FacePhi and Revelock Team Up to Provide Comprehensive Coverage for Financial Sector

Two of Spain’s leading FinTech specialists are joining forces to provide financial institutions with more comprehensive identity verification and fraud prevention services. FacePhi is best known for providing banks with remote onboarding and authentication technology, while Revelock (formerly buguroo) monitors individual sessions with behavioral biometrics.

Together, the two companies will deliver end-to-end coverage for the entire customer journey. FacePhi’s platform compares a selfie to the image on a photo ID to verify the identity of a new user, and then lets that user authorize future transactions with facial recognition.

Revelock, meanwhile, will help financial institutions track user activity between step-up events. The company’s solution analyzes traits like typing speed and pressure to create a unique user profile, and can intervene if it notices behavior that does not fit the established pattern. Such discrepancies could point to the presence of a fraudster, a RAT, or another form of malware.

“Revelock and FacePhi share their Spanish origin and have managed to create reference technologies for the international banking sector,” said FacePhi CEO Javier Mira. “We are complementary companies, since we cover different stages in the interaction process between the customer and the bank.”

“We are excited to partner with FacePhi to promote more cybersecure and customer-friendly banking practices,” added Revelock Founder and CEO Pablo de la Riva. “Biometrics are the future of identity verification in digital banking and by coming together, we are blending best-of-breed solutions to reduce roadblocks from the user experience while at the same time reducing fraud prevention costs and fraud losses.”

The two companies currently provide coverage for more than 90 million banking customers around the world. Revelock recently released a proactive Fraud Detection & Response Platform, while FacePhi achieved ISO 27001 certification. The company has a strong presence in Latin America, and has made consistent inroads in Asia in the past few months.

The Spanish Chamber of Commerce and Banco Santander named FacePhi as Spain’s SME of the year for 2020. Revelock, meanwhile, has been recognized with prizes at the Finnovate Awards and the Cybersecurity Excellence Awards, and has also received a European Technology Innovation Award from Frost & Sullivan.

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May 12, 2021 – by Eric Weiss

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