London-based FinTech firm Humaniq has announced further improvements to its application with a new smart bio-identification system for outgoing transactions. Humaniq recently announced additional bioID settings will as an extra safeguard be integrated into the Humaniq app, which has had over 100,000 downloads in the Google Play store .
This technology a specific behavioural pattern for every wallet activated in the app to be identified and allows the tracking of executed transactions to ensure they comply with a user’s pattern of transactions. If transactions are detected as not fitting this pattern for a user, Humaniq’s smart system will request further biometric identification data. The more transactions a user carries out, the more detailed and thorough the profiling of their wallet is.
The Humaniq team has also revealed that the total transaction volume has reached 400,000 HMQ in more than 250,000 transactions per month. With the introduction of an additional layer of biometric authentication, this means over 10,000 transactions will be secured from fraud, benefitting over 100,000 users of Humaniq App.
The Humaniq community has responded positively to the current features in the Humaniq app: a wallet, secure messenger, live support chat, peer-to- peer transactions in African countries (Uganda, Senegal, Zimbabwe, Tanzania, and Rwanda) and P2P encryption for file- sharing and transactions. Moreover, Humaniq earlier this year achieved the launch of a working hybrid Blockchain, providing an inexpensive method to secure the network and allowing users to make small transactions with transaction fees close to zero.
Anton Mozgovoy, CTO Humaniq, remarked: “We will never be satisfied with what we have achieved and we will always work towards enhancing the quality of our service and our users’ experience as we empower the unbanked. The Humaniq team continuously receives and analyses feedback from our community and we leave little possibility for any error, even a slight one, to occur,”
The blockchain-based mobile application for the unbanked and underprivileged in emerging economies globally is focused on worldwide financial inclusion by providing access to global markets, greater opportunities, and novel financial solutions using repurposed technologies for those gaining access to financial services for the first time.