FacePhi will offer its digital identity solutions to Banco Santander, as it has been chosen as one of its benchmark suppliers for the implementation of identity verification systems based on digital onboarding and authentication technology.
The promotion of this technology will make it easier for clients to open accounts and contract financial products online through a 100% digital onboarding system, which will allow users to confirm their identity in a comfortable and completely secure way from their own mobile device, through a simple selfie and a taking photo to their national identity document. Furthermore, customers will also be able to access their account and carry out transactions through a rapid facial recognition process, without relying on the usual passwords and coordinate cards.
This new option to access their accounts and services will be available to all the entity’s clients throughout 2021.
In the first instance, in the Banco Santander branches in Argentina, Chile and Uruguay. Prior to this agreement, FacePhi had already developed a first project for Banco Santander in Argentina, one of the many countries in the region where the company has a presence. In fact, FacePhi has maintained absolute leadership in the biometric sector in Latin America for years, with a strong specialization in the digitization of the banking and financial field, characterized by its high regulatory requirements.
“We are very excited to be able to tackle this challenge together with Banco Santander. The digital transformation of the banking sector cannot be understood without a clear commitment to accessibility. Banks are going to be closer to their customers, which implies providing them with a better experience and a totally secure online environment to carry out their operations, an objective for which identity verification using biometrics is showing its enormous utility”, explains Javier Mira, President and CEO of FacePhi. “The other side of the coin is the reinforced protection against fraud that biometrics provides to banking entities, which at the moment is key in the face of the change in the digital paradigm”, concludes the manager.