Our Rationale

 

Surely citizens in emerging economies can benefit from advanced, secure technological solutions that can improve their current services and offer affordable financial services designed to suit their individual needs. Surely these innovative solutions can assist towards reducing unnecessary costs, creating new areas of opportunity, job creation as well as lift the degree of prosperity across a country.

Surely these solutions can cater for cost effective “BRANCHLESS BANKING” as well as offering interoperability “BEYOND PAYMENTS”, capable of expanding in capacity and functionality. Surely these solutions can accommodate the CONVERGENCE of the banking industry and a myriad of Government and non-government services

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What if there was a solution to bank the “un-banked” and “under-banked” population world wide and penetrate an un-tapped market where cash is currently being exchanged in the streets but unaccounted for in the traditional monetary systems. What if there was a solution that makes use of “Branchless Banking” reducing the need for costly infrastructure and offering convenience for its users.

What if there was a solution that can profit the banking fraternity, allowing them to grow their transaction markets and position themselves to service all citizens of a country without increasing their financial risk. What if there was a solution that makes use of an electronic purse concept and offers OFFLINE real time transaction processing, with OFFLINE biometric fingerprint authentication and state-of-the-art security. What if there was a solution that can provide integrated business solutions to the financial, commercial and government sectors through the development of advanced data processing technologies. A solution that caters for the convergence between the banking and government sectors sharing in one single infrastructure offering interoperability across a country. What if there was a solution that can re-distribute a portion of the system fees to all participating merchants in the system across the country. What if there was a solution that can offer financial/non-financial multi-application to multi-users. What if there was a solution that provides an end-to-end security protocol and multiple audit trails

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NUETS "ONE TO MANY SOLUTION"

ONE SHARED INFRASTRUCTURE OFFERING: MANY APPLICATIONS MANY PRODUCTS & SERVICES MANY USERS.

 

 

 

Once again, technology has delivered the building blocks required not only to generate new and more profitable income streams but to also uplift the quality of life of many by providing a readily available, innovative, safe, flexible and universal electronic payment system

Our Core Technology Solution

The UEPS (Universal Electronic Payment System)

The UEPS creates a secure and affordable transacting channel between formal businesses and the “banked”,  “un-banked” and “under-banked” populations of developing countries who have no or limited access to traditional banking facilities.

The UEPS makes use of our Net1 patented FTS (Funds Transfer System) methodology to provide a fully integrated switching, settlement and clearing system offering smart card multi-application financial and non-financial solutions with a suite of products and services using biometric fingerprint methodology.

All transactions effected through our UEPS occur between 2 (two)  cards at a POS rather than through a host mainframe (as with traditional banking and payment systems), since all of the relevant information necessary to perform a financial transaction is held on the smart cards, inclusive of the funds available of the transacting card holders.

The transfer of value between the cards accordingly can take place without any communication with an on-line host mainframe as all validations, audit trails, encryption, decryption and authorization take place or are generated between the cards themselves.

The smart card offline capability means that users of Net1 UETS’s system can enter into transactions at any time with other card holders in even the most remote areas so long as a portable offline smart card reader is available.

Apart from requiring minimal infrastructure, the key features of our payment system that address the un-banked and under-banked populations’ needs include:

Affordability, as most of the transaction costs are borne by the organizations that make use of the channel and there are minimal fees payable by the cardholders; Security, since the card serves as a substitute for cash, but provides loss tolerance which protects the card holder in the event of loss or stolen cards; and Simplicity, as a biometric fingerprint identification system is used by the cardholder to access the card and perform transactions.

In addition to having functionality tailored to the needs of the un-banked and under-banked populations, our banking application provides an outsourced solution for all mass payments that are required to be made to recipients without bank accounts, reduces administration and cash handling costs, facilitates information management regarding payment status and creates auditable transaction records.

Accordingly, the UEPS positions NUETS to be able to deliver to our customer base complete solutions in the fields of pension collections and distribution, social security payment distribution, food parcel grant distribution, salary/wage distribution, affordable banking with its unique products and services, health care management, medical drug stock control management and distribution,  local remittance fund distribution, voting, identification systems, mobile payments and value added services.

The e-commerce explosion continues to be thwarted by security issues, the lack of verification and consumer reluctance to broadcast sensitive credit or debit account information over the Internet. Net1’s technology nullifies these concerns through end-to-end security protocol that ensures that any active communication can only be interpreted by the cardholder's client smart card and the System Operators cards i.e. government, merchant, teller cards.  Our security algorithms and multiple audit trails further counter the risk of fraud, repudiation and non-payment through the system.

The UEPS technology incorporates key technological features such as multiple audit trail, automatic recovery, transaction cancellation, and transaction reconciliation. The versatility of the UEPS, together with the new products to be launched, allows the convergence between a number of industry segments and government organizations. The key to success is the finely-tuned business models, which, through the use of the technology, can generate new income streams from un-tapped markets, for all system participants.

From NUET’S experience in government enquiries, requests and projects, the trend is to implement ONE MULTI-PURPOSE CARD that can accommodate e-Government applications and support an affordable banking application. It enables the financial institutions and central banks to join forces with Government and deploy a National Switch that reaches all its citizens and at the same time provides a facility to bank the un-banked offering products and services irrespective of where the citizens reside. The UEPS financial model can collect the relevant transaction fees via the card for settlement to the Host where the fees are distributed to all parties contributing in processing the transaction.

This encourages all large, medium and small merchants, banks, vendors to participate. Physical cash outside of the current monetary system utilized in these un-banked environments can be deposited back into the banks via the card.