Sunday 18 August 2019

Mint Middle East to launch new digital payment experience

DUBAI, April 10, 2019

Mint Middle East (MME), a globally certified payments processing and acquiring company, is set to make carrying money while travelling a hassle-free experience and strengthen the ability of financial institutions to keep an accurate record of their customers.  

At the 2019 edition of Seamless, the region’s largest payments and commerce technology conference and exhibition taking place in Dubai from April 10-11, Mint Middle East is launching two new products — to facilitate cashless and pre-fixed forex rate transactions for travellers in the region, and a reliable customer verification solution for financial institutes.   

Abdulrazzaq Al Abdullah, chairman and CEO of Mint Middle East and a philanthropist, speaking on the sideline of the Seamless Middle East 2019, said: “We are excited to present the multi-currency travel card and Assisted KYC to our stakeholders in the UAE. The payments industry is constantly evolving and is in need of robust digital solutions that don’t only facilitate easier digital payments, but also keeps them secure.”

He continued: “The multi-currency prepaid travel card and mobile application will ensure that our travelling customers are never faced with a situation where they’ve run out of money or when an exchange house is unavailable. Furthermore, the Assisted KYC solution is a comprehensive authentication service for financial institutions so that they can onboard and retain more customers with an accurate record of their identity. This will help them align with the safety and authentication mandates from the UAE’s Central Bank.”

Travel with multiple currencies and peace of mind
UAE has seen sharp growth in outbound travel during recent years. According to research, around 7.6 million outbound travels were there during the last year. Currently, around 55 per cent of the travel expenses is cash-based, which accounts for a total of $10.4 billion out of the total outbound travel expenditure of $19 billion. Multi-Currency Travel Cards are a safer alternative to carrying cash and take the worry out of travel for customers while travelling abroad.

Mint aims to capture a large market share with the introduction of Multi-currency prepaid card solutions for the exchange houses that will enable them to serve their travelling customers with a multi-currency prepaid card and mobile application. The application will allow up to 25 currencies for the linked multiple accounts with six active currencies. Multi-currency card can be white labelled or co-branded according to the needs of the exchange houses.

Multi-currency card will allow users to load multiple currencies onto a single card allowing the customer to use the currency of their choice while travelling abroad. The customer will be able to view their balance or see their transaction history.

Mint is uniquely placed to offer an end to end multi-currency travel prepaid solution in the UAE and will enable the exchange houses to go to market quickly along with other value-added services.

Achieving Know Your Customer (KYC) compliance is now a hassle-free experience
Regulations are becoming increasingly strict for financial institutions to better verify customer identities during the opening and maintaining of accounts. KYC rules require “reasonable diligence” to know (and retain) the essential facts concerning every customer. Whether you are technically subject to KYC regulation or not, companies of all sizes are embracing KYC practices to protect themselves and their customers.
To help the financial, telco, insurance and other authorities KYC obligations, the need for an identity verification solution that can deliver both convenience to customers and protection for business is growing. To do so, look for mobile and web-enabled solutions that leverage on-device technology, biometrics (such as facial recognition with liveness detection), compliant machine learning, and identity experts to achieve accurate identity results within a seamless digital environment your customers want.
Mint enables the organisations to fulfil their KYC (Know Your Customer) obligations with fast and accurate online ID and identity verification. Mint's solutions have helped banks and other financial institutions replace slow, ineffective, and manual KYC processes with more automated solutions that can be embedded within the online account setup and onboarding experience.
As a part of the seamless, secure and automated payment program propositions, Mint has come up with the state-of-art digital solution for secure identity solutions to empower their customers with Assisted KYC solution which provides secure identification to the next level by validating real-time Emirates ID of consumer via direct integration with EIDA platform and store consumer evidence in a secure environment. This KYC process can be used in various cases for helping seamless acquisition of the customers such as i. Re KYC (Existing Customers), KYC for on-boarding for Account opening/Loan Origination, Instant prepaid card Issuance/KYC upon card delivery.
Assisted KYC solution from Mint is a trusted identity verification as a service solution that delivers key benefits to organizations striving to maximize onboarding and meet KYC and AML regulations. - TradeArabia News Service   


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