A payment platform to facilitate money transfers at affordable rates in all currencies will soon be launched.
A media release from ‘GenioPay’ issued in Accra said the platform would 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 Founder and CEO of the company, James Reinhold, said the company’s flagship product, SMSPay, would bring financial services to over 1.5 billion people around the world without a stable Internet.
He said with GenioPay’s technology, clients could actually perform cross-border payments without the Internet but powered by A.I technology.
“The foundation of GenioPay is built on the premise that transactions continue to be high, and according to the World Bank over $30 billion is lost a year by migrants alone in ridiculous fees.
“We consider ourselves as a company that understands customer pay points built around the singular idea of localising international transactions,” Mr Reinhold said.
Therefore, the company looked extensively at a lot of payment solutions but none addressed the ultimate needs of forward-thinking global clients. Thus, the creation of GenioPay — a distinctive alternative to redefine how cross-border payments are done.
A secured link is sent to the recipient, and based on their location they can withdraw the received funds through the 50+ pay-out channels, including mobile money.
The fast and secure 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, among others).
Commenting on how safe and secure the GenioPay payment platform is, Mr Reinhold said all relevant security requirements had been met using modern technology.
“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,” he said.
He further stated that plans were advanced to establish offices across Africa, with Ghana set to be the headquarters of the continental branches.