Alaric, a global supplier of fraud prevention and payments solutions, has announced that it has partnered with Mistral Mobile to enable financial institutions to offer customers full financial services through mobile phones.
The joint offering will use Mistral Mobile’s Money Mobility Suite for the interface with the mobile devices, supported by Alaric’s Authentic solution for transaction processing. The service is technology agnostic, so it can be used by any customer with any mobile phone.
The system can connect to banks, card schemes and other payment schemes, and has the flexibility to be integrated into the wider banking system. The mobile solution will also integrate with Alaric’s Fractals fraud prevention technology, giving financial institutions the ability to detect and prevent merchant or micro-agent fraud.
Ludwig Schulze, CEO, from Mistral Mobile said, “While there are mobile payment schemes in place today, many of them are monolithic solutions that can’t be configured to allow new innovations to be delivered to the customer quickly, and are also highly dependent either on the mobile operators, or customers having advanced smartphones. By partnering with Alaric, we can offer Mistral Mobile’s knowledge of the mobile arena, with Alaric’s flexible, configurable payment processing engine, to sit at the heart of our mobile financial services offering, which allows us to reach and serve everyone in a market.”
“There are approximately 2.5 billion under-banked people in the world today. Where there are high levels of unbanked, there are also very limited bank branch networks. There is demand among these people for basic banking services especially as they become more affluent, and mobile technology provides an obvious answer. We have taken careful account of the practicalities of delivering mobile payments, including the limitations of prepaid accounts and low 3G penetration in the target market, and Mistral Mobile provides the ideal solution,” said Mike Alford, CEO at Alaric.
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