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The Green SheetGreen Sheet

The Green Sheet Online Edition

November 14, 2022 • Issue 22:11:01

New Products

Grow at fintech speed with smart insights, infrastructure

Product: Fintech infrastructure
Company: Monnai

Monnai, a global infrastructure and advanced analytics provider, created a technology platform designed to help fintechs and financial institutions rapidly grow and scale. By combining insights from multiple trusted ecosystems, the platform provides identity, digital, communications, device and payment data within a single platform and API, according to Monnai co-founders Pierre Demarche and Ravish Patel.

Monnai CEO Pierre Demarche observed that U.S. credit bureaus and identity verification vendors require better technology, data and support to transact globally. However, lack of resources and infrastructure can inhibit their communication and growth. "In a digital-first world, every business is a fintech," he said. "While these innovations have global scale and applicability, the infrastructure supporting them is fragmented and siloed. To grow, businesses need to leverage and consolidate better technology and data in the same platform, providing a ubiquitous approach to decisioning models." Four pillars Created to help fintechs securely grow and scale, the Monnai platform provides the following four modules: KYC, trust and fraud risk, credit decisioning and collections optimization—all available through a single API and widely used in India, Southeast Asia and LATAM, the company stated, adding that partnership discussions are underway in North America.

Ravish Patel, Monnai's chief product officer, pointed out that international markets can be challenging for fintechs, especially when it comes to merging data sources. "Fintechs can connect to Monnai seamlessly through a single API creating orthogonal value in their consumer decisioning models," he said. "This instantly translates into better outcomes for them: Higher approval rates, increased customer lifetime value and reduced costs.''

Built by fintechs, for fintechs

Patel noted that Monnai is built for fintechs by experienced fintech professionals who have designed a global infrastructure with insights designed to help financial service providers make accurate and informed decisions throughout their customer lifecycles. As companies look to innovate, the team at Monnai understands their biggest need is reaching their full market potential, he added, and having access to critical data from credit bureaus, alternate sources and standardized personal identification can improve their credit decisioning.

"By using the right data from across the customer lifecycle through multiple sources, fintechs and merchants can create net new business in a way that is also beneficial for the consumers," he said, adding that neobanks, digital payment providers, remittance services and cryptocurrency processors across the globe are rapidly becoming new innovation hubs.

Tap into global potential

Monnai's diverse team comes from different continents, backgrounds, cultures and social surroundings but shares a common goal of providing opportunities to partners and their customers, Demarche stated. The company's global approach to credit, BNPL, wealth management, crypto and personal finance is reflected in tools and infrastructure designed to improve access to financial services worldwide.

Demarche pointed out that as a group, the Monnai team couldn't be more different at first glance, but their shared commitment to provide customers and the businesses and individuals they provide services to overrides any differences.

Default global infrastructure

Demarche and Patel agreed that building a default global infrastructure, created with global innovation and diversity in mind, is a core value at Monnai. The company's global consumer insight data enables fintechs to rapidly innovate and iterate by navigating the four key pillars of onboarding, trust and fraud risk, credit underwriting, and collections, they stated.

By connecting disparate data, identity and network behavior in a single API, Monnai stated, its technology enables customers to grow rapidly and securely—anywhere in the world. In addition, the San Francisco-based company, established in 2019, is rapidly expanding its footprint across Asia, India, and Latin America with near-term plans to partner with North American fintechs and financial institutions. end of article

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