Intellectual property assets consist of a mobile platform for financial inclusion, called the 'Senit Financial Services Platform' that leverages blockchain technology to be best in class features and functionality and the cloud to be massively scalable.
The Senit FSP V3.0 provides functionality for P2P payments, remittances, bill payment, merchant services, cash out network, credit card processing, mobile top up, micro loans and includes an app store that can be used to expand its functionality to deliver a much larger suite of services that can be targeted at individual users and territories.
The Senit FSP was built in partnership with MoneyGram and as such includes a powerful back end and administrative platform that provides support for user management, transaction management, AML/KYC checks and case management, and full user governance at all levels.
The secure infrastructure includes complete versioning with all data being stored on its own blockchain, so it cannot be modified or manipulated without recovery as an unbreakable record is kept at all times.
It is amortised to the profit and loss account over its estimated economic life of 10 years.