Today there are over 100 distinct deployments of mobile money services worldwide in a multiplicity of business models, technology infrastructures and service configurations. Business models are often characterized as Mobile Network Operator (MNO) centric, bank-centric or technology-centric depending on the category of the principal project owners. The technology options range through device- native SMS, device-independent mobile application and POS-dependent NFC implementation. Some services focus on the retail payment function while others target person-to-person transfers.
The growth of subscription-based pay-as-you-go mobile phone ownership and the use of text messaging for communication in conjunction with advances in mobile payments technology allow, for the first time, the rapid adoption of multiple consumer service offerings on a single transaction platform - the mobile phone. Sweeping technological and regulatory changes in global financial services, the reduction in costs and improvement in convenience brought about by new mobile technology is expected to rapidly transform the payments and funds transfer industry through a plethora of alternative services. Transcel has developed its technology platform and services bridge to deliver and interconnect these emerging new services.
Transcel's advanced interoperation technology and its independence from dominant telco or banking alliances, allow it to act as a neutral hub, enabling the delivery of next-generation "any-to-any" and "many-to-many" services. Transcel delivers the solutions that balance the requirements of regulators with the needs of consumers seeking the benefits of mobile transactions and service providers needing to achieve business viability. Transcel provides the agile solutions infrastructure required to scale operations as the customer base grows and to cost-effectively deliver specialized high-value services.
Transcel has implemented an interoperability gateway (Transcel/IG) that will, at dramatically lower cost, link mobile transaction services in North America to its mobile money services in the Caribbean region. Transcel/IG will serve as a hub for routing transactions from various disparate money transfer platforms and acts as a coordination service between various mobile transactions systems interconnecting across jurisdictional boundaries.
Within a local jurisdiction, Transcel IG serves to provide interoperability between different financial institutions and mobile transaction platforms deployed in the local mobile money environment. Parallel mobile money services within a jurisdiction are allowed to interconnect to maximize the ubiquity and value of delivered services.
Transcel has developed the core technology for the first carrier-neutral, or "MNO-network agnostic" mobile electronic transaction platform, called "Transcel/M". Transcel/M is a highly configurable Mobile Money platform that allows financial institutions and communications service providers to provide their customers with a secure and convenient way to send and receive payments, including international remittances, and manage their finances in special e-money accounts using a mobile application, regardless of which cellular provider they are on and even if they do not have a conventional bricks-and-mortar bank account. Transcel/M's user-oriented design ensures usability among less-educated populations as well as making it accessible on a wide range of devices.
Transcel positions its services on the demand side of a financial transaction. While most mobile financial service apps focus on managing money, Transcel's services focus on getting money. Transcel provides a social-network, request/response, method for the negotiated acquisition and transfer of funds both within a country and cross-border. Transcel/M differentiates itself through the extreme ease financially under-served members of the community will be able to and activate and fund their Transcel mobile money accounts.
The Transcel/M solution orchestrates stored value financial accounts with unique mobile accounts and personal identity to enable deposits, withdrawals and transfers of money between accounts and account holders. Transcel/M leverages existing distribution networks of agents to create "branchless banking" in which an authorized individual with a mobile phone can act as a cash point for and deliver various financial services to the unbanked.
Transcel/M can provide an integrated pre-pay Mobile Money debit card or integrate with existing payment card accounts. The transaction platform supports personal transfers, bill payments and loan repayments as well as the disbursement mechanism for a salary or a loan.
In 2012, Development Bank of Jamaica (DBJ) selected Transcel to design and implement a pilot project as part of its Government of Jamaica policy initiative focused on microfinance. This project, known as Mobile Money for Microfinance (M3), will demonstrate the extent to which these mobile financial services can significantly reduce costs in the burgeoning microfinance industry.
Transcel M3 is an advanced mobile financial services platform designed to meet the key requirements of Microfinance Institutions (MFIs). It provides support for microloan management, auditing and transactions. The platform allows users to apply for loans, receive disbursements and make payments using mobile phones.
An important feature of Transcel/M is a structured messaging service designed specifically for microfinance institutions and their customers. In Transcel M3, this feature will allow MFI's to interact with their customers via mobile phone on an "internet chat" type interface so as to respond to simple queries. This will reduce the number of costly face-to-face interactions and phone calls between MFI's and their customers.
As it is based on the Transcel/M platform, Transcel M3 is mobile network and platform independent, and will feature mobile applications for more powerful Android and Blackberry phones as well as popular low end phones affordable to many hundreds of thousands of Jamaicans.