Safe Mobile Transactions
By CXOtoday Staff
Mumbai, Nov 10, 2008 1551 hrs IST

Cashpor India, the microfinance institution ("MFI")'s has implemented ClassifEye's camera-phone-based transactions and authentication solution.

The solution enables broader financial inclusion, expanding the customer base, and agent-serviced customers to improve their financial reach.

Customers can access a MFI handled services to manage loans, make deposits and execute other operations through Internet-enabled cellular phones of the field agents. Each transaction is authenticated via MFI agents' camera-phones. The phones capture fingerprints of the customers. The service has been tested by banks and MFIs, according to a press release.

"Poverty-reduction through financial inclusion is a wonderful aspiration, but reaching rural populations with cost-effective, appropriate technology and products in a financially sustainable manner is a big challenge. Secure, better-quality and timely transaction information will aid in monitoring operations, taking informed management decisions, and in planning timelier follow-up," said David S. Gibbons, CEO of Cashpor India.

"The economics of bringing trusted authentication methods to huge rural environments, such as India, have been an obstacle to profitably expanding MFI activities. By leveraging camera-enabled mobile phones and eliminating any additional hardware, ClassifEye's solutions will be able to create new opportunities for microfinance and commerce throughout the developing world," said Rami Cohen, CEO of ClassifEye.

MFI field agents can be trained in just a few hours, with critically low technical support requirements for MFI IT staff and an almost endless number of agents can be active on the system at any time. In terms of mobility, ClassifEye's solutions can work both online and offline.


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