Francois Joubert, Regional Director
A fixture of modern life, mobile devices, smartphones, in particular, are growing in popularity, capability, and power with every passing day. Transforming the way people communicate, shop, pay bills, or even do banking, these mobile devices are empowering businesses with new opportunities to grow their markets with bold and innovative products and services. However, smartphone penetration in some developing countries is still less than 50 percent. Furthermore, countries with higher levels of smartphone penetration contend with the limited use because of the high cost of data. With the use of GSM technology services such as USSD and SMS, TruTeq is changing the game for businesses in various developing countries by enabling first world banking services using existing, readily available technology.
TruTeq had humble beginnings and started its journey by building solutions for the telecommunications market, especially in developing countries. Fast forward to today, “We focus on the banking and financial industry and provide relevant end-user services to the banks’ end customers using USSD and SMS. However, to complement that and be future proof, our smartphone applications and Internet-based solutions are specifically optimized to be less data-intense for developing market segments,” says Francois Joubert, Regional Director at TruTeq. The company specializes in security solutions that complement the banking services. TruTeq has designed a complete mobile banking platform that seamlessly integrates with any bank core. While fraud like SIM swapping, porting or spoofing from remote networks are on the rise, globally, TruTeq’s solutions are layered with security to mitigate any broad risk associated with online and mobile banking. TruTeq’s platform leverages the company’s patented ValiPort technology, blocking SIM swap fraud completely. “ValiPort originated from years of exposure to mobile banking and the real world, practical application of our experience. We continue to improve ValiPort to position it as the go-to solution for all banks to stop online and mobile fraud. It has been specifically built to detect and stop SIM swap fraud—one of the main vectors in banking fraud—in real-time by detecting the suspicious transactions,” explains Joubert.
We focus on the banking and financial industry and provide relevant end-user services to the banks’ end customers using USSD and SMS
Without disrupting the operations in a bank, ValiPort can be deployed in a flexible manner to enforce pro-active security, instead of burdening the bank staff and fraud investigators after the fact. TruTeq has been approached by numerous customers who have been losing a significant amount of money as well as their brand value as a result of swap frauds. A step ahead of the criminal syndicates, TruTeq’s solutions, deployed in the client’s environment, have been immensely beneficial in stopping this fraud completely.
Additionally, on the security front, TruTeq’s API gateway allows banks to seamlessly integrate external vendors such as mobile operators or utilities companies with their mobile banking services to ensure secure transactions. The multichannel-enabled API gateway can be leveraged by the banks to make numerous channels—from internet banking and smartphone apps to USSD and SMS—available to their customers to facilitate secure and cost-effective transactions. The benefits of TruTeq’s rich expertise and robust solutions are extended to not just banks but also international money transfer and ATM companies, ensuring seamless integration with the full ecosystem.
The uniqueness of TruTeq stems from the stability, scalability, and reliability of its solutions. The fact that some of TruTeq’s systems have been running smoothly for more than a decade speaks volumes about the longevity of the solutions. Time to market and affordability also form a significant part of the company’s value proposition. With an aim to accelerate speed to market for its clients, TruTeq has developed a service creation environment tool that enables banks to launch their services in the market in a rapid and cost-effective way. Besides providing standard banking abilities, TruTeq has also assisted banks in rolling out a diverse range of services—from paying school fees and utility bills to buying insurance and airline tickets.
Empowering banks with innovative mobile banking solutions has been a starting point for TruTeq but is by no means the endgame. As part of its objective to improve people’s lives, TruTeq plans to develop solutions to assist aid organizations communicate more effectively with and provide relief for people in areas affected by natural disasters. The company will be providing its customers and aid organizations with an end-to-end solution that is readily available in the event of an emergency. “TruTeq is a small organization that cares about its customers and believes in becoming an integral part of their customers’ teams,” concludes Joubert.