Leading regulatory technology developer and Big Data Analytics firm Global Voice Group (GVG) on Wednesday launched a new payment interoperability solution for governments and central banks.
Known as TransFin, the solution provides a secure and efficient gateway for the integration of various online payment systems, enabling interoperability of domestic payments as well as the management and streamlining of payment processes.
“The cashless economy has grown immensely over the last 18 months, thus increasing the need for more efficient systems to manage cashless transactions. This is set to continue as more individuals and organisations shy away from the use of cash and therefore seamless interoperability of payments is becoming a stronger consideration for governments and central banks. The more frictionless the process of making and receiving payments is, the faster the cashless economy and rate of financial inclusion can grow,” said James Claude, CEO at GVG.
TransFin is an API (Application Programming Interface) based solution that allows payments systems to dramatically save time and money with respect to input, authentication, and authorization processes while enabling integration with multiple other systems. It additionally offers the level of security and technological development that is required to meet the growing payment needs of an open and internationally integrated economy, thus helping to lower the risk of fraud.
The solution also integrates the digitization and streamlining of government payment systems, empowering the digital payment of salaries and other amounts via multiple channels, including mobile money. This will help to ensure accurate account settlements with real-time data and traceability for all transaction flows making the payment ecosystem easier to oversee, regulate, and therefore more financially inclusive. It will also help to limit instances of fraud as the system will allow for the elimination of duplicate and ghost payments, reducing the levels of revenue lost by governments.
“Financial inclusion is key to the growth of the economy, and we must strive to provide solutions that serve the underbanked. This globally accepted principle has informed the development of the TransFin solution and the capabilities it has been equipped with. With citizens accessing more convenient and secure methods of payment, we can see improved collection of payments by both governments and individuals.” Mr Claude added.
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