Spain Facephi Faces Tender

FacePhi faces the last quarter of the year with a new contract with the fintech platform Albo in Mexico thus consolidating its expansion plan in Latin America. This is one of the main markets where the fintech biometrics firm develops a significant part of its business activity. This is the fifth contract that FacePhi signs in Mexico so far and the tenth agreement that the company has reached throughout 2019 expanding its client portfolio with more than 30 financial entities and companies in other industries such as healthcare sector. Specifically thanks to this agreement Albo customers will be able to use the facial biometrics tools Selphi and SelphID. It is estimated that about 1.5 million users will be able to use both biometrics recognition tools. The incorporation of this technology provides a greater level of security in the process of creating an account while improving the user experience of customers. Javier Mira FacePhi CEO has welcomed the closing of this new agreement emphasizing that it comes to strengthen our trade movements with financial institutions in Mexico a country where we already had a presence in since 2016. This last contract is the third agreement we have closed in Mexico in 2019. The Latin American market is an important business niche for our company although we also have high expectations in the Asian market where there is a strong demand for biometrics products said the manager. Selphi technology extracts the main features of the user to turn them into a pattern allowing them to authenticate their identity and operate on the fintech platform. On the other hand the SelphID product is a comprehensive digital onboarding solution that helps to open an account or buy a banking product from anywhere simply by capturing the identity document on both sides and taking a selfie being matched to the photograph of the document.Facephi technological products have performed more than 500 million authentications and has more than six million users worldwide. As a distinctive element the user authentication success rate of this company technology stands out as it is around 99.998 what reduces the fraud risk to zero.