Chosen for its leading experience in the fraud risk management space and regional expertise in Africa and emerging markets, Sybrin is leading an open-source Fraud Risk Management (FRM) project sponsored by the Mojaloop Foundation and the Bill & Melinda Gates Foundation.
Sybrin and Partners Open-Source FRM System
The cost of fighting fraud, money laundering, and terror financing is quite high, and the fees are usually passed on to consumers. To reduce costs and support financial inclusion, the parties involved have agreed to apply their skills and expertise into the creation of an open-source transactional monitoring system. This system will support Mojaloop, or any financial switch or payment system, in fighting fraud through the use of Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) measures.
While Sybrin ultimately leads this effort, they are joined by LexTego and the broader Mojaloop community in creating this open-source, state-of-the-art transaction monitoring solution.
About the Mojaloop Foundation
Launched in May, The Mojaloop Foundation’s mission is to increase financial inclusion by empowering organizations creating interoperable payment systems to enable digital financial services for all.
Board-level members include Coil, Bill & Melinda Gates Foundation, Google, ModusBox, Omidyar Network, PhonePe, Ripple and The Rockefeller Foundation. To achieve its mission, Mojaloop Foundation operates as a 501(c)(3) charitable nonprofit, maintaining its free, open–source software, Mojaloop, and community as public goods in service of financial inclusion. Merchants, banks, providers, government offices and other entities looking to build inclusive payments platforms can use Mojaloop—whole, adapted, or as a real-time payments reference model. For more information about the Mojaloop Foundation, visit https://mojaloop.io/.
About LexTego
LexTego is developing a number of RegTech solutions, starting with a platform to detect fraudulent and money laundering activities within a financial ecosystem. The platform will monitor transactions in real–time or near real–time, addressing more than 270 typologies that have been identified so far. For more information, visit http://lextego.com/.
