FacePhi Uses Biometrics to Facilitate Cash Advances in Peru

FacePhi has teamed up with the Peruvian FinTech company TuSueldoYa to make it easier for businesses to manage cash advances during the pandemic. According to FacePhi, more than 50 percent of the workers in Peru have taken a savings hit as a direct result of COVID-19, creating an environment in which employees are more likely to ask for an advance.

TuSueldoYa and FacePhi are hoping that their new app will help reduce the administrative burden that comes with those requests. The app verifies users with FacePhi’s SelphID solution, which uses facial recognition to match a selfie of a user to the photo on that person’s official government ID.

The partnership builds on FacePhi’s strong track record in Latin America. The company has now fulfilled more than 60 projects throughout the region, including several in Peru, where FacePhi has provided biometric onboarding services for Interbank and Banco de Crédito del Perú. 

Despite the pandemic, FacePhi’s revenues were up 143 percent in the first six months of 2020, a fact that likely reflects the growing demand for online identity verification services. FacePhi has updated its platform to improve its performance for people wearing masks, and has also passed the first level of iBeta’s liveness detection test.

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December 1, 2020 – by Eric Weiss