OnlyID wins American Business Awards

American Business Award Winners

May 2018

OnlyID, a digital authentication solution that helps protect consumers’ identities and allows them to make transactions across multiple online accounts securely, has won the Gold American Business Awards for best New Product or Service of the Year - Software - FinTech Solution.
“The product is a joint development effort between FIS and Global Kinetic, and we are incredibly proud to be involved with such a hugely successful project and to be working with the incredible individuals at FIS across the United States.”, Sergio Barbosa, CIO, Global Kinetic.

What is OnlyID

 FIS and Equifax jointly created OnlyID™ in conjunction with Global Kinetic developers. OnlyID is a digital authentication solution that helps protect consumers’ identities and allows them to make transactions across multiple online accounts securely.

Without the need of passwords, consumers can access OnlyID with a single registered identity through their preferred financial institutions and e-retailers that have joined the OnlyID Network.

 Thus providing an easier way to access online accounts and protect your personal information. OnlyID is a powerful network comprised of financial institutions, businesses, and retailers. Once your identity is established in the network, use OnlyID to sign in to participating accounts and conduct transactions.
Using a chosen digital device you can create your personal identity in an easy step-by-step process.

 Once your OnlyID account is established, that’s it. A simple, one-step authentication performed in real time allows you to access your accounts in the OnlyID network, creating a more convenient, more secure experience. The OnlyID Network consists of authenticated consumers who use a universal digital representation of their identity to interact with businesses in the network.

Award winning Digital Authentication Solution:

https://stevieawards.com/aba/2018-new-product-awards

OnlyID has proved to be a success thus far and has won awards from the American Business Awards 2018. The product had been awarded with two gold wins in different categories. One being the best Fintech Solution and the second being the best marketing kit.

The two winning categories are listed below :

Congratulations to all involved in the project! This includes FIS and Equifax. The creation of this innovative product could not have been possible without the contributions from the different parties working on the project. The combined skills and knowledge allowed for this successful project to grab the attention and awards from the American Business Awards 2018. The product is also a possible solution to the modern pressing issue of securing digital identities.

About FIS
FIS is a global leader in financial services technology, with a focus on retail and institutional banking, payments, asset and wealth management, risk and compliance, consulting, and outsourcing solutions. Through the depth and breadth of our solutions portfolio, global capabilities and domain expertise, FIS serves more than 20,000 clients in over 130 countries. Headquartered in Jacksonville, Fla., FIS employs more than 53,000 people worldwide and holds leadership positions in payment processing, financial software and banking solutions. Providing software, services and outsourcing of the technology that empowers the financial world, FIS is a Fortune 500 company and is a member of Standard & Poor’s 500® Index. For more information about FIS, visit www.fisglobal.com.

About Equifax
Equifax is a global information solutions company that uses trusted unique data, innovative analytics, technology and industry expertise to power organizations and individuals around the world by transforming knowledge into insights that help make more informed business and personal decisions. The company organizes, assimilates and analyzes data on more than 820 million consumers and more than 91 million businesses worldwide, and its database includes employee data contributed from more than 7,100 employers.

Headquartered in Atlanta, Ga., Equifax operates or has investments in 24 countries in North America, Central and South America, Europe and the Asia Pacific region. It is a member of Standard & Poor’s (S&P) 500® Index, and its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. Equifax employs approximately 9,900 employees worldwide.

About Global Kinetic
Global Kinetic is a leading software engineering company with a team of over 100 tech-savvy and inspired developers, engineers, designers and creatives. This group of highly fuelled people work together at Global Kinetic to spearhead and develop brilliant products, including some that seriously disrupt the market. One of the coolest places to work, this company has the nicest people creating amazing apps and products, which they do with flair and sheer professionalism, mixed with a dash of fun. Steeped in expertise*, they designed and created the world’s first fully immersive gamified children’s mobile banking app in Unity for Standard Bank as one example; in another they designed and developed PayToday, the Venmo for Southern Africa. They’ve built slick and powerful mobile banking experiences for Old Mutual, Bidvest Bank and many more. They have great offices in Century City, as well as in Palo Alto in the US. For more information, visit www.globalkinetic.com

*Global Kinetic (GK) provides enterprise solution engineering services and have capability across the application stack, predominantly .NET Core, Java or Scala deployed to Azure, AWS or physical infrastructure on the enterprise side, and native or hybrid technologies on the mobile side for Apple, Android and Windows Phone. Global Kinetic are evangelists of agile development methodologies, implementing SCRUM on customer projects and provides professional services around the delivery, quality assurance, test automation, requirements gathering, analysis, UX/UI design and architecture

Oradian and Instafin Partnership with FutureBank Platform

Oradian and Instafin Partnership with FutureBank Platform

Oradian and Global Kinetic integrate their Instafin and FutureBank Platform products into a seamless banking experience aimed at the unbanked in Nigeria, Ghana, the Philippines and more.

In total; 2.5 billion of the world’s adults don’t use formal banks or semi formal micro-finance institutions to save or borrow money (1) . Of that number nearly 2.2 billion of these unserved adults live in Africa, Asia, Latin America, and the Middle East.

This is problematic as it restricts these populations from having significant benefits and increases in financial assets for families and individuals that have the ability to gain account ownership.(2)

Micro Financing Institutions (MFIs) in frontier markets have unusually made lending decisions without access to the sort of customer data and documentation commercial banks take for granted: credit scores, identification documents such as passports or government ID cards, bank statements, lending history and collateral.  These unbanked individuals do not have the necessary documentation needed for traditional lending methods from banks. This is why Oradian made an effort to physically visit these communities and find groups of people who want to lend money. Lending activities are then tracked on Oradian’s cloud-based core banking system Instafin via tablet interfaces and the lender can come back periodically to collect the returns from one of the unbanked individuals in each of these communities.

It is evident from this case that there is a growing need for a digital banking system that may assist and connect these unbanked populations to relevant banks and providing them with access to the financial services they need.  While Oradian’s Instafin core banking solution is able to manage financial products and the record of accounts for this market, the FutureBank Platform can provide regional, demographic specific and targeted digital user journeys for the unbanked user in this market.

What is Oradian?

Oradian is a company founded in 2012 that provides MFIs in countries with underdeveloped banking infrastructure with a finance management platform for personal banking.

The Croatian fintech company was originally focused on Nigeria , where it grew its customer base to 24 MFIs with roughly 490,000 end users. Philippine Central Bank supported the project and since the young company has had a rollout in the Philippines, where it already works with 18 MFIs. Oradian today is also present in Ghana, Liberia, and Malawi.

What is our collective vision with this project

The long term vision of Oradian’s Instafin and Global Kinetic’s FutureBank Platform is to connect 100 million previously unbanked families to the financial system globally, especially in areas where technology is underdeveloped, through an end-to-end digital banking experience.  Our combined software helps MFI’s grow their businesses and lower the cost of finance to end users. In order for this project to be implemented, our FutureBank Platform will be used in conjunction with Instafin to provide a seamless banking experience. Collectively, we can make an accessible user interface paired with connection to the relevant lending accounts for the unbanked target market.  We can also provide services to the unbanked that will make their lives a whole lot easier, like being able to provide prepaid services directly from their mobile devices so that they can eliminate costly travel to urban areas in order to purchase electricity and other basic services. Instafin is the operational platform on which microfinance institutions, cooperatives and credit unions manage their day-to-day operations, and FutureBank Platform is the digital experience that the unbanked user interacts with.

The number of people who own smartphones is increasing in Nigeria, Ghana and the Philippines as the retail price drops. This means there is a growing opportunity to extend Oradian reach by making use of digital banking with the help of FutureBank.

Instafin and FutureBank     

 

To create the tools for financial inclusion and make them accessible to all financial institutions The FutureBank Platform is an ideal product to integrate with Instafin in order to reach this goal to give the system a useful and customizable front end banking interface.  Each region and demographic group has its own nuances and requirements, and the FutuerBank Platform is specifically designed to accommodate rapid, agile customization to user journeys that can be quickly deployed and easily scaled.  The technology also supports offline capabilities and zero rated services through integrations with regional Mobile Network Operators (MNOs) in Nigeria, Ghana and the Philippines.

Instafin can reduce high operational costs through automatic reporting that dramatically speeds up time-consuming month-end reporting processes, thus minimising inefficiencies that exist in across these rural banks servicing the unbanked population.  Instafin has other features such as messaging, automatic updates, maximum data security and pricing engines. It also provides training and implementation services on the ground in the areas they service — including data migration from their previous CBS or from spreadsheets.

The FutureBank Platform provides the unbanked users with access to their basic financial information, such as their current balance, transactional history, loan account status and other repayment information.  It can also provide direct access for the user to purchase pre-paid services available to them based on their area. These kinds of features add immediate value to the quality of life for the unbanked individual and puts them on a path to financial security and wealth for their families into the future.

At its core, the FutureBank Platform is a MicroServices API platform that integrates into the most popular Core Banking systems in the world.  The Banking API exposes a common interface to digital channels and FinTech partners whilst abstracting the complexities of the underlying legacy Core Banking systems.  The Banking API can provide a single end point into multiple disparate Core Banking systems which is useful in the case of the project with Instafin.

FutureBank uses unique asymmetrically encrypted HSM tokens to secure each transaction through the platform - adding an additional layer of security.  The platform exposes an event driven SDK architecture for easy integration into 3rd Parties, Merchants and Individuals.

SOURCES:

      1. Source: McKinsey research conducted in partnership with the Financial Access Initiative (a consortium of researchers at New York University, Harvard, Yale, and Innovations for Poverty Action); we relied on financial usage data from Patrick Honohan, “Cross-country variation in household access to financial services,” Journal of Banking & Finance, 2008, Volume 32, Number 11, pp. 2493–500.

  1. FITZPATRICK, K. (2014). Does “Banking the Unbanked” Help Families to Save? Evidence from the United Kingdom. Journal of Consumer Affairs, 49(1), pp.223-249. doi:10.1111/joca.12055