A High Growth Payment Company Positions Itself For The Future
The rapid introduction of new payment initiatives and the growing demand by consumers for new ways to pay combine to make keeping payment systems available and compliant with regulations difficult, if not impossible. The increased investment required to keep pace with the challenges faced by payment providers across geographies and verticals requires that organizations seek new technologies to improve cost optimization and return value to the business as soon as possible.
A high growth payment service provider based in the United States wanted to further strengthen its ability to respond to the multi-trillion-dollar growth opportunity in digital commerce. The company embarked on a multi-stage project focusing on enhancing and evolving the company’s payments platform to ensure it provided the scalability, availability and reliability that would be required as payment volumes and types continue to grow.
To identify different acquiring channels, messaging formats across different systems and current backend processor connections, an audit of the payment provider’s current systems and acquiring platform was conducted. Once the audit was complete, proprietary frameworks were utilized to create a project roadmap that supported the client’s strategy and optimized implementation of several functional areas that improved the company’s competitiveness including:
- Account Updater Service – Enabled recurring billing merchants to have their cardholder data updated to insure uninterrupted payments service.
- Chargeback Importing and Reporting – Enabled efficient tracking of incoming chargebacks for specific processors such as TSYS.
- Credit Reserve Funding – Enabled effective maintenance of reserve funds related to credit transactions.
- Hosted Payments Page – Enabled customers to seamlessly and securely implement a payments engine into their commerce site.
- Enhanced Data Handling – Enabled improved efficiency of data handling related to ACH and credit transactions.
- Merchant Specific Customization – Enabled data field flexibility for subscribing merchants.
Foundation For The Future
By leveraging modern technology stacks to enhance core systems and creating new products and services using open API architectures and software development kits (SDKs), the company can continue to provide additional functionality to maintain their competitive edge in the marketplace. By combining the Agile development methodology with payment specific accelerators and frameworks, the company can achieve and maintain a faster time to market for new functionality keeping pace with the rapidly changing payments landscape.
IT Partner Made The Difference
For this payment company to achieve these key business benefits, they needed an IT partner whose attributes and depth of knowledge was focused on payments. The partner the company chose delivered the follow value adds that were critical to this project and ongoing work planned to support their overall strategy:
- Domain-Focused Subject Matter Expertise: Delivered a “day one” impact that accelerated time to market and contributed materially to company’s overall business strategy.
- Institutionalized Knowledge: Formalized industry training for partner’s personnel decreased dependency on any single resource and was key to delivering on-time, on-budget project.
- Innovative Culture: Provided industry best of breed technology stack and functionality from partner’s innovation lab and center of excellence, positioning company for the future.
About RS Software
RS Software is a leading vertically integrated, custom software development, testing and implementation company for the payments industry. With more than 25 years of experience in this industry, we have helped create, test and implement products and services that have transformed the marketplace.