The M3 (Mobile Money for Microfinance) project will leverage the channel of DBJ-approved microfinance institutions (MFIs) to provide consumers with the functionality to carry out person-to-person mobile money transfers and payments. Transcel will provide MFIs with facilities to mobile-enable, streamline and integrate lending, borrowing and repayment processes. The National Commercial Bank (NCB) in Jamaica, a partner in the M3 project, will provide debit cards linked to M3 accounts, allowing the consumers to access their money through an ATM or a merchant with a POS device.
In the Transcel M3 platform, deployed for the DBJ, all bank integration and financial transactions are implemented within Alaric’s transaction processing framework. Alaric’s Authentic and Fractals products will perform account opening and transaction validation checks, manage the balance of those accounts, provide authorisation of mobile transactions and synchronisation with NCB card services switch and deliver fraud detection and prevention functions.
In recent news, Alaric International has opened an Italy-based data analytics research centre to further develop the numerical algorithms for its Fractals fraud detection system.
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