DESCRIPTION S2S PENSION ANS WELFARE helps enhance the participation of social security recipients in the economy of their countries . The system seeks to eliminate previous deficiencies and improve the life styles of all its users.The system creates a secure and affordable transacting channel between formal businesses or government and the "un - banked" and "under - banked" populations who have no or limited access to traditional banking facilities.
Social security beneficiaries are issued with FUBI. Smart cards that allow for the digital storage of their biometric fingerprint templates, enabling beneficiaries to access their social security grants security at time or place .
S2S PENSION ANS WELFARE makes use of an optical fingerprint sensor technology to capture and verify beneficiaries.
Once registered , beneficiaries are issued with ISC smart card which grants them access to all the functionality delivered by their cards such as loading their cards with value , retail spending , per-paid facilities and qualifies them for a range of affordable financial services including insurance . short-term loans, saving , as well the ability to make debit order payments to 3rd party companies i.e. for the monthly account payments of water. Electricity . school fees. Furniture and clothing accounts etc.
Depending on each country's specific requirements , the electronic value creation and distribution of the social grant values can occur by utilizing either of the two key features of the ISC smart card
Method 1 – 10 digit code creation
Method 2 – Automatic credits.
Benefits to Grant Beneficiaries
1. Convenience & security to the beneficiaries.
2. Reduction in the risks associated with fraud and criminal attacks . it provides the beneficiaries with a system to safeguard their cash .
3. No need for the beneficiaries to stand in long queues at pay – points.
4. Beneficiaries being able to receive their grants earlier than stipulated pay – pint dates and spend and/or draw limited cash , thus making a difference in their lives.
5. Reduction in their transportation costs to get to the pay – point in their stipulated payment dates , and/or walk shorter distances.
6. Beneficiary access to affordable financial services i.e. short term low premium loans. protected burial insurance, protected insurance products such as accident , theft loss of limbs etc,3rd party payment in respect of their school fees , clothing furniture accounts.
7. The functionality to save and earn interest on the card .
8. The functionality to perform "Money Transfers" to friends , relatives living in the other provinces .
9. Beneficiaries incur zero charges for enjoying the security and services offered to them by SmartSwith i.e. loading their smart card , performing balance enquiries, purchasing goods, drawing cash and effecting monthly debit orders.
10. If they lose their card , they don't lose their money.
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