FacePhi lands in Mexico with Selphi
Spanish biometrics firm FacePhi has signed a new contract with Mexico’s Banco Inbursa to implement its face recognition technology on mobile banking apps and web platforms.
This is the company’s ninth contract in total. FacePhi says Banco Inbursa becomes the first financial institution in Mexico offering facial recognition authentication to its clients, “just by taking a selfie”.
Moneta Technologies, a partner of FacePhi in Mexico, will implement the face recognition technology into the banks´ applications.
Earlier this year, and in a separate deal, Banco Nacional of Costa Rica implemented FacePhi’s facial recognition technology for client authentication.
FacePhi’s solution will enable the bank’s clients “to access their accounts and check their balances quickly and in a secure way”, says the vendor.
FacePhi: fact file
FacePhi was founded in 2006 and is based in Alicante. It is a public company listed on the MAB (Spanish Alternative Investment Market).
Its customers in the financial services space include:
- Banco del Pacífico and Banco Guayaquil in Ecuador
The banks are using the vendor’s facial recognition technology to authenticate their mobile banking customers.
- Bank Association of Peru (Asbanc)
Asbanc has distributed the technology to its 16 member banks.
The one-year deal (renewable on a yearly basis) was signed in December 2014. The agreement, worth $600,000, includes usage rights, maintenance services, support and updates.
- Grupo Mutual in Costa Rica
Grupo Mutual became the country’s first financial institution to install the FacePhi system. The project, focused on the group’s 250,000 mobile clients, was carried out in 2014.
