FacePhi signed its first new agreement of 2022. The company has agreed to provide remote integration and identity verification services to SoYou, a financial services start-up founded in 2018 specializing in consumer loans, financing and insurance policies for the automotive sector.
FacePhi and SoYou are both based in Spain, although SoYou is also part of the French group Crédit Agricole Consumer Finance (CACF). The company is trying to make financial services more accessible and user-friendly, with a platform that allows ordinary people to get their loan applications approved in real time with as little hassle as possible.
That’s where FacePhi comes in. Thanks to the new partnership, potential SoYou customers will be able to access the company’s products with just a selfie and a photo of their ID. FacePhi’s technology uses optical character recognition to read and verify document information, and facial recognition to match the selfie to the person depicted in the document image. The process can be done on a mobile phone or through a web browser on a PC.
SoYou’s services comply with the latest European PSD2 regulations. FacePhi, meanwhile, believes more financial service providers will embrace biometrics as part of a larger trend of digital transformation within the industry.
“Companies like SoYou are at the forefront of the digitalization of the banking and financial sectors, where the simplification of procedures, the 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 better protection against fraud. “
Spain’s Ministry of Industry, Trade and Tourism ranked FacePhi as a strategic company in November. FacePhi was also the SME of the Year of the Spanish Chamber of Commerce in 2020. The company currently provides integration services for several financial institutions and for the various passenger screening systems of AENA.
January 6, 2022 – by Eric Weiss