FacePhi launches ‘zero risk’ security product for banks

FacePhi, a Spain-based biometrics business, has launched a new ‘zero risk’ security product for the banking sector.

The product, dubbed inPhinite, combines six different tools specially designed to identify its user through facial, optical, fingerprint, signature, and voice recognition. It claims this turns the product into a “zero risk” security system specially addressed to financial entities.
inPhinite is divided into six segments of specialised security products, which includes Sephi, for face recognition; SelphID, a digital onboarding tool; Look&Phi for periocular recognition; 4Phingers, which is designed for fingerprint touchless recognition; SignPhi for signature authentication; and Phivox for voice recognition.

Javier Mira, FacePhi CEO, said: “the release of this product will mean the consolidation of our position within the biometric security market in financial entities. We offer a product that provides a wide flexibility to potential clients when it comes to choose all the technological components of the product, or just the ones that they are interested in”.

The firm team up with a US-based company specialised in fingerprint recognition and another focused on voice recognition systems to create the product. a South Korean company has collaborated with the Spanish brand in order to improve signature recognition systems.

Based in Alicante, Spain, FacePhi is currently working with 25 different financial entities worldwide, providing service to more than 6 million users and performing 500 million authentications.

Created in 2012, the company specialises in facial recognition and mobile biometrics, focusing its operations on the financial sector. Likewise, FacePhi has operated in the MAB (Alternative Stock Market, by its acronym in Spanish) since 2014 and commercialises its technological products focused in security for financial entities.

“Since we implemented Selphi, we’ve registered an important reduction of 93% of fraud in our mobile banking app,” added Juan Carlos Beltran, operational risk manager at Banco Pichincha.

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