How Incode and Mama Money changed the game for international payments
Identity solutions innovator Incode has partnered with Mama Money, one of Africa’s leading cross-border money transfer operators, to enable the fintech company to keep up with the influx of new users by automating the customer verification process. This means that Mama Money can scale rapidly, while also ensuring all its customers' identities are verified to reduce the risk of financial crime, which is a challenge for all financial services.
The partnership sets a new standard in security and identity verification, which also drives financial inclusion by automating a once laborious and manual process. This means new customers get registered much faster with a better user experience, and this drives growth.
Mama Money offers affordable cross-border money transfers and banking services via a free mobile app. It uses Incode's omnichannel identity verification and authentication platform to automatically verify the customer's identity on registration. This partnership is the first of its kind for an African cross-border payment service and sets 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.
The digitisation of identity verification not only streamlines the onboarding process but also empowers individuals, particularly those in underserved communities, to participate in the formal financial system.
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. Features such as Passive Liveness Detection integrated into Incode's system are a shield against fraudulent activities, thus encouraging user confidence and incentivising the use of the platform.
"People living and working abroad have long experienced the challenges of traditional, human-in-the-loop money transfers back home," said Ricardo Amper, CEO and Founder of Incode. "Our advanced biometric authentication, powered by AI and machine learning, revolutionises cross-border transactions. By seamlessly integrating Passive Liveness Detection, Incode ensures that customers' identities are verified with utmost security and convenience.”
Mathieu Coquillon, co-founder of Mama Money, says this provides a great customer experience and reduces the risk for Mama Money. “The registration time for customers has been cut down massively, they are verified in near real-time. We see a clear connection that the faster you can get a user activated on your platform, the more likely they are to use your service.”
Coquillon explains that fast-tracked identity verification is increasingly important as Mama Money scales. “We are adding new services like banking and insurance while also expanding in new territories. We are growing fast and onboarding a lot more customers. By automating this process, we can handle much larger numbers of new users coming onto our platform,” he says.
“Incode's technology can also handle various identity document formats from passports to voter cards, making it easier to expand globally.”
For customers, Mama Money is making it faster and easier to access fundamental services like banking and cross-border money transfer services.
“Using just your phone, no matter where you are, it takes just a few minutes to open an account with Mama Money and Incode’s verification technology, and then you can start sending money to Zimbabwe, India, Nigeria and over 50 other countries around the world,” adds Coquillon.
For fintech companies that deal with people’s money, trust is a massive factor that can make or break your business. This partnership highlights how cutting-edge technology can be used to build trust not only with your customers but also with potential investors and business partners, by ensuring your service has world-class security and verification measures in place that enable financial inclusion while driving broader economic growth.