Biometric specialists FacePhi has landed a new deal with Ecuadorian financial institute Banco Bolivariano.
The move further solidifies FacePhi’s position in Ecuador, where it has already agreed collaborations with three other financial institutions since 2015, whilst also boosts its expansion strategy for the LatAm region.
Javier Mira, CEO, FacePhi, commented: “This agreement in Ecuador is a reinforcement of the commercial development that we have begun in the first semester of the year, a development which started on 2018 and has allowed us to record the best economic results in our history with a 66 per cent growth in our turnover regarding 2017.”
Banco Bolivariano customers will be able to utilise FacePhi’s facial recognition solution – titled SelphID – to open their accounts through either a web channel or on their mobile phones.
SelphID is a digital onboarding solution which compares photographs on identity documents with a selfie in realtime.
Incorporating biometrics to the banks offerings is expected to improve user experience as well as provide another level of security.
The Spainish based fintech has made clear its LatAm intentions with similar deals in countries such as Uruguay in March and Argentina in April this year.
It now boasts a customer portfolio with more than 30 financial organisations worldwide.
“We keep on considering the Latin American market as a strategic point in our corporate expansion, which is why we continue to bet on consolidating our position in this area”, Mira concluded.
