacePhi CRO.