Incorporating robust, multinational identity verification to combat fraud and financial crime while improving the customer experience and scalability across EMEAÂ
Mama Money, a rapidly growing fintech offering cross-border money transfers and banking services, and Incode, the global leader in revolutionary identity solutions, announced their partnership to bring advanced identity verification systems to strengthen the fight against fraud and financial crime in the fintech industry.
Mama Money has introduced the solution, which leverages Incode’s omnichannel identity verification and authentication platform to automatically verify the customer’s identity upon registration, making it easier for the customer’s account to be instantly activated.
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The partnership is the first of its kind for an African-based cross-border payment service, setting a new standard in Know Your Customer (KYC) processes that enable financial institutions to confirm a person is the genuine owner of the real-world identity they are claiming and assess their potential risk.
This is a significant milestone for international money transfer operators. While traditional verification methods are time-consuming and can be prone to human error, with Incode’s cutting-edge technology, a customer’s identity is now automatically verified in seconds, providing a better customer experience while enhancing security and compliance. As Mama Money expands into new regions, Incode’s verification technology will allow the fintech platform to scale at a faster rate by reducing the customer registration time from hours to mere seconds.
In 2022, nearly $630 billion was sent home by workers living abroad to low and middle-income countries according to the World Bank. Over 20% of international migrants and refugees come from fragile and conflict-affected areas. Remittance providers are challenged to ensure their critical services are used for essential needs ranging from healthcare to education and housing. Â
Another difficulty facing money transfer services is that identity documentation formats differ per country, which can make it more complex to verify using traditional methods.
The partnership between Mama Money and Incode aims to address these challenges by integrating Incode’s verification technology into Mama Money’s digital platform. As customers register for Mama Money through its mobile application, the customer’s identity documentation will be verified using facial recognition technology to ensure it matches the uploaded image of the customer. The system will also screen the customer against multiple international sanction lists at the point of registration to ensure the platform is not being used by individuals flagged as high-risk.
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“Partnering with Incode is another step we are taking to ensure our service is not only easier for customers to use but that our compliance and security systems are of the highest global standard,” said the CEO of Mama Money, Nicolas Vonthron. “Our mission has always been to make financial services more accessible and affordable to underserved communities, and we’re also taking proactive steps to combat financial crime, this partnership helps us achieve this.”
“Individuals living and working abroad have long experienced the challenges of traditional, human-in-the-loop money transfers,” said Ricardo Amper, CEO and Founder of Incode. “Advanced biometric authentication, powered by AI and machine learning, can revolutionize cross-border transactions. By seamlessly integrating Passive Liveness Detection, Incode ensures that customers’ identities are verified with utmost security and convenience, fostering social and economic mobility worldwide. In partnership with Mama Money, Incode is proud to support the mission of promoting universal accessibility and financial empowerment for all. Together, we are envisioning a world where trust and innovation are the driving forces of financial inclusivity.”
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