VANCOUVER, British Columbia, Jan. 10, 2017 (GLOBE NEWSWIRE) -- Mobetize Corp. (OTCQB:MPAY), a provider of mobile financial services (MFS) technology for the multi-billion dollar business to business (B2B) segment of the Fintech as a Service (FAAS) sector, is pleased to announce it has implemented real-time social biometric Digital Identity Verification to enhance Know Your Customer (“KYC”) capabilities to counter online identity fraud for its smartLoan platform.
As Mobetize innovates to future proof its Fintech solutions and position itself as a leader in the FAAS sector it has evaluated various scientific social biometric methodologies. Our solution will be to analyze social behavioural patterns using an artificial intelligence system together with proprietary machine learning algorithms to determine whether an online identity is authentic, a fraudster or a bot.
“Mobetize believes that Digital Identity Verification is integral to the future of FAAS and will be the primary source of identity verification. To this end, Mobetize has implemented a secure and encrypted technology with customized reporting and an analytics management dashboard that assesses and analyzes consumer KYC data. The Mobetize solution will create a fraud proof footprint based on an individual’s social behaviour that generates a hard to replicate biometric signature,” Ajay Hans, CEO of Mobetize.
As the Fintech industry innovates, the Mobetize Fintech platform will be at the forefront of advancing technology offering cutting edge products and services to our customers.
About smartLoan
smartLoan is a co-developed lending solution that utilizes dynamic algorithms in a cloud-based environment to enable financial institution’s (FI) to quickly launch their own online lending products. Key benefits for FI’s include:
- An omnichannel and simple user experience for fast loan decisions and funding
- Digitized back office processes and interoperability
- Ability to lead innovation with rapid launch and configurable KYC and adjudication rules
- Leverage new lending business models with configuration for insurance add-ons
- Easily respond to and address security and regulatory requirements
About Online Marketplace Lending
Online marketplace lending has emerged as an industry, offering faster credit for consumers and small businesses. Companies in this industry have developed two primary business models: (1) Direct lenders that originate loans to hold in their own portfolios, commonly referred to as balance sheet lenders and (2) Platform lenders that partner with an issuing depository institution to originate loans and then purchase the loans for sale to investors as whole loans or by issuing securities such as member-dependent notes. Market analysts have identified a $1.0 trillion addressable market for online marketplace lenders (excluding mortgages), and estimated loan origination volumes could reach $90.0 billion by 2020*.
*(“U.S Treasury Department – Opportunities and Challenges in Online Market Place Lending May 2016”)
About Mobetize Corp.
Mobetize Corp. (OTCQB:MPAY) has developed a global B2B Fintech as a Service (FAAS) Supermarket that digitizes brick and mortar financial services to deliver mobile money services to leading telecommunications companies and financial institutions. Mobetize ensures end-to-end integration for services such as prepaid air-time top ups, data gifting, mobile lending, international money transfers, P2P transfers, Visa™/MasterCard™ programs and mobile bill payments. Mobetize seamlessly integrates and white labels its secure mobile money platform services for customers who then offer the services to millions of users. Mobetize experts to help telecom and banking providers discover new revenues, new customer relationships and navigate the emerging Fintech ecosystem. For more information, visit http://www.mobetize.com
Forward Looking Statements
This press release includes statements that are not historical in nature and may be characterized as "forward-looking statements," including those related to future financial and operating results, benefits, and synergies of the combined companies, statements concerning Mobetize's outlook, pricing trends, and forces within the industry, the completion dates of capital projects, expected sales growth, cost reduction strategies, and their results, long-term goals of Mobetize and other statements of expectations, beliefs, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. All predictions as to future results contain a measure of uncertainty and, accordingly, actual results could differ materially. Among the factors which could cause a difference are: changes in the general economy; changes in demand for Mobetize's products or in the cost and availability of its raw materials; the actions of its competitors; the success of our customers; technological change; changes in employee relations; government regulations; litigation, including its inherent uncertainty; difficulties in plant operations and materials; transportation, environmental matters; and other unforeseen circumstances. A number of these factors are discussed in Mobetize's previous filings with the Securities and Exchange Commission. Mobetize disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.