Telkom has launched Africa’s first Mastercard virtual card for use on WhatsApp, enabling Telkom Pay customers to make e-commerce payments. This move is expected to empower millions of South Africans – even those without a bank account – to access the digital economy and transact online.

Launched in 2020, Telkom Pay is a digital payments wallet that enables its users to make and receive payments using WhatsApp on their mobile phone. With the addition of the Mastercard virtual (non-plastic) card to the wallet, users can now make payments to local and global online merchants that accept Mastercard, including Uber and Netflix.

Telkom Managing Executive for Financial Services, Sibusiso Ngwenya, says: “We are proud to lead the way in launching the first virtual card through WhatsApp on the continent. This ensures greater financial inclusion through affordable products and services that cater to everyone and are easily accessible through a mobile device at any time.”

Telkom’s move to bring virtual cards into its Telkom Pay WhatsApp service is a result of close collaboration with Mastercard, Nedbank, and leading fintech enablement partner, Ukheshe Technologies.

Suzanne Morel, Country Manager for Mastercard, South Africa, says the expansion of Telkom Pay’s services is an important step forward in improving access to the digital economy. “South Africans are increasingly shopping online, yet many people are left out as they lack the financial tools needed for e-commerce. This digital-first solution bridges the divide by giving consumers instant access to a virtual payment solution through WhatsApp, without compromising the safety and security of transactions. Together with our partners, we are helping more people to benefit from the choice and flexibility that a growing, inclusive digital economy brings.”

Telkom’s Mastercard virtual card for WhatsApp gives customers the flexibility to shop safely and conveniently using just their smartphone and the Telkom Pay app. Customers simply create a virtual card on their profile, link it to their digital wallet and transfer funds from their wallet to the card. To pay for purchases, users receive a virtual prepaid card – including a 16-digit card number, security code and expiry date, which they use to complete an online purchase much like they would with a physical card.

The virtual card solution is safely stored on the Telkom Pay app and customers can temporarily block, cancel or replace their card via the app, providing them with additional security and control.

Clayton Hayward, CEO of Ukheshe: “We are thrilled to assist Telkom in making new, innovative products possible, and look forward to continuing our journey of supporting clients in their efforts to offer cutting-edge payment solutions to people who need them most.”

UTP Group, a European card payment solutions provider, is urging small businesses to be vigilant in the face of fraudulent card payments accepted over the phone, and shares tips that SMEs can deploy to protect themselves and their customers.

As the Covid-19 pandemic forced the closure of physical stores and with customers locked down at home, many SMEs ventured into the eCommerce arena for the first time, and are now grappling with fraudulent card transactions. The year 2020 also goes down in history as being the worst year for data records being exposed, at over 36 billion. High-profile data breaches affecting big name brands show that no business is immune to cybercrime and evolving fraud threats. Every business that accepts card payments online or over the phone is at risk of fraud.

SMEs face fraud on two fronts – accepting fraudulent transactions and being a victim of a data breach themselves. Whether taking card-present payments in-store, or card-not-present (CNP) payments over the phone or online, fraud prevention is not just a cost of doing business – it must be treated as a strategic business priority if an SME wants to succeed and thrive in the future.

According to Jaime Lowe, Sales Director at UTP Group: “It’s crucial that SMEs have strong fraud prevention knowledge and tools in place. If fraud levels exceed the determined threshold (roughly 1%) stipulated by payment schemes like Visa and Mastercard, SMEs are likely to face costly fees and fines that they can ill-afford. In fact, if fraud rates exceed thresholds by a significant amount, businesses could be shunned by payment processors altogether, dealing a damaging blow to their bottom line.”

CNP phone payments likely to grow post-Pandemic

Even as 2021 sees life returning to normality, many SMEs will continue to take a high volume of card payments over the phone. Phone payments are safe, so long as SMEs have the right security measures implemented, such as following PCI and SCA protocols, but there are further measures SMEs can take to safeguard against payment fraud.

Lowe added: “There is a general misconception that if a card security code (the three-digit CVV code on the back of the card) and the address verification check are verified, then an SME is protected against fraud. However, that’s not necessarily the case and these additional checks are not a guarantee that the SME will be paid for the transaction.”

According to UTP, its top tips to help SMEs mitigate against CNP fraud arising from phone-based payments are:

1. When delivering goods, always use a reputable carrier who can provide proof of delivery.
2. Only deliver goods to the address given by the cardholder when performing the address check. Be wary of orders to an address where the recipient can’t be identified as the cardholder. A fraudster may have temporary access to a delivery address.
3. Be very cautious if the customer decides that they want to collect the goods. In this circumstance you should refund the original transaction and start a new one as a cardholder-present chip and PIN transaction.
4. Never release goods to a third party (such as a taxi driver or courier) who claims they were sent by the cardholder.

To get further advice and information on how to protect against payment fraud, visit www.utpgroup.co.uk.

The Mauritius Commercial Bank Ltd (MCB) is adopting MITECH’s system TRAC (Trade Risk Active  Control) to support a continuous and significant growth in its Commodity Trade Finance (CTF) business.  TRAC is a Trade Risk and Collateral Management system supporting Structured Trade Commodity  Finance. The TRAC solution handles not only Transactional Commodity Finance but Borrowing Base  structures as well.  

The TRAC software will be implemented on a Cloud infrastructure, with the aim of going-live with the  system before the end of the year. 

Michael Cohen Dumani, MITECH’s CEO commented that “this contract is a major milestone for MITECH  as we are expanding our geographical footprint to support Africa’s intense Trade Finance growth as  well as implementing TRAC seamlessly on a Cloud setup” adding that “MITECH is proud to welcome yet  another prestigious reference in its community of users”. 

Rajeshwar Pertab, Head of Middle-Office, MCB stated: “We are delighted to be partnering with  MITECH and further bolster risk and collateral management within our Commodity Trade Finance  business. MITECH’s expertise and TRAC’s extensive functionalities convinced us to adopt the solution  and streamline information flow between our customers, front-office and middle-office teams”. 

A new Juniper Research study found that the number of global eSIM module shipments will increase from 430 million in 2020 to 822 million in 2025; representing a growth of 90%. The research identified the public sector as the fastest-growing area, with shipments of eSIM-enabled public sector sensors expected to increase by 500% over the next four years, as smart city services benefit from the flexibility of the growing eSIM ecosystem.

The new research, eSIMs: Sector Analysis, Emerging Opportunities & Market Forecasts 2021-2025 market research, found that smart street lighting sensors will account for 88% of eSIM shipments within the public sector by 2025. The report predicts that smart city providers will leverage cellular networks, underpinned by eSIMs, as gateways to low-power connections for the monitoring and management of smart city services.

For more insights, download our free whitepaper: Unlocking the Potential of Consumer eSIMs whitepaper or view our free video whitepaper, The Future of eSIMs video whitepaper.

Smart Cities in North America to Establish Global Standards

The report predicts that the US will remain the largest market for public sector eSIM adoption; accounting for 30% of eSIMs installed in devices by 2025. It highlighted that operators in North America have led the development and roll-out of 5G networks, which has enabled new levels of city-wide automation and information sharing in smart cities. Government authorities in other regions must follow the example set by smart cities in North America to ensure the smooth transition from legacy technology to smart sensors underpinned by robust eSIM technology.

Standalone 5G Networks Key for Future Smart Cities

The study urges eSIM vendors to develop 5G-capable modules to capitalise on the growth of next-generation 5G standalone networks, which enable the deployment of 5G-enabled eSIMs within smart cities.

Research author Scarlett Woodford noted: ‘To support smart city initiatives, eSIM vendors must invest in the development of 5G-enabled form factors. By combining flexible network connectivity with high bandwidth transmission and reduced latency, 5G-capable modules will enable local authorities to monitor connected sensors in real-time and allocate resources accordingly.’

Whitepaper Download: https://www.juniperresearch.com/document-library/white-papers/unlocking-the-potential-of-consumer-esims

eSIMs market research: https://www.juniperresearch.com/researchstore/devices-technology/esims-research-report

Mphasis, an Information Technology solutions provider specialising in cloud and cognitive services, today announced that it has been recognised as a Major Contender and Star Performer in Everest Group’s Financial Crime and Compliance (FCC) Operations Services PEAK Matrix® Assessment 2021. Mphasis was recognized for its strong domain expertise, innovation capabilities, and well-defined strategy to deliver value to customers in the financial risk management space.

Financial Crime and Compliance (FCC) operations have been growing at a fast pace, as with the fast paced changing ecosystem, enterprises are looking for support to meet the regulatory challenges as well as fight financial crime while managing costs. The PEAK Matrix is a framework to assess the absolute market success and overall capability of service providers. Everest Group classified 23 Top FCC operations service providers on the Everest Group PEAK Matrix basis the interactions with leading FCC operations services providers, client reference checks, and an ongoing analysis of the FCC operations market.

Mphasis was named as a Start Performer and a Major Contender in the category with its diversified FCC portfolio covering most of the FCC processes combined with multiple digital solutions. Mphasis, with deep domain expertise, developed a technology portfolio with solutions capable of handling complex processes as well as generating rich insights and positioned itself strongly in FCC operations. Everest Group conferred Mphasis as the Star Performers title as it demonstrated the most improvement over time on the PEAK Matrix.

On the occasion, Srikumar Ramanathan, SVP – Head Portfolio Group, Mphasis, said, “With the dynamically changing business models, new digital channels and evolving regulations, the enterprises are constantly looking for support to combat the regulatory scrutiny and ever-increasing financial crime. Mphasis’ technology expertise combined with extensive experience in the financial industry and deep contextual knowledge enabled us to extend that support to our customers and maximise the business value and transform their FCC operations through innovative technologies. We are highly honoured to be recognised with this title by Everest Group.”

“At a time when financial institutions found themselves challenged with agent availability, transaction volumes also spiked, which made financial institutions and their customers highly vulnerable to financial crime,” said Robin Jain, Practice Director, Everest Group. “Mphasis was able to step in with its multiple digital solutions to handle FCC processes remotely and robustly while at the same time continuing its investments in further enhancing its FCC offerings.”

Mphasis was applauded for its multiple platforms launches and partnerships over the year that strengthened its FCC Operations profile and was acclaimed for the:

·         Launch of a CoE in partnership with BAE Systems to deliver the latter’s fraud detection and prevention solution, NetReveal, for financial organizations

·         Launch of DeepInsights™, a cognitive computing platform that aids in processing of onboarding and KYC documents

·         Launch of SmartAlerts, an automated solution to dispose alerts around sanctions, PEP, and adverse media

·         Launched NextSTEP, Mphasis’ service delivery platform for solutions and accelerators for faster delivery, reduced cost of change, and zero-touch delivery, across digital and cloud ecosystems

The enhanced capabilities have helped Mphasis to move from being an offshore-driven provider to a more balanced delivery footprint with opening of onshore centers and gained traction from all the buyer segments across North America and Europe.

Bahrain-based Islamic FinTech provider, IFIN (Islamic Finance Initiation Network – www.ifin-services.com), has launched the first of its kind, real economy, automated Islamic financing platform. The secure, innovative technology connects retailers and Islamic finance providers, enabling them to offer consumers instant access to Islamic financing for purchases, at the point of sale. 

IFIN’s cloud-based platform reduces the traditional Islamic financing process from several days to just a few minutes and is set to revolutionise the in-store shopping experience. IFIN’s platform eliminates the need for customers to visit their bank branch in order to secure a finance, allowing them to do so as soon as they have made their purchasing decision in the store.

IFIN platform provides retailers with the opportunity to boost their sales and increase customer loyalty by enhancing the payment options for their customers. The platform serves a wide range of goods and service providers, including car dealerships, furniture showrooms, electronics stores, travel agents, healthcare providers, private schools and academic institutions.

Similarly, IFIN’s cutting-edge, secure and fully automated platform enables Islamic financial institutions to substantially expand their distribution network to hundreds or even thousands of retailers and extend their operations beyond the traditional branch model and usual banking working hours and days, thus allowing them to continue booking new financing even on weekends and banking holidays, with utmost simplicity and without any major investment.

Research undertaken in the Sultanate of Oman and the Kingdom of Saudi Arabia, by independent research company, Nielsen on behalf of IFIN, reveals a substantial market opportunity for both financial institutions and retailers. According to the research findings, almost 90% of consumers in both countries are either ‘interested’ or ‘very interested’ in the IFIN offering.

IFIN is a joint venture between two Islamic finance pioneers - Path Solutions (www.path-solutions.com), the world’s leading provider of Islamic finance technology, and IFAAS (Islamic Finance Advisory & Assurance Services), a leading international advisory firm dedicated to Islamic finance.

The founder and CEO of IFIN, Dr. Shaher Abbas said: “We are very proud to bring the first of its kind FinTech solution to the Islamic financial services industry. The end-to-end digitalisation of the financing process allows Islamic financial institutions to significantly reduce their costs, enhance their profitability and expand their outreach to be where their customers are, without laying another brick. On the other hand, with the whole financing process taking only 10 minutes to be completed, retailers can boost their sales, expand their product offering and provide their customers with the unique shopping and financing experience that IFIN brings. IFIN plans to expand in 20 countries over the next 5 years to capture a market potentially worth over $600 billion”.

Mohammed Kateeb, Chairman and CEO of Path Solutions added: “We are delighted that, by using our cumulative knowledge in Islamic finance technology and through our collaboration with IFAAS, we have developed an industry-leading solution that will deliver real impact to Islamic financial institutions, retailers and customers. We have known and understood the industry challenges very thoroughly and developed a practical solution not only to meet those challenges but also to help take the industry to the next level”.

Farrukh Raza, IFAAS Group CEO, also commented on the launch saying: “Our experience and insight of the industry has enabled us to develop a much-needed FinTech with Path Solutions to lay down the foundation of a digital Islamic finance industry that serves the real economy and supports the development of communities”.

Vault Platform, the pioneering workplace ethics & compliance platform, has closed an $8.2 million Series A funding round to service demand from its fast-growing client base, drive Artificial Intelligence technology for misconduct reporting and expand its team.

The investment was led by Gradient Ventures, Google’s AI-focused VC fund, and joined by London-based Illuminate Financial, as well as existing investors including Kindred Capital and Angular Ventures. 

London-based Vault Platform is spearheading “TrustTech”, as the market’s preferred newcomer into the ethics, compliance and employee reporting category. It features an innovative employee app and a Resolution Hub for compliance, HR, risk and legal teams.

As employers seek to operate in more ethical, genuinely diverse and inclusive ways, Vault Platform offers them an end-to-end solution to facilitate secure communication, collaboration between teams and quicker resolution of cases. In doing so, Vault Platform aims to transform the world of ethics and compliance, protecting businesses and their people from hidden risk.

Vault Platform was founded in 2018 by co-founders Neta Meidav (CEO) and Rotem Hayoun-Meidav (CTO). Tori Reichman, a member of the founding team, serves as Chief Customer Officer. Customers include Lemonade, Airbnb, Kavak, G2, OVO Energy and others.

“Since announcing our platform to the market, the response has been remarkable,” says co-founder and CEO Neta Meidav. “Major breaches and ethical failures that go unreported can cost companies a fortune and turn into crises. Until now, enterprises could only rely on passive reporting mechanisms. Vault Platform is transformational, by empowering employees to surface the problems they experience, connecting the dots on repeated patterns and offering our customers an unparalleled risk detection capability."

“We’re just beginning to scratch the surface of AI’s potential in misconduct reporting through our unique GoTogether(™) technology and we have so much more to come.”

The need to prevent and detect risk early, build strong company culture and drive efficiencies through ethical operations has become more urgent following pressures from the SEC, who in the first seven months of fiscal year 2021 awarded $250m to whistleblowers; and the incoming EU Whistleblowing Directive, which requires companies of more than 250 employees to have a reporting solution in place by the end of December 2021. It has also accelerated with the shift to remote working during the Covid-19 pandemic that has become the defacto norm for many employers.

“Vault Platform tackles an important space with an innovative and timely solution” says Gradient Ventures Founder and Managing Partner Anna Patterson. “Vault Platform’s application provides organizations with a data-driven approach to tackling challenges like occupational fraud, bribery or corruption incidents, safety failures and misconduct. Given their impressive team, technology, and customer traction, they are poised to improve the modern workplace.”

To learn more about Vault Platform, visit www.vaultplatform.com