Reimagination Technologies, Inc. (RTI) has been named the ‘Best Payment and Remittance User Experience in North America’ in the seventh annual FinTech Awards competition by Wealth and Finance International.
This premier awards program was founded to recognize FinTech innovators, leaders, and visionaries worldwide in various categories. Wealth and Finance International is part of AI Global Media, which owns over a dozen brands.
One of the reasons Reimagination Tech received this award is because of its proprietary VoicePay system’s ease of use.
Voice-activated payment processing enables customers to make payments by speaking commands rather than using physical cards or devices. This technology employs voice recognition and biometrics software to verify a user’s identity and securely process payments.
And while artificial intelligence or AI has emerged as a potential threat because of its ability to mimic a person’s voice, it is not an issue for VoicePay.
‘Our technology creates a biometric record of your voice caused by copying the voice wave you create when you talk, said Reimagination Technologies President Alberto Gonz lez. ‘AI can copy the sound of your voice, but we are using ValidSoft biometric voice engine (our AI) to detect these synthetic voices, even highly accurate ones called deep fakes, by measuring the biometrics of the voice. This is a 3-D mathematical model of the sound distortion a person’s physiology creates when air passes through the lungs. It’s air; it is not sound.’
The growing popularity of voice assistants, such as Amazon’s Alexa, Google Assistant, and Apple’s Siri, is driving the rise of voice-activated payment processing.
Two months ago, Alberto, along with Reimagination Technologies CEO Jaime Gonz lez-Gasque and Mariana Aguilera, CEO of the Money Transmitter SENDIRECT, TDM Dinero Seguro, SA de CV based in Mexico, presented RTI’s WhatsApp new remittances module at the National Credit Union Services Organizations’ annual conference in Las Vegas.
The remittance module offers a groundbreaking way for U.S. credit union customers to securely remit money to relatives in Mexico and other countries at a fair exchange rate and low commissions.
At the conference, the presenters demonstrated the facility of sending remittances via WhatsApp , both for the sender in the US and the beneficiary in Mexico, in compliance with the law and anti-money laundering regulations while avoiding fraud.
The remittance module allows U.S. banks and credit union customers to securely remit money to relatives in Mexico and other countries without wire transfer charges.
‘This new payment solution using WhatsApp and VoicePay creates a superb customer experience for merchants’ and remitters’ end customers,’ Gonz lez-Gasque wrote in the companies’ award submission.
- Merchants enhance their relationship with consumers by allowing them to make payments with their voice and on their own time.
- Remitters enhance their user experience by having the ability to send and receive money through WhatsApp, the same platform they already use to communicate with each other.
‘More than $60 billion per year is sent back and forth in remittances between the US and Mexico alone,’ Gonz lez said. ‘Most of these are small transactions $200 to $300 once or twice a month. This makes the WhatsApp remittance module perfect for credit unions many of whom have large migrant populations as customers.’
Gonz lez noted that WhatsApp is a popular communications tool globally, with 2 billion users. It is the top message app in Latin America and Europe. Regulations for remittances are tight, and the platform closely monitors transactions.
Remittances on Social VoicePay are made through a WhatsApp Business Account connected to a credit union or remittent company mobile number, verified and marked as an official number. The sender and beneficiary also can verify it.
Once the first remittance has been sent, it is possible to pay subsequent remittances with a simple voice command or VoicePay, which biometrically authenticates the sender.
About Reimagination Technologies
Reimagination Technologies, Inc. (RTI) is a US corporation located in Los Angeles, California, focused on creating new payment solutions and digital services, helping Acquiring Banks, Remitters, and PSPs to unlock the potential of their business by reimagining the relationship between people and technology.
RTI is a Los Angeles-based company specializing in new payment acceptance solutions through social media platforms like WhatsApp. It is the inventor and developer of a Cloud Service Solution: SocialCashier & VoicePay, and it operates a wholly owned subsidiary and software development unit or software factory in Mexico City. Reimagination Technologies was an innovation award finalist at the European Payment Service for Merchants Meeting in July 2022 in Berlin, Germany.
