Mumbai, 12 September 2023 – With a vision to make financial services more secure and accessible for all, Manipal Business Solutions (MBS), one of the most trusted and leading fintech company in the country launched four key innovations at the Global Fintech Fest 2023, Mumbai. The innovation includes Agent Geofencing, Voice Confirmation of Micro-ATM Transactions, and Random Finger Usage for Biometric Authentication-based Transactions (AEPS). Additionally, the platform is now integrated with Anti-Money Laundering (AML) and Fraud Risk Management (FRM) solutions to detect and prevent fraud. These innovations will make financial transactions more secure and safe. The new product features include:
1. Financial Inclusion Agent Geofencing: It is a powerful anti-fraud solution, designed to prevent fraud that happens outside the permitted area of operation. It captures the location of the user during transactions and flags the transaction if it is found to be outside of the designated zone. It enables organizations to offer targeted services based on geographic regulations resulting in strengthened security and customer trust.
2. Voice Confirmation of Micro-ATM Transactions: Adding voice confirmation not only aids visually impaired users but also benefits individuals who may struggle with reading or writing. This enhancement eliminates the need for consumers to manually verify the transaction amount by checking the device, thereby adding an essential layer of security that helps reduce instances of fraud and disputes.
3. Random Finger Usage For Biometric Authentication-based Transactions (AEPS): Thumb impressions are often spoofed in events related to fraud at the agent location. Random finger scans enhance transaction security where users are not able to predict which finger scan the system will prompt. This approach discourages fraudsters from attempting to replicate biometrics and prevents the repeated use of the same finger. This multifaceted authentication method, coupled with liveness detection, helps in preventing fraud.
4. AML and FRM Integration: The platform is now integrated with AML and FRM solution that helps in detecting and preventing fraud through a range of countermeasures, including high-risk merchant screening, high-risk location validation, blacklist checks, and more.
Speaking on the occasion, Mr. Kamaljeet Rastogi, CEO, Manipal Business Solutions said, “We are continuously working to enhance the technologies deployed for Financial Inclusion. For this, we have added 4 innovations that will empower business correspondents to execute safe and secure transactions. Through these innovations, we’re not only opening doors to financial access but also strengthening them with state-of-the-art security measures. At MBS, we are committed to providing a secured financial inclusion ecosystem where security is paramount.”
The four innovations were launched during the Global Fintech Fest 2023 and attended by industry leaders from top banks and fintech’s. Manipal Business Solutions (MBS) is committed to innovating and creating solutions that ensure everyone is part of the financial ecosystem.