When are restrictions imposed on an account?

Swifin was founded on the vision to deliver access to digital financial services to all.

All the technologies employed in building the Swifin Platform and the Partners engaged in the process are designed to deliver that vision and to impact and transform lives in our time so that the 80% or so unbanked in continental Africa can be included and empowered for an equitable participation in the new digital economy.

There has never been a better time to unite, to collaborate and work together to advance our common and shared goals and ideals – to create opportunities for people and to impact and transform lives in our time for the good of humanity globally.

Whereas the positive impact on the lives of the millions of excluded people is real we are aware that with openness and inclusion comes other challenges;

For example many may wish to participate for not so good reasons and they must be excluded. Such exclusion is based on transaction patterns which have been identified as not being aligned with the goals and objectives of the platform and usually without warning.

To assist with the exclusion decision, we developed proprietary tools using artificial Intelligence (AI) which identity transaction patterns which are not in line with the goals and objectives of the Swifin Platform. Our AI tools are so accurate that they provide an indisputable identification of transaction patterns which are not inline with the vision and objective of the Platform. **When those patterns are identified the accounts become permanently restricted with immediate effect both in terms of allowed balances and transaction limits. **

Further explanation of the main types of restrictions are given below.

  1. Restricted account balance limit

This type of restriction once imposed on an account may not be removed without strong evidence of justifiable business transactions. The net result of this restriction is to limit the balance that can be held in the account permanently. This means that other members will not be able to trade and send funds to a member whose account has been restricted once the balance reaches the restricted threshold. This type of restriction will almost always be accompanied by a restricted payment limit.

  1. Restricted payment limit

This type of restriction once imposed on an account may not be removed without strong evidence of justifiable business transactions. The net result of this restriction is to limit the number and size of payments which can be made from the account. This provides the opportunity for further action including transaction reversals where necessary. An imposed payment restriction means that the account owner will not be able to make payments beyond the restricted level. This type of restriction will almost always be accompanied by an account balance restriction to stop any further payments from being made into the restricted account while it remains in the restricted state.

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