Who they are

A rapidly growing payments platform serving businesses worldwide. By acting as a gateway, acquirer, and processor in one, they offer their customers a superior, streamlined system.

What they needed

A solution that would automate the company’s payment reconciliation process so they could eliminate the labour-intensive work that was limiting their growth prospects.

Where they were when we started

The company’s existing software had been built in a compartmentalized fashion such that payments in different statuses—accepted, pending, declined, etc.— were held in separate systems that did not communicate with one another. 


If a payment failed to clear, the problem would go undetected until accounting found funds missing. It would then be up to a small, dedicated team of specialists to manually pour though records, find where the payment had gotten stuck, and reconcile the accounts. This added tremendous lag to the system and was limiting the company’s ability to handle a higher volume of payments. As a result, their sales team was unable to aggressively pursue new accounts.


Furthermore, the inability to quickly and accurately validate payments was leading to a higher percentage of write offs, adding another layer of avoidable costs.

What we did

We were able to integrate what had been separate systems into a single, unified ecosystem. Our program automatically tracked every payment that came in and instantly notified the reconciliation team should any payment fail to clear. And since every payment had an audit trail, the team could simply call up the failed payment on a dashboard, rather than having to dig through database records to locate the problem. 

Technical Highlights

  • Created a built-in, automatic audit trail of all payments
  • Enabled engineering and support teams to see immediately if there was a problem (or impending problem) with the system
  • Created a dashboard to monitor the status of every cog in the system in real-time

Results

The new system made it possible for the company to validate over 3,000 payments per second. This made staff more efficient, reduced write-offs, and gave sales the green light to pursue new business.

Published
March 21, 2021