Argentinian FinTech Firm Opts for FacePhi Biometrics

“With its use of document reading and face biometrics to confirm the identities of end users, SelphID enables Naranja X to let customers open accounts directly through the app.”

Selfie biometrics specialist FacePhi has further reinforced its position in the Argentinian market with another new client: Naranja X.

The latter is a FinTech startup offering consumers a mobile-based virtual Visa card. Approved end users are given an International Orange X Visa account in the mobile app that can be used to send and receive money, reload transportation service cards, and purchase US dollars.

The firm was therefore interested in finding a secure and user-friendly digital onboarding solution, and FacePhi’s SelphID fit the bill. With its use of document reading and face biometrics to confirm the identities of end users, SelphID enables Naranja X to let customers open accounts directly through the app.

It’s a notable win for FacePhi, which has already secured numerous client partnerships in Argentina, including Banco de Corrientes, which opted for the SelphID solution in a deal announced near the start of May. Naranja X is a subsidiary of Grupo Galicia of Argentina, a financial services holding company with Argentina’s fifth largest banking operation.

“FacePhi’s internationalization plan has allowed the biometric technology of this company, a leader in facial recognition within the financial sector, to be present in more than 25 countries today,” FacePhi said in a statement announcing the deal. “The recent operation with Naranja X comes to consolidate the short-term expansion direction established by FacePhi in the Latam area, a market in which an important part of the international activity of the Spanish company is focused.”

The Naranja X news comes the week after FacePhi’s announcement that it has adapted its facial recognition algorithm to better identify end users who are wearing masks, an important function amid the COVID-19 pandemic.

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July 20, 2020 – by Alex Perala