Where it all Started

From a piece of academic research project to a commercially available Digital Financial Services Ecosystem that is shaping the future of Banking and FinTech


2005: A Piece Of Research At The University Of Liverpool

In 2005, Dr. Kingsley Aguoru started an academic research project at the University of Liverpool, United Kingdom with the vision to cut the losses from Card-Not-Present Fraud. These losses had been on a consecutive 10 year annual increase from £4.6m in 1995 to £183.2m in 2005 as reported by "Fraud The Fact 2004 and 2005" - (An APACS publication). His research delivered a solution called SMSVerify - using one time password to strengthen the security of Card-Not-Present transaction such as online card payment.

  • Supervised by Dr. Paul Kingsley
  • Static passwords can easily be stolen and used over and over again by fraudsters
  • Card-Not-Present Fraud Research
  • Visa and MasterCard relied on static password
Download Fraud the Fact 1995 - 2005

2007: Solution Delivered To APACS. Kicked By the Card Scheme

Dr. Kingsley submitted the solution to Visa and Mastercard through the UK Payments Administration Limited (UKPA) formerly known as the Association for Payment Clearing Services (APACS). However, the solution was turned down

  • Visa and MasterCard Guarantees Chip and PIN transactions
  • Consequences of Card-Not-Present Fraud pushed to Merchants
  • But refused to guarantee online card payment (Card-Not-Present)
  • Visa 3D Secure and MasterCard SecureCode could not protect either

2008: Advanced At The UEL As CNP Fraud Continued To Soar

The solution was advanced at the University of East London by Dr. Kingsley Aguoru under the supervision of Professor Hamid Jahankhani, Dr. Sin Wee Lee, and Dr Al-Nemrat Ameer. Meanwhile Card-Not-Present fraud continued to soar and stood at £328.4m in 2008.

Download Fraud the Fact 1997 - 2009

2009: Alternative Network To Visa And MasterCard Is Born

Dr. Kingsley Aguoru designed a network that uses the SMSVerify solution to work as an alternative to Visa and Mastercard, he organised a team of security experts, researchers, software engineers and the Paymenex company was born with the network being completed in 2009. Enhanced Doctor of Information Security research at the University of East London was undertaken to deepen the research and strengthen the security. The research went on to deliver the 3W ADA Sentry Solution


2010: Our Innovation Went Commercial. And We Never Stop

Financial technologies demand more than just an original idea and research. You have to take that idea and develop it into a reliable product and service for the largest possible audience faster than your competition. And this is exactly what we did to get the Paymenex xTransNET network launched.