Telecom Transaction Tracking
Achieve complete oversight of all telecom transactions and enhance financial inclusion by implementing centralized reporting and evaluation mechanism.
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Why do mobile money transactions have to be controlled?
The unmonitored nature of mobile money transactions can impede effective tax collection and contribute to the expansion of the informal economy, ultimately reducing government revenues. It also limits financial inclusion, preventing underserved populations from accessing essential services, which hinders overall economic growth.
Tax Evasion and Informality
traceCORE Telecom Transaction Tracking allows governments to track and tax digital transactions, boosting national revenue and economic stability, as well as decreasing informal economy and tax evasion.
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Fraud and Cybersecurity Risks
traceCORE Telecom Transaction Tracking helps enforce security standards, protecting mobile money platforms from fraud and hacking, while making transactions safer and boosting user confidence.
Money Laundering
traceCORE Telecom Transaction Tracking helps governments combat illegal financial activities and monitor transactions, ensuring compliance with anti-money laundering laws.
How does traceCORE help?
traceCORE Telecom Transaction Tracking helps governments regulate mobile money transactions, ensure tax compliance and track digital transactions, which can boost national revenue. It also enhances consumer protection and fosters a more secure and stable financial system.
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Regulatory compliance
Clear guidelines and standards for reporting and compliance, regular audits and reports.
Reporting standardization
Guidelines for the process implementation and transaction flow in the telecom sector.
Increased transparency
Complete control over all transactions, increased financial inclusion, and comprehensive reporting.
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Economic growth
Catalyzing local business and social enterprise by enabling greater productivity and creating employment.
Higher tax revenues
Bringing informal payment transactions into the formal system and improving tax compliance.
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Consumer protection
Fair practices in the telecom sector, safe and effective telecom and mobile money services.
What is traceCORE Telecom Transaction Tracking?
- traceCORE Telecom Transaction Tracking is a centralized reporting and evaluation mechanism that guarantees complete oversight of all transactions and enhances financial inclusion.
- Oftentimes, there is no central database for mobile money transactions, and regulatory authorities have to rely on the data provided by different sources for tax compliance control.
- The implementation of traceCORE Telecom Transaction Tracking with a central database will prove all regulatory authorities with reliable real-time data.
How does it work?
- Identifying gaps in the current landscape of transaction transparency in the telecom sector.
- Tax regulation review and reform.
- Conceptual project planning.
- Centralized data system development.
- Implementation of reporting standards.
- Introduction of zero levy for public services.
- Pilot testing of the new regulatory framework for the telecom sector.
- Full-scale implementation.
- Monitoring and evaluation.
Models of mobile money regulation
Non-bank model
Telecom operator signs up customers to use a mobile money service that is run by the telecom operator (there can be variations). The most flexible model that allows for the evolution of appropriate regulation in tandem with products and services.
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Bank-led model
A bank is the service provider. The role of the telecom operator is more peripheral, limited to providing communications infrastructure and/or agency services. This model faces stringent banking and regulatory challenges, and there is strong evidence that it is less likely to scale as fast as a Non-bank model .
Narrow bank model
A type of the bank-led model. A new kind of institution licensed under existing banking laws is created, which is more limited in terms of the services it can provide. Typically, it cannot offer credit services. This model is very new and it remains to be seen if it will deliver scale.
Centralized model
Central banks issue e-money and manage the central processing platform, essentially becoming a market player. Controlled models, such as in Jordan or Sudan, feature the central banks playing a key role in the mobile money business.
Design principles
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Legal and regulatory framework
Defining the roles and responsibilities of participants and outlining key functionalities and technical specifications for all payments in the telecom sector.
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Transparency and accountability
All telecom transactions are transparent and accountable. A centralized reporting and monitoring system to track and verify all activities in the telecom sector.
Awareness campaign
A comprehensive education initiative will be included in the project. This initiative will focus on the benefits of compliance and the steps required to meet regulatory standards.
Regulatory compliance
Defining the roles and responsibilities of participants and outlining key functionalities and technical specifications for all payments in the telecom sector.
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Reporting Standardization
Standardized reporting templates and schedules will be established for telecom operators, facilitating consistent data submission.
Public-private partnership
The project is executed through the PPP approach, involving cooperation between government agencies, telecom operators, financial institutions, and other stakeholders.
A win-win solution for all stakeholders
Implementing traceCORE Telecom Transaction Tracking with a centralized database will deliver accurate, real-time data to all regulatory authorities.
- Increased transparency, traceability and accountability of all transactions in the telecom sector.
- Real-time monitoring and control of mobile money transactions.
- Increased revenue collection.
- Improved regulatory compliance and reporting standardization.
- Enhanced telecom sector due to increased transparency.
- Leading innovation in the jurisdiction.
- Increased economic prosperity.
- Improved consumer protection.
- Enhanced financial security.
- Increased financial inclusion by developing a transparent and accountable mobile payment system.
- Enhanced consumer experience.
Why choose traceCORE?
Continuous support during implementation
We provide training and consultation to government officials and tax authorities throughout the implementation process.
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Ongoing product improvements
We are committed to advancing and refining our technologies, ensuring that we provide the best solutions available in the market.
Close collaboration with stakeholders
A key objective in our technology development is to ensure that all stakeholders derive value from using our products.
A user-friendly and scalable solution
We offer flexible technologies that can be easily scaled, exported, and customized to meet the diverse needs of tax authorities worldwide.
