FacePhi seals deal with Credicorp Bank in Panama
04 February 2020 14:02 GMT

FacePhi  has signed a contract with Credicorp Bank, S.A., an operation which will reinforce its presence in Panama.

The technology company, a leader in facial recognition within the financial sector, has been active in the Panamanian country since 2019. With this new agreement, the Spanish company shields its business relations with the financial institutions of this Latin American country, where it managed to close three contracts during 2019. Thus it continues with its expansion plan where the Latam area remains a development and growth strut in the short and medium term for the entity.

Credicorp Bank, S.A. was founded by a group of Panamanian entrepreneurs in 1992. Since then it has positioned itself as a reference agent within ecommerce and transactions related to online payments. The corporate activity of this entity has also focused on enhancing the user experience of its customers. 

Thanks to this agreement with Credicorp Bank, S.A., the biometrics product SelphID will be offer, improving the user experience and the security of the system by incorporating this digital onboarding tool, which will be applied via web and mobile phone in iOS and Andoid systems. The SelphID digital onboarding will be used throughout the network of the Credicorp Bank group, with presence in Chiriquí, Ciudad de Panamá, Veraguas, Panamá Oeste, Colón, Herrera and Coclé.

The aim of the SelphID technology is to make contracting of a banking product or opening an account easy. This tool works in an intuitive and simple way, as it is only necessary to capture an image of the identity document on both sides and take a selfie that will be compared to the photograph of the document to verify and authenticate the identity of the user.

FacePhi’s CEO Javier Mira has been optimistic regarding this agreement and advanced that “it is the first contract of the year, although I am convinced that more will come in the coming months.” “We have just closed a very good year, in which our business pathway has been consolidating and settling more in the market. This has given us wings to place us as a safe and forward-looking value in the MAB, something that benefits us for attracting new investors and obtaining financing help for our business development,” points out the manager.

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