Latest Bank Partner Solidifies FacePhi’s Panama Presence

“FacePhi has indicated that Banesco Panamá will integrate [SelphID] technology into its mobile app and desktop site, allowing customers to open new accounts from the comfort of their personal devices.”

FacePhi has solidified its position in the Panama market and in the Latin American region more broadly through a new contract with Banesco Panamá.

The bank has become the latest to embrace FacePhi’s SelphID solution, which uses facial recognition and document reading to enable the remote onboarding of customers. FacePhi has indicated that Banesco Panamá will integrate this technology into its mobile app and desktop site, allowing customers to open new accounts from the comfort of their personal devices.

The announcement comes after FacePhi made its Panamanian debut in June of this year through a contract with Banco General de Panamá, and the company says that Banesco Panamá represents its third partnership in the country. FacePhi has also established contracts in Argentina, Ecuador, Peru, and Uruguay in this year alone, pointing to its strong growth in the region.

Commenting on the new contract in a statement, FacePhi CEO Javier Mira explained that “the Latin American market is a strategic market for our corporate growth,” though he also noted that his company “recently opened the doors to the Asia-Pacific area, where we have launched our first branch in South Korea.” FacePhi launched its FacePhi APAC subsidiary in late May.

FacePhi noted in its announcement that Banesco Panamá’s parent company, Banesco International, is active in 14 countries; and it pointed out that FacePhi’s own international client portfolio now includes more than 30 banks.