Thanks to the SelphID software, any worker can sign up for this salary management system with a simple selfie, which will be used to identify the applicant by comparing their biometric pattern with that of the official records
This application has taken its first steps among companies and workers located in Peru, a country where more than 50% of employees have seen their savings capacity diminished due to the impact of Covid-19
Managing a fast and guaranteed salary advance has become one of the main challenges for companies during Covid-19, due to an economic context that has pushed many workers to request advances. The streamlining of this process has taken a step forward in Latin America with the help of FacePhi and the Peruvian fintech TuSueldoYa, thanks to a mobile app capable of verifying the identity of the applicant in seconds using a facial recognition system.
This application, which will initially serve companies and workers located in Peru, has been created to allow employees early access to the part of their salary corresponding to the days already worked during the month, thus preventing them from resorting to less advantageous options such as interest-bearing loans. With the introduction of the SelphID biometric software, developed by the Spanish company and integrated by its technological partner Confirma, the management process is simplified to the maximum for both the worker and the human resources departments, since only the registration of the company on the platform and a selfie of the interested party to make the first access are required. With a simple touch, the patterns of their photo taken at the time are compared with those of their image in official records, such as the National Registry of Identification and Civil Status of Peru, providing much greater security and reliability to the entire procedure.
“In the current context, the integration of biometrics in the management of clients and citizens goes beyond generating a good user experience: it has a positive social impact,” says Javier Mira, CEO of FacePhi. “The use of facial recognition techniques is an important player in the digitization of services in Latin America, where it can already be found in applications for retirees to identify themselves as beneficiaries of a pension, in banking product management platforms or in a such innovative app as TuSueldoYa, which arises at a time when tools to help families improve their financial situation are more necessary than ever”, highlights the manager.
The introduction of facial recognition has become a pioneering advance for this type of services in Latin America, where the impact of Covid-19 has notably extended periods of confinement and limited access to income for many families. According to a recent E&Y study, in countries like Peru more than 50% of citizens have seen their income reduced and have had to resort to their own savings or external sources to obtain liquidity. A situation for which biometric technology can offer an innovative and easy-to-emulate solution in different labor markets.
This development represents a new milestone for FacePhi in Latin America, where the technology company has successfully completed more than 60 projects closely linked to the digitization of the financial and banking field, in countries such as Mexico, Argentina, Colombia, Peru or Uruguay, among others.