FacePhi consolidates its presence in Argentina by signing in a new agreement with Banco de Corrientes
FacePhi continues entering into new contracts as with the agreement just undersigned with Banco de Corrientes and, with this latest operation, the firm specialized in biometric recognition, consolidates its position in the Argentine market and underpins its growth at international level, in which FacePhi has presence in more than 25 countries. This is the second contract that the Spanish company enters with an Argentine financial institution during 2020. The agreement has been formalized via the Argentine company Sigma, which becomes partner of the Spanish company.
Banco de Corrientes will incorporate biometric recognition and authentication solutions, and digital ondobarding, Selphi and SelphID, into their systems. Both tools aim to enhance the user experience and strengthen security in the financial institution's systems. Specifically, FacePhi's facial recognition technology will be used in Banco de Corrientes web and mobile banking applications as an authentication method.
Also, new clients of Banco de Corrientes will be able to digitally open a new account by using SelphID technology. This biometric digital onboarding product allows the user to sign up for a bank account or product from anywhere. For this, it is only required to take a picture of the identity document on both sides and take a selfie, which is compared on the spot with the image shown in the document.
FacePhi's biometric solutions stand out for their high efficiency in relation to fraud rates, as they reduce them to 99.998 %, which considerably reduces fraud levels to practically zero. Across the globe, more than 850 million authentications have been made with the company's recognition technology and it is estimated that more than 10 million users use it.
The CEO of FacePhi, Javier Mira, has highlighted that "despite the current and unstable economic situation that we are experiencing worldwide, we continue entering into new agreements and making our client portfolio grow”. “Argentina has always been a key market in our expansion strategy, and the closing of this contract with Banco de Corrientes makes us to scale positions in this country as a benchmark within the biometric sector, while also giving us dynamism as a company in order to continue with our growth in the Latin American market”, Mira added.
Banco de Corrientes is a financial entity that currently has more than 40 branches. Its activity is characterized by innovation in financial products and services and together with this, it seeks to boost the regional economy development, as well as providing a highly qualified service to clients.