Wiht VipiCash the sender, an individual or organization, specify goods and services to be collected by the receiver instead of money, removing overhead and distribution fees and reducing the risk of misuse, corruption and terror funding. The innovation of VIM is a personalized intelligent monitoring tool using Artificial Intelligence technology and mathematical-statistical modelling approaches to interpret huge amounts of data giving personalized information and advises enabling informed remittance and aid donation decisions. This markets have traditionally been characterized by lack of transparency, being subject to manipulation in the form of corruption, money laundering, terror financing and high transfer fees. As late as 2015, a report from the National Auditors of Norway showed that no one could account for NOK 26 billion in aid funds in the period 2004 to 2012. This challenges the public’s trust and reduces remittance and donation efficiency.First of all, the sender/donor needs a priori to trust in the receiver actually receives the good. Regional or national factors such as political stability and level of violence, government level of corruption control change over time might challenge this. For example, the occurrence of a political coup or a general increased corruption tendency in the region might refrain a sender from remitting large amounts of money to a friend or family member, but instead remit smaller amounts more often. Other events, such as natural and human disasters, are examples of relevant factors affecting the remittance decision making. Also, having knowledge of general remittance and aid trends is helpful when deciding when and how much to remit or donate. VIM will in a novel way integrate a wide range of data, both quantitative (structured) data and more qualitative (unstructured) data such as news events and reports.
Project leader: Olivier Mukuta
Institution: VIPICASH AS