Integrated IoT cross-border payments
Type of Challenge: Integrated IoT cross-border payments
Launch Date: March 21, 2019
Submission Deadline: April 2, 2019
MVP Stage: Yes, preferably, with a successful implementation in the financial services space
IoT trend is characterized by greater connectivity due to the integration of sensors & computing capabilities. The modes of interaction with IoT devices for initiating actions is also rapidly changing.
A solution for undertaking cross-border payment transactions and enabling placement of foreign exchange orders through IoT devices using voice / facial gestures and hand movements / holograms.
For cross-border payments, the steps involved in choosing the currency pair and amount, beneficiary, source of funds, purpose of transfer and mode of receipt can be translated into interactive engagements with IoT devices through the use of emerging technologies outlined above. Integrating payments from the source of funds from within the IoT device would make the end-to-end user experience seamless.
For foreign exchange, the user can choose the currency pairs and amount, view rates, place orders, transfer funds and see the nearest pick-up locations while engaging with the IoT devices.
Reward: USD 5,000 towards a PoC, which may be followed by full-fledged implementation, if found to be scalable and commercially viable. The PoC shall be judged by a panel of subject matter experts from Finablr and Fintech Galaxy.
Finablr continues to remain focused on its innovation strategy and path-breaking technologies, under which participants may also be considered for strategic investments by the Group.
Finablr is a global platform that brings together full-service Payments and Foreign Exchange solutions underpinned by modern and proprietary technology. Finablr provides an omnichannel proposition for payments and foreign exchange solutions tailored to the requirements of a diverse customer base. Our global network and reach are complemented by a state-of-the-art technology platform coupled with end-to-end operating capabilities that enables us to provide a superior experience to our customers – any time, every time. Finablr Network Brands include category renowned brands such as UAE Exchange, Travelex, Xpress Money, Unimoni, Remit2India, Ditto and Swych. For more information, please visit www.finablr.com .