Correction!
I'm glad this point has been made. If a party to a payment is not registered they will be prompted to register. No payment will ever be processed until BOTH parties have registered.
Currently, this is done via IVR and you choose a PIN at registration time. It is our intention that registration will eventually be done at an ATM.
No payment will ever be processed without a PIN check. This is done by the sender calling into an IVR and first logging on by entering their PIN.
The security is 2-factor - something many banks still aspire to. The sender of the payment is also asked for the one-shot code texted to them on receipt of their payment request.
At registration time you record your name. You cannot release a payment until you have heard the name of the person you are sending the payment to - which is a recording of their own voice.
People pay people they know.
The security in #cash is outstanding - even the banks we have spoken to regard it as better than their existing internet banking security due to the device and PIN check.
Jonathan Power
CEO, TR2 Communications.
Biting the hand that feeds IT
