The Spanish company, specialized in biometrics recognition, continues with its expansion strategy in Latin America and will offer its product SelphID to this entity
FacePhi’s business volume will grow with the opening of a new market thanks to the contract it has just signed with Banco General de Panamá. This is the first time that the Spanish company, which specialises in biometrics recognition for the fintech sector, signs an agreement with a financial institution in Panama. With this strategic step, the firm strengthens its expansion in the international framework and consolidates its presence on the Latin American region, taking a further step in its growth objectives.
Through this agreement, Banco General de Panamá’s security systems will incorporate the facial recognition technology of the SelphID product, which will be used by the bank’s users to open accounts through a mobile app for the IOS and Android systems. The application of this technology brings the opportunity to offer a better user experience and also increases the level of security within the process followed when creating and managing a new account.
The operation of this technology is simple and very intuitive. With the images captured from the user, the process of creating a bank account can be started through the onboarding systems of Banco General de Panamá.With just a selfie, the users of this financial company will be able to safely open a bank account with no need to use numeric passwords.
According to FacePhi’s CEO, Javier Mira, “the Latin American market is still one of our main business hubs, where we enjoy a strong implementation of our technology that we hope to increase with new contracts. Having the support of an important and representative bank as Banco General is a fundamental step in our corporate expansion.
So far this year, FacePhi has established two new alliances with international banks in Uruguay and Argentina, respectively. In addition to these agreements, FacePhi has also collaborated as a technology partner in a project presented by CaixaBank in February to introduce its biometrics technology in the ATMs of the Spanish company.
The company’s customer portfolio currently exceeds more than 30 institutions, thus helping more than six million users use its biometrics recognition technology and allowing more than 500 million authentications over the last year. The products designed by this company have an advantage, which allows them to be applied in any operating system and which gives them a success rate of 99.998%, reducing the fraud rate to 0%.