FacePhi signs biometric recognition agreement with Banco Supervielle
11 April 2019 12:20 GMT

FacePhi, a company specialised in biometric technology, has strengthened its expansion strategy in Argentina with a new agreement in the Latin American country.

On this occasion, the Spanish company has managed to close a new deal with Banco Supervielle, which is considered the seventh largest private bank in Argentina in terms of loans. The financial institution online and mobile banking security systems will now incorporate the security technology offered by the biometric recognition products SelphID and Look&Phi.

The company thus continues with the growth strategy developed in Argentina, which began in 2017. Since that date, FacePhi has been able to close deals with seven other entities linked to the banking and financial sector in this country. For FacePhi’s CEO, Javier Mira, “the agreement signed with Supervielle consolidates our growth in this market, and takes a further step in our internationalization strategy which has allowed us to have more than 6 million users of our technology".

The deployment of facial and ocular recognition technology by Supervielle aims to provide a better user experience, while achieving a higher degree of security in the operations performed, since these systems streamlines the process of customer identification, which facilitates the operations implementation with no need to use passwords.

The SelphID product technology, which will be integrated into Supervielle services, manages to offer access to the portals of the financial institution through images with the highest security index within the market. Just making a selfie, customers will be able to access the bank products and services portfolio. On the other hand, the Look&Phi product uses ocular biometrics to gain access through any mobile or digital application and to approve bank transactions with your eyes.

FacePhi currently operates with more than 30 financial institutions worldwide. Its security systems are used by more than six million users and, thanks to them, more than 500 million authentications have been made by the end of 2018. As a competitive advantage, the company technology lies on the development of the product, which can be applied to any operating system and integrated into banking services in record time. The efficiency of its systems registers success rates of 99.998%, which means a 0% fraud rate.