Panama’s Credicorp Bank Becomes FacePhi’s First New Customer in 2020

Biometrics News - Panama's Credicorp Bank Becomes FacePhi's First New Customer in 2020

FacePhi is building on its 2019 momentum after forming a new partnership with Panama’s Credicorp Bank, S.A. The deal is FacePhi’s first new contract of 2020, and its fourth with a Panamanian financial services provider. FacePhi made its debut in the country in 2019, and already lists Banco General de Panamá and Banesco Panamá amongst its current clientele.

Credicorp specializes in e-commerce and online transactions, and will be deploying FacePhi’s SelphID solution for customer onboarding and authentication. SelphID utilizes facial recognition to compare a selfie to the photo on an official ID document, and is available through the web and on iOS and Android mobile devices.

The new partnership will solidify FacePhi’s foothold in Panama, and in Latin America more generally. In 2019 alone, the company formed partnerships with financial institutions in Mexico, Ecuador, and Argentina, in addition to Banco General and Banesco Panamá.

That runaway success made FacePhi the company with the highest growth value on the Spanish Stock Exchange in 2019, and the company is hoping that that will serve as a springboard for its 2020 campaign.

“We have just closed a very good year, in which our business pathway has been consolidating and settling more in the market,” said FacePhi CEO Javier Mira. “This has given us wings to place us as a safe and forward-looking value, something that benefits us for attracting new investors and obtaining financing help for our business development.” 

FacePhi is hoping to expand into the APAC market after launching a new subsidiary in South Korea in May. More recently, the company completed its acquisition of the Spanish document recognition specialist Ecertic. SelphID is built with Ecertic’s document recognition technology, so the formal acquisition will allow FacePhi to consolidate its portfolio and leverage Ecertic’s in-house expertise to develop future iterations of its platform.

February 4, 2020 – by Eric Weiss