contact@alphafortress.com
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Noida, Uttar Pradesh, India

Free Custom Website for MSBs with Mobile Application, BGV and More…

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Fig: White Label website solution for MSBs and Financial Institutions By AlphaFortress

Summary:

  • According to the World Bank 2018 report, global remittance rates should be lowered to 3% by 2030.
  • From long and tedious customer onboarding time to high transfer rates, customers have been experiencing many fundamental problems throughout .
  • AlphaFortress in collaboration with Choice International has introduced a White-label website for MSBs and financial institutions.
  • We have successfully reduced the cost of customer acquisition, enhanced identity verification process and due-diligence with digital identity management
  • With a vision to create an ecosystem for their businesses, hundreds of MSBs and other FIs have partnered with AlphaFortress.

We are going to discuss the digital evolution of the global money services businesses industry. What can we do to transform the global remittance FMI industry and help the business automate boring tedious business processes with KYC Block and a personalised white label solution?…

Before going further, let’s talk a little bit about - Why and What! Why should your money transfer business integrate automation solutions?... What value will it bring to the customers and business?

The customers have been experiencing the short-end of the stick with atrocious customer onboarding experience with high transfer rates in these tough times. According to the World Bank, the global transfer rates should be reduced to 3% by 2030.[1] We as Fintech leaders of the finance industry owe a great deal of our gratitude to our customers & every potential clients to deliver exceptional financial services while elevate them to a higher echelon of financial inclusion.

Do you feel if these fundamental issues can be handled by some machines or technology, while MSBs can efficiently direct their business resources for everyday peace of mind and provide better services? Welcome to the club of many customers who feel this way and are looking for a solution. Well! To bridge the gap between all the issues experienced by the customers and MSBs, AlphaFortress in collaboration with Choice International has designed a white-label website with advanced functionality to automate your mundane tasks. We have been working to transform the global money sending business industry with our white-label website platform.

So how will we achieve it? The more important question is — What will a white label website do for the customer?

The Necessity of a White-Label Website

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Fig: UX/UI friendly Homepage of the White Label Website

So how will a white-label website change the current MSB industry?

Just like every mass-engineered product from consumer electronics to software, a white label website enables a business with a readily available infrastructure of services, thereby reducing the time and cost for customer acquisition. While being a mass engineered product, the best thing about the white-label website is that businesses can add their own flavour of customisation with extra functionality and create a unique identity for better customer experience while challenging the big league players in the MSBs. The whole line of products is instantly available to the customer, reduce the financial risk with a tested system, and allows MSBs to allocate their resources on creating a better customer experience.

However, there might be many questions going through the mind of the customers and business. The MSB industry has created as well as aided wild problems that have been eating out the industry from within while customers have been the majorly affected by these issues.

Problems within the MSB industry

In every financial transaction, the customer is the one most affected by the decision of MSBs at the end of the business cycle

It’s quite clear from the mass discontent of the customers, regulators, payment gateway providers, and even the Money Services Businesses (MSBs) themselves that the entire Financial Market Infrastructure (FMI) has been inept to deal with an array of issues and problems including but not limited to the dependencies on one another and lack of clear accountability because of their short-handedness of the right tools, i.e. Financial Technology (FinTech). Let’s check what are these problems and their effects on customers:

  • With long and tedious customer onboarding time period of 32 to 24 days, customers have migrated their business to other financial services. [3]
  • Inefficient identity verification systems have led to bad actors gaining access to customer accounts. The customers have suffered $16.8 million in 2017 due to identity theft and financial terrorism. [2]
  • The increased cost of global transfer rates: While the average cost of a transaction has lowered over the years, customers are being charged as high as 11% for sending money to family and friends. [4]
  • Poor Document Management Mechanism: Data duplication due to human error and incompetent document management system have created a dangerous concoction for the financial institutions. Even after submitting every document, the customer is still asked to provide the same documents, this consumes a lot of time and resources thereby increasing the customer acquisition cost and transfer window.
  • Stringent regulatory compliance: Regulatory and compliance agencies have levied high regulatory fines and established strict policies choking the competition out the market. SMEs MSBs are struggling to operate while the plethora of AML and KYC laws have led to de-risking and unbanking of customers.
  • Due to poor Fintech infrastructure in the beneficiary countries, MSBs have to increase identity verification period, money transfer window & cost, which create additional stress of the family of the customer. We know remittance money plays an important role in the economic growth of beneficiary countries and in the lives, the migrant family can pay for daily needs and survival.

Features and Benefits of our white label website

Improved ID verification system, exceptional customer onboarding experience & affordable interest rates are the core principle behind the development of this solution

We have always found these issues to be the main hindrance behind the final inclusion of customers and the digital evolution of MSBs. From day one, our approach has been to eliminate these issues while creating a robust, secure and reliable system for the MSB to easily facilitate sending services to the customers.

With the synergy of Blockchain, Artificial Intelligence and Big data analytics, we have incorporated advanced features into our white-label solutions that are vital for the customer and MSBs industry:

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Fig: KYC DNA — Advanced Identity Verification Solution by AlphaFortress

  • Instant Identity verification System: With an Artificial Intelligence-powered deep web search engine, KYC DNA, your each and every document are thoroughly analysed and then searched across KYC, AML and CFT database for a confirmed match of an individual’s real world identity with fraud monitoring. With instant ID verification, MSBs can easily verify every customer with reduced business risk through an auto-generated identity assurance report.
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Fig: ID Day — An advanced Facial Recognition System

  • Multi-Factor Authentication: It is necessary to authenticate the identity of every individual to provide enhanced data security options like — Biometric, OTP, Mobile, and ID-Day, a facial recognition solution. Extra-level of security check to ensure only the right person has access to their information every time while keeping bad actor at bay.
  • Automated Digital Document Management: With KYC Block, a blockchain-based digital identity manager, customers have full access to their digital identity and data privacy with enhanced security for due diligence. With a time-sensitive encrypted key, the customer manages their sovereign identity and share every document with MSBs.
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Fig: Intuitive Dashboard for the Customer

  • Instant Global Money Transfer: We have made sending money a whole lot easier from countries like the UK and USA. Customers can now send money directly to the bank account of their families in real-time at the lowest transfer rates within 60 seconds.
  • Business Expansion: Customer will have complete access to a long list of payment options. MSBs can choose from a wide range of options from different payment options, be it financial institutions, cash or mobile payment. With a free-license offer expand these services to different payout locations & beneficiary countries such as India, Nigeria, Ghana, Kenya and more.
  • “Now never pay for recurring transactions fee again!”
  • International Payment Card: Just like an e-wallet, customers can send directly into the payment card of the family & friends sitting in another country. These cards can be used in local stores to make a purchase with a one-time transaction fee. We aim to develop a long-lasting organic relationship between MSBs and their customers.
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Fig: User-friendly White Label Mobile App

  • Cross-Platform Mobile App: Global Payment has increased by 31% with a total revenue flow of $3.09 billion.[5] It is an undeniable fact that mobile devices offer extreme flexibility and accessibility while creating a unique identity for businesses. To keep the great spirit of customer engagement and improved visibility for MSBs, our team has also developed a fully functional app for the customers. With remittance flow to lower-&-middle-class economies is estimated to reach $550 billion in 2019. [1] Through our platform, we want to bring the customers under the umbrella of financial inclusion and economic stability while promoting better business models & competitive practices across the finance industry. Our vision behind the development of this platform is to create a robust and secure ecosystem for MSBs and their customers. SMEs MSB and financial institutions have also joined us in this adventure and provide the customer with a wonderful experience.

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