Following the successful launch of their MoneyRouter software at the end of September, innovators in banking technology, Route Trading, unveil their latest weapon to combat international money laundering – biometric fingerprinting.
Developed to work in conjunction with MoneyRouter™, this new handheld fingerprinting technology aims to bring further peace of mind to banks, MSB’s and their prospective customers, when both sending and receiving money internationally. The integrated biometric finger printing device, will not only be crucial for the onboarding stage for both banks and MSB’s, providing instant login with the touch of the user’s thumb, but will also provide vital verification for both the sending and receiving customer. This technology will be key for presenting transparent user data of all parties involved in a transaction.
Using end to end identity verification, MoneyRouter™ monitors money transfers in real time, safeguarding against money launderers. Before a transfer is approved, MoneyRouter™ requires both senders and receivers of money to input key identity data, including the new biometric print. These identities are then checked against the latest risks databases, in partnership with LexisNexis® Risk Solutions UK Ltd. When a transfer is required, the system requests thumbprints, and verifies the identities in real time. Only if all criteria are met will the transfer be authorised.
“We are delighted to present this new added functionality to MoneyRouter™ and very much see it as the future for all home remittance transactions. In fact, we are already working on extending the biometric solution to mobile devices, and to include facial and voice recognition, in order to further enhance the user experience, faster customer acquisition and transaction processing.” Says Musa Jammeh, Co-Founder at Route Trading.
This risk based approach offered by MoneyRouter™, in compliance with current EU regulations and combined with international data sharing, provides banks with enough information to focus on genuine suspicious activities, whilst allowing legitimate transactions to proceed without disruption.
In addition, MoneyRouter™ also offers banks and financial institutions a safe and transparent way to take part in one of the largest sectors of financial services (worth over $600 billion annually).
Bringing a much needed, shared regulation to the market, MoneyRouter™ will not only give financial institutions the confidence to open new overseas accounts, but it will give new hope to money transfer companies who often find it difficult to open a new facility with high street banks.
Contributed | what does this mean?