FacePhi reaches new agreement in Argentina with Efectivo Sí

Spanish company FacePhi, specialists in biometric identity verification solutions, has reached new agreement with Argentine financial entity Efectivo Sí, integrating its digital onboarding system onto a web platform for loans. This operation strengthens FacePhi’s presence in the South American country as an international benchmark company in its sector, listed under the dual listing formula -in the Euronext Growth market in Paris and in the BME Growth in Spain-, together with technological partner Compusistem. 

Thanks to FacePhi’s digital onboarding system, both customers and potential customers for Efectivo Sí will be able to request a loan from anywhere with total security, validating their identity with a simple selfie and by taking a photo of their identity document. 

In less than five seconds, FacePhi’s biometric system will verify the identity presented and the client or potential client will be signed up for their loan, with cybersecurity reinforced and a guarantee that there has been no case of fraud or identity theft. In addition to streamlining the loan registration procedure for the validation of the applicant’s identity in a safe and reliable way for Efectivo Sí’s current clients, this advanced biometric system will allow for a greater prospecting of the market. 

FacePhi’s digital onboarding system uses the best OCR available so that this personal identification can be carried out. It extracts the data from the identity document and compares the user’s selfie with the photograph of the document -and with government agency databases. 

Facial biometrics is one of the technologies that is enjoying extensive growth, and FacePhi continues to demonstrate success stories all over the world. Argentina is one of the countries where its products are having the best reception. Efectivo Sí is a non-bank financial institution, a leader in granting personal loans and has more than 35 years of experience in Argentina serving the financial needs of various segments.