FacePhi Provides Biometric Onboarding for Argentina’s Banco de Corrientes

FacePhi is continuing to make inroads in the Argentinian market. The facial recognition specialist has announced that it will be providing biometric onboarding and authentication for the country’s Banco de Corrientes, as part of a deal that came about through a broader partnership with the Argentinian company Sigma.

FacePhi’s Selphi and SelphID technology will allow Banco de Corrientes users to log into the bank’s web and mobile applications using only a facial recognition scan. SelphID will also enable the remote onboarding for new customers, who will be able to sign up for an account with only a selfie and front-and-back photos of their official government ID. The solution will compare the selfie to the photo on the ID to verify the identity of the person opening the account.  

Banco de Corrientes is the second Argentinian financial institution to integrate FacePhi’s services in 2020, after Santander Argentina formed a similar partnership with the company back in February. FacePhi itself now has nearly a dozen financial partners in the country, in addition to an extensive clientele throughout the rest of Latin America.   

“Despite the unstable economic situation we are experiencing worldwide, we continue entering into new agreements and making our client portfolio grow,” said FacePhi CEO Javier Mira. “Argentina has always been a key market in our expansion strategy, and the closing of this contract makes us a benchmark within the biometric sector, while giving us dynamism to continue our growth in the Latin American market.”

Banco de Corrientes currently operates more than 40 branch locations, although the partnership with FacePhi should help the bank deliver better services to customers who may not have access to one of those branches during the pandemic. FacePhi recently shared the results of an audit that showed year-over-year EBITDA and revenue growth of 140 and 83 percent, respectively.

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May 4, 2020 – by Eric Weiss