For companies to survive, they have to invest in technology. One has to have a vision and then find the better technology partner to help them reach that vision. This is what Fexserv Financial Services did to introduce their Myney mobile payment solution.

David Borg Hedley, Fexserv general manager, recalls how three and a half years ago he had a vision to take the company to new grounds. He said that he wanted to give every person in Malta, whether resident or just visiting, the ability to receive, hold, send and spend money through the gadget that was then becoming, has become and will continue to be the one thing that we all carry with us and cannot stay without – the smartphone.

He added that it was also important that each account would have its unique IBAN (international bank account number) thus being able to ‘bank’ the unbanked. He added that what he wanted to create was an app that can be expanded internationally.

Fexserv had by then been in the foreign exchange and payment business for over 17 years and had by then grew to be a trusted and reputable financial institution. It was also known within the country as one of the most forward looking financial institutions in Malta, continuously introducing new ideas and services such as their travel money business which today offers more than 100 destination currencies with a free buy back guarantee. The Gift Voucher Shop, a sister company to Fexserv is also known for changing gifting in Malta with the introduction of the One4all Gift Voucher back in 2004. The One4all Gift Voucher is by far the leading gift voucher on the islands.

This solid reputation in the market coupled with enhanced regulation of the financial and payment institutions across Europe were key elements to take the bold move to invest in the vision. The development of Myney meant that the first task was to find the best technology partners. Fexserv entrusted the main software development of Myney to one of the top 10 IT and innovation companies in the world – NTT Data which forms part of NTT group of Japan.

The whole project took three years. The first year was spent doing the required research and consultancy to make sure that the vision could actually be turned into reality. The result from this part of the journey was to end up with a concrete plan, fee structure and a five-year financial plan which was presented and approved by the directors and shareholders. From there NTT Data started to draw out every process within Myney, a task that took the better part of the second year before the actual development of the app and the backend of Myney started. NTT Data digital team were entrusted in putting together the user experience, designs, naming of the app and colour schemes. Besides engaging NTT Data, Fexserv also engaged other application specialists to interact with.

Probably the fastest payment method available today

Traditionally, to get a bank account, one has to personally visit a bank branch and this is mainly because of customer verification that has to be undertaken by banks. Myney, on the other hand allows users to simply download the app from the App Store or Google Play, register and get a payment account without the need of visiting any of their branches without compromising on customer identification.

The process adopted was similar to the technology used when going through electronic passport controls at airports. The app takes a scan of the identification document, takes a ‘selfie’ of the customer and through a specialised biometric process compares the face to the picture on the ID and the system confirms that the customer is one and the same. There are many more processes happening in the background that will ensure that accounts are opened for the right customer.

While this process gives the customer the convenience of opening an account at any time and at any place, Fexserv depends on the user to do this process in good lighting, that their ID is valid and that the face capture is also done in a way that the person can be recognised. This technology is one of the many new technologies that Fexserv has introduced to Malta through their Myney app. As is normal with new technology, there is a learning curve and the new version that will be released shortly will include more instructions to aid the customer in this process.

Another interesting technology that Myney has introduced for the first time in Malta is the use of beacons, small devices that transmit small amounts of data via Bluetooth Low Energy (BLE) up to 50 metres and are typically powered by a small battery. Myney is using beacons at shops and service providers that accept Myney as a method of payment. All the user has to do is simply position the mobile in close proximity of the beacon. The app will display the shop name, address and point of sale number. On confirmation the app will show the customer the amount due and once accepted by the customer the payment is immediately confirmed to both the customer and the merchant. Going forward Fexserv will introduce further functionality using beacon technology.

The Myney mobile payment system processes transactions and moves money from one account to another instantly. It is probably the fastest payment method available today. In most cases where the transaction is not solely between two Myney accounts the backend is integrated through host to host connections with the largest payment global processing institutions such as Deutsche Bank for international and SEPA Credit Transfers and Western Union Money Transfer for remit-tance payments.

When working with customers’ money it is vital that everything is secure. Mr Borg Hedley confirmed that the Myney app is written to highest industry standard both in terms of encryption and security. When using the Myney web application every transaction or instruction is confirmed by entering a one-time password which is received by SMS on the registered mobile number linked to the account.

Mr Borg Hedley and Fexserv understand that such new technology takes some time for the public to embrace but they are confident that Myney will become the preferred mobile payment app on everyone’s smartphone in Malta.

He concluded by saying that since the app is free for individual users there is absolutely no reason for any person in Malta that uses a smartphone not to have the Myney app, put a few euro on the account and try it. He is sure that once a person does their first transaction, be it a purchase, a person to person transfer or any other transaction, they will like the convenience of it so much that they will continue to use it.

Myney is an ongoing project. A new more streamlined registration process has already been developed and is being tested.

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