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 they onboard and retain more customers with an accurate record of their identity. This is will help them align with the safety and authentication mandates from UAE’s Central Bank.”
Travel with multiple currencies and peace of mind
UAE has seen sharp growth in outbound travel during the recent years. According to research around 7.6 million outbound travels were there during the last year. Currently around 55% of the travel expenses are cash based which accounts to a total of $10.4bn out of the total
outbound travel expenditure of $19Bn. 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 6 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 of identity verification solution that can deliver both convenience to your customers and protection for your business. 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. Our 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 used 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 trusted identity verification as a service solution that delivers key benefits to organizations striving to maximize onboarding and meet KYC and AML regulations.
Assisted KYC Features:
- Demographic data
- Photos of administrative/ID documents
ID document check
- Reads multiple ID documents
- ID cards (contact, contactless, barcode)
- Driver licenses
- D check using portrait or fingerprints
- Remote 1:N search via an ABIS (fingerprints, portrait)
- On-device 1:N search against a local watch list (fingerprints, portrait
About Mint Middle East:
Mint Middle East LLC, together with its subsidiaries (Mint Group) is a globally certified payments processing and acquiring company with its headquarter in United Arab Emirates (UAE). The Mint Group is approved by the UAE Central Bank, Mastercard, and UnionPay as a third-party payment processor.
Mint has built a globally-certified mobile-enabled fintech platform to empower the underbanked and drive financial and digital inclusion in the region. The Group is a dominant player in payment cards issuing and payroll management in the UAE under both UnionPay and Mastercard schemes. Mint currently manages over 500,000 payroll cards with processing volume of over 1 billion dirhams annually for thousands of clients and financial institutions. The group’s service offering comprises a comprehensive range of products and services built on issuing, processing and acquiring solutions with end-to-end program management, channel management and value-added services. In addition to above, leading the digital-first wave for the underserved merchants, the group has expanded into a 360 degree vertically integrated merchant solution unified with electronic payment acceptance enabling them to digitally transform their businesses and expand their reach to more customers.
For more information, please contact:
Mint Middle East LLC
Landline: +971 4 346 7786, Fax: +971 4 346 7787, email: firstname.lastname@example.org
© Press Release 2019