Spain-based biometrics specialist FacePhi has won a new contract with a major bank. The company will provide facial recognition technology to Banco Nacional de Costa Rica.
It’s the country’s biggest financial institution, and thus a major win for FacePhi. The project is set to roll out in two phases, with the first launching in Q2 of this year. That will enable Banco Nacional’s clients to log in to their accounts using facial recognition via their mobile devices; while the second phase will bring this biometric login system to online banking. As with so many other banks’ embrace of biometric authentication, the move is aimed at both improving the customer experience by offering greater convenience, and enhancing security by replacing the password.
It isn’t FacePhi’s first major foray into Costa Rica’s banking sector. In late 2014, the company was contracted by Grupo Mutual, which sought biometric security to protect its customers and their online banking in the wake of multiple phishing attacks. At the time, it was a move somewhat ahead of the curve, but as more and more financial institutions look to biometric security, the technology could become the new authentication standard in the banking sector.
Source: The Costa Rica Star
January 12, 2016 – by Alex Perala