Business

Discover the innovative payroll advance tool based on facial recognition

Discover the innovative payroll advance tool based on facial recognition

Managing a quick and guaranteed salary advance has become one of the main challenges for businesses during Covid-19, due to an economic environment that has prompted many workers to request advances. The streamlining of this process has taken a step forward in Latin America with the help of FacePhi and Peruvian fintech TuSueldoYa, thanks to a mobile application capable of verifying the identity of the applicant in seconds thanks to a facial recognition system. .

This application, which will initially serve companies and workers located in Peru, was created to allow employees to have early access to the part of their salary corresponding to the days already worked during the month, thus preventing them to resort to less advantageous options such as interest-bearing loans. With the introduction of the SelphID biometric software, developed by the Spanish company and integrated by its technological partner Confirma, the management process is simplified as much as possible for both workers and human resources departments, since only the registration of the business is required. company on the platform and a selfie of the interested party to make the first access. With this simple gesture, the patterns of your photo taken right now are compared to those of your image in official registers, such as the National Identification and Civil Registry of Peru, providing much more security and reliability. large to the whole procedure.

“In the current context, integrating biometrics into customer and citizen management goes beyond generating a good user experience: it has a positive social impact,” said Javier Mira, CEO of FacePhi. “The use of facial recognition techniques has a lot of weight in the digitization of services in Latin America, where it is already found in applications allowing retirees to identify themselves as beneficiaries of a pension, in management platforms. banking products or in such an application. innovations like TuSueldoYa, which arises at a time when the tools to help families improve their financial situation are more necessary than ever, ”underlines the manager.

The introduction of facial recognition has become a pioneering advance for this type of service in Latin America, where the impact of Covid-19 has notably extended periods of detention and limited access to income for many families. According to a recent E&Y study, in countries like Peru, more than 50% of citizens have seen their incomes decline and have had to resort to their own savings or external sources for cash flow. A situation for which biometric technology can offer an innovative solution that is easy to emulate in different labor markets.

This development represents a new step for FacePhi in Latin America, where the technology company has carried out more than 60 projects closely related to the digitization of the financial and banking sphere, in countries such as Mexico, Argentina, Colombia. , Peru or Uruguay, among others.

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