Global Voice Group (GVG), a leading regulatory technology developer and Big Data Analytics organisation, today launched TransFin, its seamless payments interoperability solution.
The solution, aimed at governments and central banks, provides a secure and efficient gateway for the integration of various online payment systems, in so doing 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 which allows payments systems to dramatically save time and money with respect to input, authentication and authorisation 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 digitisation 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. Additionally, this will 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.
Mr Claude added, “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.”