The voice biometric technology of Voice Trust is complying with the authentication requirements set by financial authorities such as FDIC (Federal Deposit Insurance Corporation), FSA (Financial Services Authority), and BaFin. Since the project was launched in 2009, more than 1.8 million licenses have been sold. I think it means a lot that almost 2 million people have already put their trust in this new technology.

What is it and how does it work? Voice biometrics is a voice identification technology which grants users a secure access to mobile money transfer services. For example, the cardholder of the VoiceCash Twin Card can transfer money by voice control. His voice was previously registered and is held in conjunction with his mobile phone number. An automatic call-back will suffice to verify that the voice profile matches the phone number. Thus, the cardholder can transfer money by simply using his mobile.

The Mobile Money Transfer APAC Conference in Manila has just come to an end. There were presentations and discussions on several topics referring to the future of mobile money transfer. For example how mobile services can be converged most successfully with different channels in order to transfer funds more easily. Or the progress made so far in making  mobile money services available in different regions of the world.  I think those conferences are indispensable for networking and for developing new solutions together!

The good thing about Mobile Money Transfer is that it is affordable and comprehensible to those most in need of such a service. There are millions of expatriate workers across the world  who have to send home money to their families. Many of them are illiterate – but almost all of them have a mobile phone! By this means they can transfer money to a partner card or a foreign bank account via voice control or SMS.

The Philippines is one of the countries which profit exceedingly from remittances of overseas workers. There are thousands of people who left their families in order to work abroad and send home money. Accordingly the Philippine government has an interest in supporting and facilitating money transfer processes. Manila is actually the venue for the MMT APAC Conference and Expo in January 2011. The conference will certainly be a breeding place for new ideas relating to money transfer and mobile banking. Find out more!

http://www.mobile-money-transfer.com/apac

What started as a simple idea – bringing financial services to the world’s needy – during my time as a business consultant, has grown into an international business cooperation for money transfer with the Voice Bank today having customers like the Allianz group, the Swiss military and USAEC.

In 2008 overseas workers repatriated approximately $338 billion. The VC twin card was a first step to make the routes for sending money less expensive and time consuming. The Voice Bank is now planning to add a salary card by means of which overseas workers can be paid directly into their account.

Voice Cash is offering business cooperations to mobile operators, which benefits them and their users, in order to make Mobile Money Transfer Services available to people all over the world, especially to migrants and unbanked mobile phone users in Europe and the Middle East.

Individual remittances to family and friends constitute a large part of the cash inflow of developing countries. The money used for increasing the infrastructure, promoting education and for other facilities. Thus, money transfer is a great benefit for the economy of the home countries of those working abroad and sending back money. VoiceCash is engaged in finding solutions to facilitate money transfer, and so is the World Bank. See 5×5 Objectives.

Due to national policies and regulations money transfer is often complicated and expensive. In order to reduce bureaucratic and monetary obstacles for those who need to send money home to their family and friends the World Bank has agreed on 5×5 objectives which are supposed to enhance the efficiency and transparency of money transfer. Read more about this topic:

WorldBankRegulations5×5Objectives