Global Voice Group (GVG), a regulatory technology developer and Big Data Analytics organization has launched TransFin, a seamless payments interoperability solution. The solution is aimed at governments and central banks, providing a secure and efficient gateway for the integration of various online payment systems.

This in turn leads to interoperability of domestic payments as well as the management and streamlining of payment processes.

“The cashless economy has grown immensely over the last 18 months, thus increasing the need for more efficient systems to manage cashless transactions. This is set to continue as more individuals and organizations shy away from the use of cash and therefore seamless interoperability of payments is becoming a stronger consideration for governments and central banks. The more frictionless the process of making and receiving payments is, the faster the cashless economy and rate of financial inclusion can grow,” said James Claude, CEO at GVG.

TransFin is an API (Application Programming Interface) based solution which allows payments systems to save on time and money with respect to input, authentication and authorization processes.

The solution also integrates the digitization and streamlining of government payment systems, empowering the digital payment of salaries and other amounts via multiple channels, including mobile money. This will help to ensure accurate account settlements with real-time data and traceability for all transaction flows making the payment ecosystem easier to oversee, regulate, and therefore more financially inclusive.

“Financial inclusion is key to the growth of the economy, and we must strive to provide solutions that serve the underbanked. This globally accepted principle has informed the development of the TransFin solution and the capabilities it has been equipped with. With citizens accessing more convenient and secure methods of payment, we can see improved collection of payments by both governments and individuals,” concluded Mr. Claude.