FacePhi remains one of the most popular onboarding solutions in the Latin American market. The company’s latest client is BAC Credomatic, which operates bank branches in six countries in Central America and provides financial services for more than 4.2 million individual customers.
Nearly half of those 4.2 million engage with the bank exclusively through digital channels. BAC Credomatic is hoping that its partnership with FacePhi will make those interactions run more smoothly, while improving security to mitigate the threat of fraud.
To that end, BAC Credomatic will integrate FacePhi’s identity platform into its digital channels in every country in which it is active. FacePhi’s solution asks users to take a selfie and a photo of both sides of an identity document. It uses document verification to make sure that the ID is authentic, and facial recognition to make sure that the document belongs to the person in the selfie.
FacePhi’s system also enables ongoing biometric authentication once an account has been created. Customers who want to sign up for a card, authorize a transaction, or log into BAC Credomantic’s mobile app simply need to take another selfie to verify their identity.
“We are looking forward to addressing this project and contributing to the innovation efforts of an entity that has over half of its banking operations carried out through online and mobile banking,” said FacePhi CRO Jorge Sanz.
BAC Credomatic’s territory currently covers El Salvador, Guatemala, Honduras, Costa Rica, Panama, and Nicaragua. FacePhi does not yet conduct any business in Nicaragua, so the deal represents the company’s first foray into that particular market.
FacePhi recently established a new FacePhi LATAM subsidiary headquartered in Montevideo, Uruguay. The company’s Central American client roster includes Banco Nacional de Costa Rica, and Panama’s Credicorp Bank and Banesco Panamá. It also formed a strategic partnership with GBM in 2021 to raise its profile throughout Central America and the Caribbean.
April 13, 2022 – by Eric Weiss