FacePhi Gets Eighth Financial Services Client

Facephi has announced another major new client in the Central American financial services industry. Through partner GBM, the company has provided its facial recognition technology to Banco Industrial de Guatemala.

The technology forms the basis for an authentication system on the bank’s newly-launched mobile app, which lets customers verify their identities via selfie photos. It’s a form of biometric authentication that appears to be increasingly popular in the financial services sector, with companies like Alipay and even MasterCard adopting facial recognition for user authentication; and it’s convenient for customers, since camera-equipped smartphones are now so widespread.

Banco Industrial is the eighth financial services company to license FacePhi’s technology, with Banco Nacional de Costa Rica being another recent example. And given that Banco Industrial is one of the biggest banks in Central America with locations in Guatemala, El Salvador, Honduras, and Panama, its partnership should help to considerably solidify FacePhi’s regional presence. Moreover, FacePhi says that the deal has further contributed to its revenues of 1,321,000 euros (roughly $1,491,402 USD) at the end of April.

Source: Reuters

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May 13, 2016 – by Alex Perala

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