A young Ghanaian is set to launch a new global payment platform called GenioPay, aimed at making money transfers easier and cheaper across the globe – regardless of the currency.
Registered in the United Kingdom, Lithuania, Poland and Estonia, GenioPay – according to Founder and CEO of the company, James Reinhold – will provide multiple and flexible pay-out channels including mobile money transfers; an array of payment tools for merchants and SMEs; utility services; escrow and school fees services; migrant transfers and much more.
The company’s flagship product, SMSPay, is a global first of its kind that will bring financial services to over 1.5 billion people around the world without a stable Internet. With GenioPay’s technology, clients can actually perform cross-border payments without the Internet, powered by A.I. technology and not USSD.
Customers in Ghana and low-middle income countries can send money across the globe at a fraction of the cost compared to traditional banks. The platform can save them close to 75 percent of transaction fees.
The foundation of GenioPay is built on the premise that transactions continue to be high, and according to the World Bank over US$30billion is lost each year by migrants alone to ridiculous fees.
“We consider ourselves as a company that understands customer pain points built around the singular idea of localising international transactions. What’s more, we are planet-friendly,” Mr. Reinhold said in an interview with the B&FT.
The payment offerings are broken into units: P2P Transfers (sending and Receiving money from friends and family, mostly from two GenioPay customers); Borderless Payments or Transfers which allow customers to send money to anyone’s email address, phone number, or even twitter username.
A secured link is sent to the recipient, and based on location they can withdraw received funds through the 50+ pay-out channels, including mobile money.
The fast and secured Cross-border Payments cover different payment schemes: European Payments (sending money to recipients in European and most especially for Single Euro Payments Area (SEPA) regions; and International Payments (sending payments through SWIFT, BACS, CIPS, CNAPS etc.).
Commenting on how safe and secure the GenioPay payment platform is, Mr. Reinhold said all relevant security requirements have been met using modern technology; hence, users should feel comfortable transacting on it.
“Our team has relevant experience in financial security requirements, using the latest techniques and approaches in data security. We have a well-designed architecture that ensures reliability and security. In order to gain extra protection, we combine various methodologies such as authentication, authorisation, encryption and more.
“The sensitive data of our customers are replaced with a code (encryption) or generated number (tokenisation). We restrict access to databases depending on users’ relationship to the organisation. This way, we limit ordinary employees’ access to corporate information; thus reducing internal threats. Other solutions we implement are precise authentication technologies, such as the One-TIme Password system (OTP). Additionally, we are using a tracking system in order to analyse user behaviour and detect suspicious activity. Also, we test our platform for any potential leaks and breaches.
“We have extensively looked at a lot of payment solutions, but none of them address the ultimate needs of forward-thinking global clients. That is why we created GenioPay – a distinctive alternative that redefines how cross-border payments are done,” he said.
He further stated that plans are on course to establish offices across Africa, with Ghana set to be the headquarters of continental branches.
The GenioPay app, the Founder and CEO added, will soon be available on Play Store, App Store and Huawei Store.