The Future of Payments and Remittances: Innovations, Real-Time Payments, and Global Financial Inclusion | IPR Global 2024

The payments and remittance industry stands on the brink of remarkable transformation, driven by innovative technologies, evolving consumer expectations, and a pursuit of frictionless digital transactions. This evolution raises essential questions about global economic inclusivity and whether security and compliance frameworks can keep pace with rapid advancements.

Leading voices in the industry share insights into the trends shaping this landscape, focusing on real-time payments, digital wallets, and groundbreaking technologies that are redefining global remittance.

Panellists:

Michael Bermingham, Co-Founder & Chief Business Officer, Nium

Anastasia Serikova, VP, Head of Revenue and Growth, Visa Direct at Visa

Kunal Choudhary, Money Transfers Strategy Lead, Worldpay

Mitchell Fordham, Chief Revenue Officer & Co-founder, eSIM Go

Moderator:

Oussama Kseibati, Business Development Officer, RemitONE

Key Trends Shaping the Payments and Remittance Landscape

Michael emphasised the rise of real-time payments and the profound impact of payment platforms like Pix in Brazil and UPI in India. He explained that real-time payments are no longer optional for financial institutions or payment service providers but are becoming essential for driving global business growth. Organisations must not only build connections to these networks but also invest in specialised teams to navigate and harness these systems effectively. Nium has dedicated teams to establish these vital connections, which, in turn, enable seamless cross-border payments.

Remittances are projected to continue rising, potentially reaching $800 billion by 2024, Anastasia shared. Digital-first providers are surpassing traditional channels, capturing an increasingly large portion of this growing market. This shift is driven by the demand for digital transactions and the push to simplify the payment ecosystem. Visa Direct is aiming to reduce intermediaries in the transaction process, enabling faster foreign exchange (FX) transactions, greater transparency, and ultimately, quicker payments—a key objective for G20 countries. She emphasised that promoting digital literacy is vital, empowering consumers to confidently navigate these streamlined digital systems.

A unique trend Oussama pointed out among Money Transfer Operators (MTOs) is the shift beyond traditional remittances, with services designed to deepen client engagement and retention. Now, instead of simply sending funds, customers can choose options like paying for subscription services (think Netflix) or providing vouchers for specific goods—a particularly popular option in markets like Africa, where recipients can redeem vouchers at designated locations. This shift, highlights the increasing personalisation of remittance services, giving recipients more versatile and meaningful ways to benefit from transfers beyond standard monetary transactions.

Industry Growth and Data Highlights

Some eye-opening stats shared by Kunal illustrate the rapid rise and evolution of payments and remittances, largely driven by digital transformation. According to Worldpay projections, global transaction volumes are set to soar, reaching an astounding $25 trillion by 2027—a growth trajectory powered by the steady shift toward digital and mobile-first solutions.

For instance, in 2023, digital wallets were used for half of all e-commerce transactions, with 30% of being point-of-sale (POS) transactions. It’s not just about online shopping; these trends are equally transformative in the remittance market, which is expected to hit $1 trillion in value soon, driven by technology and mobile innovation.

One standout example is Brazil’s Pix network, a real-time, low-cost account-to-account payment system that serves 160 million people, allowing for immediate transfers without hefty fees—an essential service for people who need to maximise the value of their transactions. According to a Worldpay’s recent Payments Performance Report, 88% of respondents expressed interest in adopting a similar system to Pix, signalling a broad appeal for efficient, direct payment solutions.

Mobile wallets are particularly significant for financial inclusion. In regions like Sub-Saharan Africa, where remittances play a critical economic role, mobile wallet usage has been growing at an impressive 20% annually. This growth, Kunal explained, stems from the accessibility, affordability, and transparency of mobile wallets, which provide a seamless option for people without traditional banking services to manage their finances and participate in the digital economy.

Innovative Technologies Revolutionising the Sector

eSIMs—short for embedded SIMs—are a digital alternative to traditional SIM cards, offering seamless, flexible mobile connectivity without the need for a physical SIM swap. While they’ve become especially popular in the travel space, eSIMs are also making waves in the remittance industry. Mitchell expressed how this technology is a game-changer for the unbanked and digitally underserved populations, enabling secure mobile access to financial services, regardless of physical location or device. EsimGO is empowering financial businesses to offer fully digital services to consumers, which not only boosts transaction volumes but also gives companies a competitive edge. As an example, esimGO’s partnerships with Western Union and various neobanks help create resilient, inclusive financial solutions that are built on accessible mobile technology.

Anastasia also delved into several recent innovations from Visa that highlight the evolving landscape of global payments. One standout feature allows users to send money internationally using just a mobile phone number—an ideal solution for those who prefer not to share sensitive account details, providing an added layer of security and peace of mind. Another innovation is Visa’s unified API for multi-currency payments, known as “cash pulling.” This allows customers to convert and hold multiple currencies, manage FX rates, and access a wide range of payout options—all through a single, streamlined API. Whether it’s bank accounts or digital wallets, this unified approach creates a smooth, predictable cross-border experience for both businesses and consumers.

Further enhancing the digital wallet ecosystem, Visa Direct has partnered with Thunes and TerraPay to expand Visa Direct’s reach, adding over 1.5 billion new digital wallet endpoints, connecting even more users to the financial system.

What next?

At RemitONE, our commitment is to provide you with cutting-edge technology, compliance solutions, an expansive network, and expert guidance to navigate the ever-evolving landscape of remittances. Whether you’re just starting out or looking to scale your business, we’ve got you covered.

Want to see how RemitONE can elevate your business? Book a free consultation to discover how we can supercharge your business

We’re Attending CrossTech World 2024 | 19-21 November 2024

We’re excited to announce that the RemitONE team will be heading to Miami, USA, for the upcoming CrossTech World 2024 event. This is an incredible opportunity for us to connect with potential partners and reconnect with our valued clients who have supported and grown with us along the way.

If you’re attending CrossTech, we’d love to meet up and explore how RemitONE’s cutting-edge software and tools could elevate your business. Whether you’re interested in expanding into new markets through our extensive network of banks, telecoms, and money transfer operators, or keen on participating in our upcoming events—such as those focused on emerging opportunities in Saudi Arabia. Let’s make the most of this event together.

To schedule a meeting with the RemitONE team in advance, simply reach out to us at sales@remitone.com.

We’re looking forward to connecting with industry peers and exploring new avenues for meaningful collaboration.

Innovation in Payments and Remittances (IPR) Global 2024 Award Winners!

Earlier in the month, we gathered the top global companies in the Remittance and Payments space in our annual IPR Global 2024 event. On day two, we hosted our award ceremony to honour the game-changers and trailblazers who are pushing the industry forward in exciting new ways.

The RemitONE team is excited to unveil the winners who took home the trophy, along with the honourable mentions — those who came close and deserve recognition for their impressive efforts:

Company of the Year 2024

Winner: Flutterwave

Honourable mention: Jamuna Bank PLC. Bangladesh

Social Impact Award 2024

Winner: Ding

Honourable mention: United Bank Limited

Exceptional Customer Experience Award 2024

Winner: Cauridor

Honourable mention: Neo Money Transfer

Start-up of the Year Award 2024

Winner: Sikoia

Honourable mention: WeWire

Innovation Award 2024

Winner: Uniteller Financial Services

Honourable mention: Tiketi Rafiki

All entries were thoroughly evaluated by our esteemed judges comprised of global senior experts in the payments and remittance industry:

Leon Isaacs, CEO & Founder, DMA Global
Kathryn Tomasofsky, Executive Director, MSBA
Osama Al Rahma, Advisor, Board of Foreign Exchange & Remittance Group (FERG)
Veronica Studsgaard, Founder & Chairman, IAMTN

After the initial assessment, the award finalists were unveiled in August 2024. This was followed by the second stage, during which the judging panel reviewed all the finalist entries and selected the winners in each category through an anonymous scoring method.

From left to right pictured: (Top left) Alpha Diallo, Marta Pillon and Rob Ayers, (Top middle) Lindsay Lehr, Bob Dowd and Olivia Biviano, (Top right) Alberta Guerra and Lindsay Lehr, (Bottom left) Leon Isaacs, Sid Gautam, Shikesha Panton, Noel Ozoemena and Sadat Choudhury, (Bottom right) Bob Dowd, Olivia Biviano, Alpha Diallo, Marta Pillon, Albert Guerra, Noel Ozoemena and Shikesha Panton.

About Innovation in Payments and Remittances (IPR)

In 2018, RemitONE launched Innovation in Payments and Remittances (IPR) to bring together various industry supply chain members to drive positive change. Through events and research reports, IPR unites senior business leaders dedicated to enhancing the industry, enabling them to think big, share best practices, engage, learn, discover, create opportunities and shape change. With the power of collective insight, we can push innovation and industry growth boundaries and benefit from better outcomes.

The IPR events are organised throughout the year to help industry stakeholders, visionaries and business leaders make informed decisions that ultimately benefit the consumers.

About RemitONE

RemitONE is the leading provider of end-to-end money transfer solutions for banks, money transfer operators (MTOs) and fintech start-ups worldwide. Our award-winning money transfer, compliance software products and consulting services – including MSB licensing, bank account provisioning and connections to our clients and partners – are tailored for the global money transfer market.

Organisations of all sizes use our platforms to run their remittance operations with ease and efficiency by reaching out to their customers via multiple channels, including agent, online and mobile.

For more information, or to access all the photos from the IPR Awards ceremony, please contact marketing@remitone.com

Innovation in Payments and Remittances (IPR) Global 2024 Awards | Finalists Announced!

We are thrilled to announce our finalists for this year’s IPR Awards. The IPR Awards is a prestigious event celebrating the exceptional achievements of the money transfer and payments community’s best and brightest.

This year, we introduced five unique award categories including:

Innovation Award
Exceptional Customer Experience Award
Company of the Year
Social Impact Award
Start-Up of the Year

IPR Award Ceremony

Get ready for an unforgettable evening at the IPR Global 2024 Awards Ceremony in London on Tuesday, 17th September! Join us as we celebrate excellence in our industry with the much-anticipated announcement of our prestigious award winners.

Enjoy a vibrant standing reception with delightful drinks, delectable canapés, and the chance to connect with top professionals in the field. This is your moment to connect with industry leaders and be part of a night that promises excitement, recognition, and inspiration.

Don’t miss out on this special opportunity—secure your ticket before they’re gone: https://global2024.ipr-events.com/register

Congratulations to all the shortlisted companies

Innovation Award

Tiketi Rafiki
UniTeller Financial Services
LASCO Financial Services Limited
Neo Money Transfer
eSIM Go
Jaudi (Transfapay)

Exceptional Customer Experience Award

Relianz Forex Limited
Ebixcash World Money Limited
Cauridor
Neo Money Transfer

Company of the Year

SUNRATE
JAMUNA BANK PLC, Bangladesh
Flutterwave
Remit Choice

Social Impact Award

Xpress Payment Solutions Limited
SIAO Partners
Ding
SolutionsAe, Inc
United Bank Limited

Start-Up of the Year

WeWire
Sikoia

Congratulations once again to all the finalists! We look forward to seeing you at the IPR event, where we’ll be announcing the winners.

If you haven’t already, register here to secure your spot: https://global2024.ipr-events.com/register

Revolutionising Money Transfers: 4 Key Trends Shaping the Future

This article is brought to you in partnership with Worldpay, written by Kunal Choudhary, Money Transfers Strategy Lead at Worldpay.

The landscape of international money transfers is going through a shift, driven by evolving consumer expectations and technological advancements. For money service businesses (MSBs), staying ahead of these changes could be key to success.

Let’s explore these trends and how Worldpay could help businesses navigate this transformation.

The need for speed

In today’s hyper-connected world, consumers need convenience, speed and security when it comes to moving their money. A recent study revealed that over three-quarters of consumers (77%) now expect instant payments¹. Money transfers are often time sensitive, so long waits for funds to clear may mean switching to an alternative provider. This shift in expectations is compelling MSBs to revamp their infrastructure to facilitate fast transfers while adhering to complex international regulations.

As a leading payment processor², we could help you to provide the quick, secure, and cost-effective money transfers your consumers are looking for. By incorporating our decades of expertise and authentication solutions, you can expand your reach and offer faster transfers around the world.

Digital wallets on the rise

Industry projections suggest that by 2027, digital wallets are projected to account for almost half ($25 trillion) of global transaction value³. This surge is fuelled not only by the ease of paying with just one tap, but also by the built-in two-factor authentication and tokenisation, this payment method offers.

One in five financial services customers would switch platforms if their preferred payment method was unavailable⁴. That’s why it’s important to incorporate secure and flexible options that meet those needs and help with enhancing loyalty. Worldpay’s solutions could facilitate direct integration between MSB platforms and popular wallet apps, simplifying orchestration and compliance while enabling a dynamic user experience.

The Personalisation Paradigm

Today’s consumers are increasingly looking for tailored experiences that reflect their individual needs and preferences³. One-size-fits-all approaches are no longer sufficient.

To keep pace with consumers, MSBs might look into innovative technology such as artificial intelligence (AI) as a route to personalisation. AI could empower merchants to understand and predict customer needs better, offer customised solutions, and of course, automate. Worldpay is harnessing AI and machine learning together with extensive transaction and biometric data to help you make intelligent decisions in real-time.

The Fraud Prevention Imperative

With the volume of digital transactions rising⁵, the risk of fraud is also becoming a major concern⁶. Ensuring a safe environment for online money transfers is becoming a top priority for maintaining customer trust and compliance with regulations.

Worldpay’s fraud solutions use rich data from 52bn annual transactions to help detect and predict fraudulent activity to help protect consumers.

Embracing the Future

The money transfer industry stands at a crossroads, with emerging technologies and shifting consumer preferences reshaping the landscape. MSBs that can successfully navigate these trends – offering rapid transfers, embracing digital wallets, personalising experiences, and fortifying fraud protection – might be best positioned to thrive in this dynamic market.

Collaborating with an experienced payment provider could be a game-changer for MSBs looking to stay competitive. By tapping into advanced solutions and deep industry expertise, businesses can accelerate their transformation and deliver the smooth, secure, and personalised experiences that modern consumers expect.

To chat to one of Worldpay’s experts today, please visit https://www.worldpay.com

Sources:

Meet Worldpay at IPR Global 2024

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The Evolution and Impact of Digital Remittances

This article is brought to you in partnership with Visa.

The landscape of cross-border remittances has undergone a significant transformation over the past few
decades, moving away from being high-friction, expensive, and low transparency to being near real-time,
more cost-efficient, and more transparent.

The advent of digital remittance services has revolutionised this landscape. To enable this evolution, the
payments industry continues to make significant strides in the types of innovative solutions, the various
use cases, and the speed and costs of remittance services. This shift is reshaping how money is sent and
received globally, impacting millions of lives and economies.

The Digital Transformation

Digital remittances are now at the forefront of the industry, driven by advancements in mobile
technology and connectivity. Visa’s “Money Travels: Digital Remittances Adoption” Report found that
digital remittances are the preferred method among consumers across all surveyed countries, with 53%
of consumers turning to digital apps to send and receive funds around the world. According to the World
Bank, digital remittances are nearly 2% cheaper than cash remittances, which is a significant saving for
those sending money cross-border on a regular basis.

The benefits of digital remittances extend beyond just cost savings. These platforms offer speed, security,
and convenience, ensuring that funds are transferred quickly and safely. Of the estimated 200 million
migrants who send funds to their collective 800 million family members back home, many are turning to
digital methods, because app-based digital payments are considered the most secure means for sending
funds abroad¹. This is particularly crucial for families who rely on remittances for everyday needs like
food, education, and medical expenses.

Economic and Social Impact

When these payments are digital, they provide an additional boost to economic empowerment and
financial inclusion. With advances in digital payments, families benefit from the lower cost of sending or
receiving money abroad. They can have money available in near real-time so that they can spend it
immediately on what they need. With the right guardrails in place, remittance firms and lenders can
work together to extend credit based on customer behaviour, increasing access to financial services that
immigrants lack when they first move.

While remittances can improve the living conditions of those back home, they also fuel growth rates of
receiving economies. 29 countries received over 10 percent of their gross domestic product (GDP) in
remittances in 2022¹, while seven received over 25 percent of their GDP this way².

Future Prospects and Challenges

Despite the advancements, challenges remain. Many payment corridors still lack basic infrastructure like
electricity and internet connectivity, which is a barrier for millions in digitising their cross-border
payments.

Innovation within Fintechs and banks, the transformation of global remitters and capabilities of solutions
developed by global payment networks are focused on helping to bring seamless, secure, and rapid
digital remittances within reach. Expanded choices are also important in how digitally enabled migrant
workers can more easily compare providers and costs to choose the best options for their families. Visa
Direct, Visa’s real-time money movement network, is powering many of these new solutions by helping
facilitate the fast delivery of funds directly to cards, bank accounts, and wallets around the world³.

The evolution of cross-border remittances from traditional methods to digital platforms has had a
transformative impact on global economies and communities. As digital adoption continues to rise, it
holds the potential to further empower individuals and drive economic growth, provided the challenges
of digital infrastructure are addressed. The future of remittances is undeniably digital, promising greater
efficiency, security, and inclusion for millions around the world.

¹Money Travels: 2023 Digital Remittances Adoption Report (visa.com)

²Migration and Development Brief 37: Remittances Brave Global Headwinds. Special Focus: Climate Migration.

³ Actual fund availability depends on receiving financial institution and region.

Meet Visa at IPR Global 2024

Joining as Platinum sponsors, you can meet Visa at our annual IPR Global event, where you can dive into deep conversations, explore potential partnerships, and discover the latest trends in the industry from leading influencers.

The top decision-makers will be there, so don’t miss this golden opportunity. Our spaces are limited, so seize your ticket now before it runs out at: https://global2024.ipr-events.com/

We look forward to seeing you!

Remittances: A Powerful Force for Financial Inclusion

This article is brought to you in partnership with Clear Junction, written by Dima Kats, Founder and CEO, of Clear Junction.

Given how much migration around the world has grown over the past two decades, and combined with technology making money transfers more accessible, remittance corridors, inflows and outflows have undergone significant shifts.

No matter where remittances are sent from and headed to, it’s vital that they are made with security and speed built-in. But many remittance providers are struggling to facilitate fast and cost-effective remittances due to high costs, FX conversion challenges, and logistical hurdles. And sadly, that means many people seeking efficient remittance services have struggled to access and afford them. On the other side are recipient individuals and families who depend on those services – they can’t afford to be faced with delays in receiving funds.

Traditionally, the main option for remittances were money transfer networks like Western Union or the post office. But these transfers are often slow to be processed, and in places where physical infrastructure is sparse, chances are that recipients in home countries need to be paid via non-banking payment rails. However, not all payment networks may be available or accessible in every region, limiting the reach of remittance services.

Another challenge is that many banks are hesitant to work with remittance companies due to the perceived higher risk associated with money transfer businesses, which leads to account closures or limited access to banking services.

High transaction costs, including fees associated with currency conversion, international transfers, and intermediary banks, can also eat into remittance profit margins. Finding cost-effective payment solutions that offer competitive exchange rates and low fees is a constant challenge. This means many remittances remain cash-based and therefore more prone to fast-changing FX conversion rates eating into remittance balances and provider profitability.

Fluctuations in exchange rates can impact the profitability of remittance companies, especially those operating in multiple currencies. Remittance companies need access to services with the best FX rates on the most commonly used currencies like USD, EUR or GBP in order to give the best value to their customers.

On top of all of that, employing secure and proven technology is of paramount importance, as is the knowledge that when funds are sent, they will appear in the recipient’s account in as little as a few minutes.

That’s why Clear Junction’s platform is designed to minimise the operational and financial challenges of scaling up remittance FinTechs. We understand the difficulties faced by remittance companies in establishing accounts. So, our collection accounts enable remittance companies to hold a monetary balance with Clear Junction, enabling them to gain access to domestic and international payment networks across the UK, Europe, and US and benefit from competitive FX rates when conversion is needed.

Clear Junction provide a transparent fee structure, which gives remittance companies full visibility of the costs that they will incur on making cross-border payments – unlike some traditional methods when you do not understand the fees until the transaction has been received.

With remittances worth billions of EUR and GBP flowing through our pipes, we’re trusted by a wide range of players to provide reliable technical infrastructure, fast transaction routing, and low FX rates that enable people to send money home, to where it’s needed most – at the fingertips of recipients.

What’s more, Clear Junction can help remittance companies extend their reach outside their domestic markets, enabling them to access and build strong relationships with counterparties in various geographies. Our existing clients operate as a network and often times we are pleased to see internal settlements within that network.

Amongst the advantages offered by Clear Junction is the upcoming roll out of cross-border settlements using stablecoins. Using blockchain and pegged to a reserve asset like US dollars, stablecoins offer real-time settlement and remove the intermediaries that add to fees and risks. Stablecoins hold the potential to fundamentally transform remittance flows to underserved and emerging markets, empowering more financial inclusion and economic development, at societal and global levels.

With Clear Junction, you’re guaranteed clear advantages in your remittance offerings: reduced transaction costs, faster and more secure remittance flows, and the power to reach more customers. Get in touch with us at https://clearjunction.com/contact/ if you’d like to find out how we can help your business.

Meet Clear Junction at IPR Global 2024!

Joining as Platinum sponsors, you can meet Clear Junction at our annual IPR Global event, where you can dive into deep conversations, explore potential partnerships, and discover the latest trends in the industry from leading influencers.

The top decision-makers will be there, so don’t miss this golden opportunity. Our spaces are limited, so seize your ticket now before it runs out at: https://global2024.ipr-events.com/

We look forward to seeing you!

Attijariwafa Bank Group adopts RemitONE’s platform, enhancing its money transfer offering

June 2024: Attijariwafa Bank, a leading banking and financial group, is enhancing its money transfer offering by adopting RemitONE’s Money Transfer System. Their objective was to secure a robust, compliant, and highly secure online money transfer platform that could seamlessly integrate with third-party delivery networks across their expansive pan-African network. This decision aimed to ensure the strict enforcement of compliance procedures while sustaining rapid growth, ultimately delivering a dependable platform for their customers to securely transfer money online and in-person at their offices.

Ranked as the largest bank in Morocco and among the top five in Africa, Attijariwafa Bank Group has made RemitONE its preferred money transfer platform provider. This strategic move reinforces their position as the leading player in the banking and financial sectors within these regions. Known for their dynamism and innovation, Attijariwafa Bank Group has diversified its business operations and expertise to cater to the needs of all individuals, regardless of their social status or background.

Mr Oussama Kseibati, Head of Sales, commented, “RemitONE is proud to be partnering with Attijariwaffa Bank, to assist in their digital transformation. Attijariwaffa have chosen RemitONE as a white label end-to-end system provider, to increase reach to customers while providing a fast, reliable and user-friendly experience. We are excited to be working with this leading bank and look forward to a long-lasting prosperous relationship”.

Learn more at attijariwafabank.com and follow them on LinkedIn and Twitter (@AttijariwafaB).

About RemitONE

RemitONE is the leading provider of money transfer software solutions for banks, telcos, and money transfer operators (MTOs) worldwide. Organisations of all sizes use the RemitONE platforms to run their money transfer operations with ease and efficiency by reaching out to their customers via multiple channels including agent, online and mobile.

For more information on RemitONE, please email sales@remitone.com

Dahabshiil UK Partners with RemitONE to Revolutionise Money Transfers in Africa with Cutting-Edge Digital Solutions

July 2024: Dahabshiil UK, part of the international Dahabshiil brand, is a leading Money Service Business (MSB) specialising in cross-border money transfer services from the UK to Somalia, Somaliland, other parts of Africa and other continents around the world.

Dahabshiil UK and RemitONE have announced a strategic partnership to realise business growth. This collaboration allows Dahabshiil UK to utilise the RemitONE software’s powerful compliance features and mobile app technology to support their transition from their current brick-and-mortar model to a digital one.

Dahabshiil UK will work with supply-chain members – including payment gateways, IDV providers, Open Banking partners, SMS gateways and money transfer operators – that are part of the vast RemitONE Ecosystem™. RemitONE will, in turn, enhance its growing ecosystem by onboarding Dahabshiil UK’s network of send and payout agents.

Lamin Bojang, CEO, Dahabshiil UK: “We are thrilled to partner with RemitONE in this digital transformation journey. This collaboration represents a significant milestone in our mission to provide fast, secure, and affordable money transfer services to our customers globally. Leveraging RemitONE’s advanced technology will enable us to expand our reach and improve the efficiency of our operations, ultimately benefiting our customers by offering them more convenience and better service.”

Aamer Abedi, Chief Marketing Officer at RemitONE: “We are very excited to be working with Dahabshiil UK. We see this partnership as part of our vision to utilise technology to make money transfers affordable for the unbanked and underbanked. Dahabshiil is one of the biggest and most trusted money transfer operators in Africa and we look forward to working with them to bring the latest money transfer trends to Dahabshiil’s loyal customer base.”

Learn more at dahabshiil.com and follow them on LinkedIn and Twitter (@DahabshiilGroup).

About RemitONE

For more information on RemitONE, please email sales@remitone.com

RemitONE Liveness Feature™ Coming Soon: Real-Time Biometric Authentication for Digital Money Transfers

We are excited to announce the introduction of the RemitONE Liveness Feature™, brought to you through our collaboration with GBG.

The pace of digital transformation has accelerated remarkably in recent years, driven by the rapid advancements in artificial intelligence (AI). This technological surge has reshaped numerous sectors, offering innovative solutions.

In the healthcare sector, the UK’s National Health Service (NHS) integrated AI-driven facial biometric checks into their mobile app to simplify login procedures, minimising the need for in-person visits and accelerating the onboarding process. Similarly, airlines like Emirates and Delta have also adopted biometric facial recognition for check-in, security clearance, and boarding, streamlining processes and reducing physical contact. These innovations highlight AI’s transformative power in reshaping industries and improving operations.

At RemitONE, we have responded swiftly by introducing the RemitONE Liveness Feature™, to help your business comply with the Payments Services Regulations (PSR). These regulations require strong customer authentication for security, and our new Liveness feature ensures that you meet these standards.

What is the RemitONE Liveness feature™?

The RemitONE Liveness feature™ is an innovative tool that uses advanced biometric facial recognition technology for real-time authentication during customer onboarding when the customer is not physically present.

This technology includes liveness testing, which alongside facial biometrics, detects fraudulent attempts such as deepfake images or silicone masks used during selfie submissions. This ensures that the submitted biometric data originates from a genuine person who is physically present. By integrating this feature into your customer onboarding process, you can mitigate the risk of financial penalties and protect your company’s reputation.

Stay tuned for when this feature will go live. Follow us on LinkedIn and Twitter or subscribe to our newsletter for the latest updates.