FacePhi has signed its first new deal of 2022. The company has agreed to provide remote onboarding and identity verification services for SoYou, a financial services start-up founded in 2018 that specializes in consumer loans, financing, and insurance policies for the automotive sector.
Both FacePhi and SoYou are based in Spain, though SoYou also operates as part of France’s Crédit Agricole Consumer Finance (CACF) group. The company is trying to make financial services more accessible and more user-friendly, with a platform that allows everyday people to get their loan applications approved in real time with as little hassle as possible.
That’s where FacePhi comes into play. Thanks to the new partnership, prospective SoYou customers will be able to access the company’s products with only a selfie and a picture of their ID. FacePhi’s tech uses optical character recognition to read and verify the information on the document, and facial recognition to match the selfie to the person depicted in the document image. The process can be completed on a mobile phone, or through a web browser on a PC.
SoYou’s services are compliant with Europe’s latest PSD2 regulations. FacePhi, meanwhile, believes that more and more financial services providers will embrace biometrics as part of a broader digital transformation trend within the industry.
“Companies like SoYou are spearheading the digitisation of the banking and financial sectors, where the simplification of procedures, protection of personal data and cybersecurity are elements of vital importance,” said FacePhi CRO Jorge Sanz. “Digital identity verification is the next step for the entire industry, both for the convenience it offers to users and for greater protection it provides against fraud.”
The Spanish Ministry of Industry, Commerce, and Tourism listed FacePhi as a strategic company in November. FacePhi was also the Spanish Chamber of Commerce’s SME of the year in 2020. The company is currently providing onboarding services for multiple financial institutions, and for AENA’s various passenger screening systems.
January 6, 2022 – by Eric Weiss