Namutek, a Costa Rica-based FinTech startup, is now using FacePhi technology for customer onboarding on its Kash app.
The mobile app offers free peer-to-peer transactions for users in the Central America region, and is backed by Visa and Mastercard. FacePhi’s technology will be used to verify high-value transactions, with facial recognition leveraged to match end user’s selfie images to pictures of their official identity documents.
The system is already available for users in Costa Rica, El Salvador, Guatemala, Honduras, and Panama, and has already started producing results, according to Namutek FinTech Director Rey Barahona. “Since adopting these services, we have reduced manual validations by 30% and hope to continue increasing the number of automatic approvals,” he said.
FacePhi CRO Jorge Sanz, meanwhile, asserted that Namutek’s Kash integration “is a clear example that our technology can be used to help companies in all sectors identify their clients and provide them with the highest level of security in all their digital interactions.”
While the integration of the selfie-based identity verification tool is the central component of the companies’ partnership, their agreement also entails the provision of 24/7 support on FacePhi’s part, including access to a “fraud prevention team” and “behavioral monitoring” services, according to FacePhi.
The deal offers the latest sign of success for FacePhi, which recently reported a 180 percent year-over-year jump in EBITDA for the first half of 2022, and a 90 percent increase in sales.
(Originally posted on FindBiometrics)