FacePhi signs a contract for facial recognition with Banco del Sol
05 August 2019 11:30 GMT

FacePhi continues its business expansion in Argentina after signing the contract to offer its digital onboarding technology to Banco del Sol, together with its Argentinian technology partner Compusistem. The Spanish company will offer the services of SelphID, one of its reference products, which allows you to hire an account or a banking product from anywhere.

Banco de Sol is the online banking of Grupo Sancor Seguros, the leading entity in Argentina, with a history dating back to 1945, and which in 2017 fully entered in online banking with the acquisition of this banking entity. The agreement between Banco del Sol and FacePhi will allow the financial institution customers to operate with maximum security thanks to the SelphID technology in web and mobile banking services.

With this new contract signed in Argentina, FacePhi collaborates technologically with eight banking and financial institutions in the country, making Argentina the “bridgehead of our business development in Latin America, a market that continues to have growth potential and where our technological products are having a very good reception, maintaining the leadership in this market since the last years”, says Javier Mira, FacePhi CEO.

The SelphID product technology Banco del Sol will start using consists of a digital onboarding solution that allows to open an account or buy a banking product from anywhere, simply by capturing the identity document on both sides and taking a selfie being matched to the photograph of the document. The facial recognition system authenticates the user so there is no need to go to a bank branch office to open a bank account.

At the moment, FacePhi operates with more than 30 financial institutions around the world. Its security systems are used by more than six million users and, thanks to them, more than 500 million authentications have been made at 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. 

Industry Events