The technology company will implement its digital onboarding and authentication solutions in six countries at the same time. BAC Credomatic is one of the largest financial groups in Central America with more than 4.2 million customers, of which almost 2 million are 100% digital.
FacePhi, the leading company in technology for digital identity verification of users, has signed an agreement with BAC Credomatic that will allow customers of this financial institution to carry out different operations thanks to digital onboarding and facial authentication technology. FacePhi’s solutions will be used in bank branches in El Salvador, Guatemala, Honduras, Costa Rica, Panama and Nicaragua, a country in which the company did not yet have a presence.
BAC Credomatic customers, thanks to FacePhi’s digital onboarding technology, will be able to start the process of opening an account 100% online from anywhere, in an easy and secure way.
The process is simple. Customers will be able to take a screenshot of their ID card on both sides, which will undergo a complex security validation. Afterwards, they will have to take a selfie, which will be used for facial recognition of the user. The combination of both actions will verify the identity of the person, assuring the institution that no identity theft is taking place and providing the best user experience.
Once the user is already a customer of the financial institution, the authentication will enable them to log in to the bank’s App, perform transactions and apply for cards with just a selfie.
“We are looking forward to address this project and contribute to the innovation efforts of an entity that has already achieved that over half of its banking operations are carried out through online and mobile banking,” explained Jorge Sanz, CRO of FacePhi.
For BAC Credomatic, the agreement means to continue innovating with digital solutions for customers throughout the region, using cutting-edge technology and enhancing the security foundation in an increasingly less face-to-face world, which also faces challenges in the management of customers’ digital identities.