MFIC provides NTT DOCOMO with money transfer solution

Microfinance International Corporation (MFIC), a
financial services provider, announced that it will provide NTT DOCOMO, the
largest mobile network operator in Japan, with its turnkey money transfer

NTT DOCOMO will make mobile money transfer origination
through mWallet widely available for the first time. This new service upgrades
NTT DOCOMO’s already advanced mWallet program, which offers diverse functions,
such as payment services, coupons and a point system. To accomplish this goal,
NTT DOCOMO will utilize ARIAS, MFIC’s turnkey money transfer solution, as the
service platform.

“We are very excited that our turnkey solution will
provide NTT DOCOMO with a smooth entry into the market,” said Atsumasa
Tochisako, founder and Co-CEO, MFIC.

“We know that this effort will be invaluable in
expanding the mobile money transfer industry, in changing the way money transfer
services are provided and in dramatically improving the cost and convenience
associated with the practice in Japan. Remitters will no longer need to leave
the comfort of their home to send money,” Tochisako added.

NTT DOCOMO’s new service will be one of the first
instances in which a sender can originate an international money transfer from
their cell phone and have the receiver collect the funds at their local
financial institution.

Unlike domestic money transfers, international money
transfers require compliance with anti-money laundering regulations and
settlement with foreign financial institutions. These hurdles make it difficult
for MNOs to provide the highly sought-after service.

ARIAS is an ideal solution for international mobile money transfers because it
delivers automated compliance monitoring that conforms to national and
international regulations and is connected to a global distribution network.

One of MFIC’s core objectives is to expand affordable and
professional financial services to markets where such services have previously
been unavailable, overpriced or disconnected from mainstream banking.

While many parts of the world lack access to traditional
financial institutions, they do not lack access to mobile phones. By offering a
central processing and settlement hub for mobile money transactions, MFIC is
ensuring that financial inclusion is affordable and attainable for everyone.

By Team
[email protected]