EyePay® Network: A Game-Changer for Salary Assurance & Aid Payments to the Unbanked
How EyePay® Network has Revolutionised the Delivery of Aid Assistance and Wages
The EyePay® Network truly is a game-changer in the way financial assistance and government-to-citizen services are delivered.
The end-to-end platform sees increased coverage for UN agencies, NGOs and governments, via an established network of financial service providers. All this comes with a minimal set-up period - bypassing often long negotiation times - which is crucial in times where a rapid response is of the essence.
As well as humanitarian aid, EyePay® Network can also be deployed for accurate and convenient salary assurance. Our partners can leverage the power of iris recognition technology to eliminate the need for physical bank cards or ID while enhancing security, reducing fraud and refining the payment process.
In this article, we’ll put our latest solution under the spotlight to provide an overview on how we help overcome some of the challenges our partners can face in the field and share a couple of real-life deployments.
What issues does EyePay® Network address?
As well as providing a range of enhancements for aid/assistance and salary assurance payments, our EyePay® Network also addresses a number of issues faced by other distribution methods:
Problem: CVA delays, due to negotiating FSP contracts
> EyePay® Network offers preparedness, with access to a scalable pool of accredited FSPs. This circumvents the considerable time taken to establish agreements from scratch NGOs, governments and agencies can utilise these FSPs immediately, simply by being a member of the network.
Problem: Duplicate records and payments
> EyePay® Network boasts 100% accuracy of identity and liveness detection. Such robust verification eliminates duplicate records and double-dipping
Problem: Identity theft and forgery
> EyePay® Network verifies beneficiary identity from an iris scan. This halts identity theft and related fraud and provides targeted delivery capabilities not found in other solutions.
Problem: Lack of real-time reporting accountability
> EyePay® Network produces real-time transactional reports for complete transparency and performance monitoring
Problem: Exclusion of vulnerable groups
> EyePay® Network avoids exclusion of certain crisis-affected groups, some of whom are the most vulnerable, e.g. displaced people, disabled or older people, those who aren’t digitally literate, and those who don’t own smartphones or have internet access
Problem: Security issues
> EyePay® Network harnesses encryption and anonymises beneficiary data. There is also no data sharing. The Network is ISO 27001 certified and GDPR compliant - this limits problems of cybersecurity and data breaches
Problem: Duplicate records and payments
> EyePay® Network boasts 100% accuracy of identity and liveness detection. Such robust verification eliminates duplicate records and double-dipping
Key features of the EyePay® Network
The EyePay® Network is an integrated payment platform based on advanced iris biometric technology. It has been developed to benefit the whole aid and salary assurance ‘ecosystem’:
- Financial assistance providers such as governments, NGOs & UN agencies
- Salary payments to large numbers of unbanked blue-collar workers such as farmers, miners, factory workers and others
- Financial service providers including banks, money exchangers, mobile wallets, post offices & retailers
- Financial switches
- Government donors
- Beneficiaries - typically recipients who are displaced or otherwise unbanked
This inclusive, people-centred system uses iris recognition technology to onboard beneficiaries in a one-time registration at a designated outlet to comply with KYC requirements of central banks.
From one uniform portal, assistance payers can manage multiple beneficiary lists in different currencies, multimodal assistance types and a range of distribution providers with unprecedented precision at every stage of the payment process.
EyePay® Network ensures the reliable and accurate distribution of:
- Cash out & cash transfers
- CVA
- Mobile money
- Social protection payments
- Salary payments
- Food & NFI
- Health kits
This innovative and trusted technology already serves over 5.6m beneficiaries worldwide. Please click to find out more about the EyePay® Network.
Real-life applications for EyePay® Network
We are proud that two new partners have joined the platform recently:
Case study 1: Cairo Amman Bank Jordan
Cairo Amman Bank Jordan (CAB) has been a valued strategic partner of IrisGuard since 2009, enabling effective and targeted cash aid distribution to Syrian refugees in Jordan.
More recently the partnership expanded to secure salary assurance payments for unbanked Jordanian and foreign workers. Not only has this advanced financial inclusion for Jordanian citizens, but it also aligns with the country’s economic reform plans and our partner’s commitment to cutting-edge technology in order to drive economic growth.
Our Founder & MD, Imad Malhas, commented:
“We are excited to expand our valued partnership with Cairo Amman Bank to introduce this secure, convenient, and cost-effective solution for salary assurance payments in Jordan.
“We are confident that it will set a new standard for innovation and financial inclusion in the region and beyond, empowering all citizens and residents to be part of the expanding digital economy.”
Case study 2: MEPSYemen
We are proud to have forged a strategic partnership with MEPSYemen. The EyePay® Network meets the demands of donors, agencies, NGOs and government entities for a consistent and accountable salary and aid payment system.
Our iris-powered system will be deployed at delivery points including banks, ATMs, retail shops, money exchangers, post offices and mobile wallet agents to provide an effective and reliable service for salary assurance and aid distribution. Yemeni beneficiaries will enjoy secure and user-friendly access to their financial and non-financial entitlements, using only their irises to verify their identity.
This will accelerate financial inclusion for unbanked and socially underserved citizens in Yemen.
The Benefits of EyePay® Network
The EyePay® Network platform offers numerous benefits, including:
- Accuracy, Accountability & Protection
100% accurate proof of life and liveness detection assured, utilising only the human iris. This targeted delivery approach provides protection to beneficiaries not found in any other platform - Trust through real-time reporting
The Network offers real-time financial accounting and reporting, with an easy-to-view dashboard where Payers can see live transactional reports. Real-time audit trail tracking eliminates fraud and protects Beneficiary entitlement - Approved service providers
Simplifies assistance distribution via multiple service providers, from cash and food to medical services. It is a rapid and seamless end-to-end solution that is robust and scalable. This offers beneficiaries a large number of outlets and the freedom to choose which outlet to use depending on their geographic location and quality of service offered - Better for Beneficiaries
Convenient, secure, contact-free, dignified and efficient approach to receiving assistance. Beneficiaries don’t require physical cards, PINs or smart devices while being assured that their entitlement is protected with their eye - Efficient
The system offers a streamlined onboarding process, improved coverage and financial resilience, the process of payment takes a few seconds and a paper receipt is printed for every transaction - Secure
Sensitive data is encrypted, secure and anonymised - GDPR compliant. The system is compliant with Know Your Customer (KYC), Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF). No data is stored at any Agent outlet or on any of the network points of service - Cost-effective
Offers value vs cards and bank accounts. Hassle-free iris-verified payments eliminate the operational costs of using physical cards
Explore the EyePay® Network for yourself
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