MovoCash founder and CEO Eric Solis doesn’t believe in taking a series of small steps when the market is crying for true innovation.
On May 4 MovoCash announced the ON-DEMAND Mobile Banking app with End-to-End CONTACTLESS Payments in partnership with Mastercard and Coastal Community Bank. It allows customers to send, receive and use digital cash with no delays. MOVO uses a patented technology called HyperBIN to deploy digital tokens to manage traditional financial functions with assistance from blockchain, cryptographic and AI technologies.
MOVO’s patented ecosystem technology, called HyperBIN, is built to use digital tokens to manage the convergence of traditional banking solutions with mobile payments, blockchain, distributed ledger, cryptographic and AI technologies. Mr. Solis said the process allows the user to mint their own cash denominations for specific use cases like a utility bill, streaming service or other recurring payment. That addressed the estimated one-third of all fraud which he said is due to merchant overcharge.
“You control how much that specific retailer has access to,” Mr. Solis explained. “You’re not giving them access to 100 per cent of the value you have in your bank account. We’ve eliminated all the silos, disintermediated all the middle men and you now have on-demand access you have on-demand capacity to do the things that are important to you right now.”
Each card comes with its own digital ledger so the user can track expenses. It also offers the opportunity to save for a specific purpose like a vacation and only use that specific amount of money while not dipping into other accounts.
What is true innovation?
Beware, as not all fintech products are alike, Mr. Solis said. Many simply put a digital front on an old back-end process that doesn’t change. Others may take a little step of giving away something for free that has made the big banks loads of profits, but the platform itself bleeds cash.
The technology and brain power exist to create radical change that produces a behavior shift and that is what the world needs, Mr. Solis said. That combination can transform the lives of people in developing economies.
“Radical innovation, things making an actual difference and are not just a land grab; creating value propositions where we can have impact on a global scale,” Mr. Solis said of how companies should operate. “We can go to the far reaches of planet where people most need access to financial services to not make them like us but to give them a chance to create an economy or banking system that meets the needs in their specific homelands.”
This isn’t importing a technology that worked somewhere else and siphoning the profits back home. It’s working with local partners and having them in control of the systems operating in their country, where they best know the need.
That fosters an environment where entrepreneurs don’t have to leave home to innovate, increasing the likelihood they don’t return. That deprives their homeland of their best minds and keeps them down.
“That’s the type of thinking we have to get to in this world, otherwise all we’re continuing to do is empire building,” Mr. Solis said.
How globally do we distribute alternative financial systems? How do we create sustainable pathways to inclusion on a global scale?
“That is where the radical innovations are needed and that is where the people who have a commitment and a passion for these things are needed,” Mr. Solis said.
Work with those emerging markets to develop locally influenced solutions and that is true innovation, Mr. Solis said. You have to develop the entire technological banking infrastructure that makes a financial system run. That is what the third world needs; without it they will continue to fall behind.
“I hope to take ON-DEMAND and find partners across the world that are willing to understand that while this seems like steps back it helps create a foundation of a sustainable future instead of monetizing the concept of banking,” Mr. Solis concluded.
