FacePhi enters agreement with Santander Merchant Platform Solutions
15 June 2020 16:36 GMT

FacePhi technology continues progressing with a new agreement reached with the company Santander Merchant Platform Solutions S.A. (SMPS), belonging to Santander Group, in collaboration with Compusistem as a technology partner. Argentina currently concentrates the largest number of contracts for the Spanish firm within the Latam area, which makes this country a key point in the international growth of the company, specialized in multi-factor biometrics.

SMPS will be able to offer its customers SelphID digital onboarding technology, a biometric solution that will be applied on mobile platforms for iOS and Android systems. With the incorporation of this tool based on facial recognition and user authentication, payment operations will be boosted, reinforcing security levels and reducing risk of fraud, in addition to improving the user experience of the financial institution.

This new agreement is reached after another contract with Banco Santander Argentina, the leading private bank in the Argentine financial system by volume of deposits and loans, that was announced last February. On this other occasion, the biometric solution SelphID was also incorporated into the financial institution's systems.

The CEO of FacePhi, Javier Mira, highlighted "the growing demand for biometric technology despite the current world crisis that we are experiencing and that has opened a scenario of economic uncertainty on a global scale”. Mira has been grateful for the confidence of SPMS, "a support that allows us to consolidate and strengthen our presence in Argentina, a fundamental country in our development strategy within Latin America," said the manager.

The SelphID solution is one of the most requested tools by entities in the fintech field. Specifically, this technology product has registered more than six million onboardings so far. This digital onboarding tool allows an account or a product to be signed up from anywhere. For its operation the user has to take a picture of the identity document on both sides and take a selfile, which is compared with the photograph of the document to verify the identity of the user.

The high level of security shared by the biometric solutions created by FacePhi is one of the main characteristics of its technology. So is the case that the company's biometric recognition technology has a hit rate of around 99.998%, which makes this solution a tool that reduces the risk of fraud to zero. It is estimated that more than 850 million authentications have been performed worldwide with the FacePhi technology.