Banco Bolivariano Chooses FacePhi for Biometric Onboarding

“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.”- Javier Mira, CEO, FacePhi

Biometric onboarding and authentication specialist FacePhi has further cemented its leading position in the Latin American market with a new agreement with Ecuador’s Banco Bolivariano.

The bank has opted to use FacePhi’s selfie-based biometric onboarding solution, the aptly named SelphID, to let end customers open new accounts through the web or mobile apps. Users will be able to confirm their identities thanks to FacePhi’s facial recognition technology, which can match their uploaded images to their official ID.

Coming soon after the announcement of FacePhi’s partnership with HSBC Uruguay, the development further establishes FacePhi’s extensive presence in Latin America, a market that CEO Javier Mira described as “booming” last autumn.

Commenting on this latest agreement, Mira called it “a reinforcement” of a business development strategy that “has allowed us to record the best economic results in our history with a 66% growth in our turnover” since 2017. “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.”

That having been said, FacePhi also has global expansion ambitions, having announced at the end of May that it was opening a new APAC-focused subsidiary headquartered in South Korea.

(Originally posted on FindBiometrics)