Frost & Sullivan has recognised TransferTo with the 2014 African Frost & Sullivan Award for Product Leadership based on its recent analysis of the airtime remittance market.
According to the leading technology market consultancy, TransferTo has leveraged its deep understanding of customer requirements to pioneer micro payment airtime value transfer. The transfer platform is uniquely built to accommodate multiple carriers, globally, at high speeds and with no handling fees.
TransferTo’s core offering extends its footprint into Nigeria where its global airtime hubtransfers prepaid airtime credit cross-border in 30 African countries, including Egypt, Ghana, Kenya and South Africa, and in more than 100 countries globally.
Its services are provided as a white label to mobile network providers, mobile virtual network operators, financial institutions and money transfer operators.
“Similar to ecommerce, airtime remittance is a non-regulated service, wherein consumers can transfer prepaid credits using multiple channels such as SMS, unstructured supplementary service data, mobile applications and websites,” said Frost & Sullivan Best Practices Analyst Sihaam Crombie. “This broad array of connections offers consumers unrivaled flexibility and simplicity in the transfer process.”
As mobile network operators (MNOs) are key carriers of the platform, TransferTo has partnered with more than 350 MNOs. These partnerships have allowed the company to integrate its platform with those of the recipient networks, which, in turn, has enabled an airtime delivery within less than 10 seconds. Additionally, TransferTo leverages its extensive research and development expertise to customize its platform to achieve optimal network connections, creating speedy, efficient and reliable network channels.
Significantly, TransferTo is the first company to offer global cross-border airtime remittance and addresses the challenge of currency restriction by collaborating with local banks to negotiate the best currency rates for senders. Conventionally, money remittances were charged high service fees, but TransferTo offers a faster, more cost-effective transfer channel and is the only company to offer a direct phone-to-phone mobile top-up service that is delivered in real time. The company is expanding into new verticals such as utilities, healthcare, medical insurance and education.
TransferTo relies on a fully redundant and telecom-grade infrastructure that features full risk mitigation and anti-fraud tools. It has strengthened security by putting in place an automatic number resolution feature, which automatically detects the destination mobile operator.
“The company has uniquely chosen to offer airtime remittance as a micro-payment, with a payment limitation of $15 that safeguards against money laundering,” noted Crombie. “It also monitors transactions on a daily basis to detect suspicious activities such as abnormally high and frequent volumes of transactions. In such an instance, an automatic transaction blocking feature allows the company to take precautionary measures to protect its customers from criminal and fraudulent acts.”
To ensure the highest standards of precision in transfer, TransferTo retains all transaction histories and it builds a beneficiary list for individual users, which ensures that transfers reach the intended recipient. Its in-house R&D teams update the platform constantly and ensure that airtime transfers are executed rapidly and technical glitches are speedily addressed.
As the platform is internally developed, TransferTo owns both the intellectual property and the technology, which uniquely positions it to offer guaranteed best-in-class quality and consistent reliability.
Each year, Frost & Sullivan presents this award to the company that has developed a product with innovative features and functionality, gaining rapid acceptance in the market. The award recognizes the quality of the solution and the customer value enhancements it enables.
Frost & Sullivan Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis and extensive secondary research to identify best practices in the industry.