Banesco Panama deal strengthens FacePhi's position in Panamanian market
05 November 2019 14:44 GMT

Spanish face recognition firm FacePhi has closed a new contract with Banesco Panama.

This is the third agreement that the technology firm signs in this country so far this year. With this agreement, FacePhi strengthens its international client portfolio that already exceeds 30 banks and maintains a strong presence in the Latin American market. Banesco Panama belongs to Banesco International, with presence in 14 countries in America and Europe.

Through this agreement, Banesco Panama will incorporate into its systems the SelphID product, a digital onboarding technology that can be applied to both IOS and Android systems, as well as the bank own website.

The use of this biometrics technology will improve the user experience among the clients of the Panamanian entity, and will increase the levels of security in the process of creating a bank account and when operating in it. The SelphID product is a digital onboarding solution that allows to open an account or buy a banking product from anywhere, simply by capturing the identity document on both sides and taking a selfie being matched to the photograph of the document.

FacePhi’s growth throughout 2019 has been driven by closing eight contracts with banks in Uruguay, Argentina, Ecuador, Peru and Panama, in addition to obtaining a first contract with the Argentinian company Swiss Medical Group, that has allowed it to export its technology to the health sector for the first time. In addition to these countries, the biometrics firm is also present in other regions such as Costa Rica, Guatemala, Mexico, Paraguay and Spain.

Regarding the expansion strategy, FacePhi CEO Javier Mira recalled that “the Latin American market is a strategic market for our corporate growth, although we have recently opened the doors to the Asia-Pacific area, where we have launched our first branch in South Korea.” “This last contract with Banesco allows us to strengthen our activity in the Panamanian market, where we opened up the market last June,” says Mira. 

More than six million users already use FacePhi’s biometrics technology, with more than 500 million authentications performed worldwide. Among the distinctive elements of the products from this company, its success rate stands out, as it is around 99.998%, what makes this technology a tool reducing the fraud risk to zero.