MoneyBank

An international identity verification platform that uses AI for KYC & AML enrollment and verification reducing processing time from weeks to minutes and better fraud prevention

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Inspiration

We got the inspiration from personal experiences when dealing with online payments and identity verification. The stress involved in applying for KYC & AML on platforms as a means of user verification against fraud prompted us to innovate and find better ways to tackle the problem and the recent boom in Artificial Intelligence systems gave us a platform to achieve this goal.

What it does

Our solution uses Artificial Intelligence to determine if user documents used for KYC & AML enlistment are authentic and belongs to the claimed user, ensuring whoever makes a transaction is the real owner by comparing selfie to government-issued ID, further processing of user documents and verification of enrolled users as opposed to the traditional method of manual verification. We will also be implementing a 2FA verification systems for online merchants to take advantage of so they know the person they are dealing with is legitimate as a form of reducing online payment fraud.

How we built it

Since we are building for the web client, we made use of HTML, CSS, JavaScript, Bootstrap for the web Interface where users will interact with from time to time. While all the backend verification and processing along with the AI technologies were done with Python.

Challenges we ran into

We ran into initial challenges setting up the fsi-sandbox API but luckily the Python module reduced our workload and helped us accomplish our task. We also had problems with our UI arrangement but we scaled through in the end.

Accomplishments that we're proud of

We are proud that we are able to use our skills to help build solutions for better payment, fraud prevention and identity verification services.

What we learned

We learnt how to work with the fsi-sandbox as well as africa's talking API to verify BVN and other user ID biometrics as well as building applications that link with SMS platforms.

What's next for MoneyBank

We hope to build up MoneyBank become the #1 identity verification platform in Africa where users can enjoy easy and seamless KYC & AML enlistment processes and seeing it as a major contributor to reducing online payment fraud.

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