eds
Digital Platform Modernization and Transformation for a Multinational Payment Services Corporation
Summary
The client is a Global Digital Payments Leader. For over six decades, they’ve facilitated global electronic funds transfers, primarily through credit, debit, and prepaid cards. The client is recognized among the most prominent payment organizations, processing billions of transactions annually—reaching a market capitalization of approximately half a trillion dollars.
Industry
Banking & Financials
Size of the company
~ $30 Billion
Region
Global
Key Challenges
Non-scalable payment infrastructure, unable to operate diverse payments, increased onboarding time, and extended development cycle.
Business Challenges
- Unable to allow direct access to billions of endpoint payment accounts due to the sheer number of transactions
- Inability to permit numerous use case portfolios on the same platform, including fund disbursements, peer-to-peer payments, international payments, marketplace payouts, and bill payments
- Lack of modern financial technology to reduce the product’s time to market
- Delay in transaction settlement time due to poor customer communication
Strategy & Solution
The client partnered with Techwave to bring a balance in maintaining and enhancing the legacy platform for operational efficiency and business scalability. To resolve the challenges faced by the client, Techwave implemented the following strategies:
- Understanding the business logic, architecture, and design of the existing legacy platform
- Designing and developing the solution while optimizing system core modules, including pre-validation of the payment request, client funds management, data enrichment, intelligent routing, compliance validation, and settlement of payments with network partners, treasury management, and analytical reports
- Minimizing manual intervention to ensure real-time payment processing (T+0)
- Reducing the timeline for client and partner onboarding
- Identifying, addressing, and mitigating vulnerabilities within software applications to protect client’s systems against unauthorized access and data breaches (application security remediation)
- Proposing architecture for payment data lake for efficient data processing and analytics
- Building API ecosystem for seamless, robust, and secure data exchange with clients and partners
- Remediating the outbound payment channels for regulatory compliance
- Reducing the development life cycle
Featured Technologies
Business Outcomes
50% reduction in transaction and settlement times through enhanced customer communication, leading to faster and more efficient operations
~2 million monthly transaction volume, translating to over 25 million annually
~94% transactions are fully remediated to comply with UK data regulations (WTR 2 Wire Transfer Regulations), enabling the client to meet FCA guidelines
The client successfully expanded its market reach into emerging regions including LATAM and the Middle East
Successful automation of back-office processes related to returns and rejections, thereby enhancing the reconciliation process for the customer
Onboarded multiple wallet aggregators, significantly expanding market reach and enabling broader customer engagement across various platforms
The migration to ISO 20022 (MT to MX) is positioning the organization for enhanced messaging standards and operational efficiency
WHY TECHWAVE?
Headquartered in Houston, TX, Techwave provides Global Technology and Engineering Services and Solutions to more than 600+ clients across 5 continents. Our expertise in Data & Analytics, Software Engineering, AI/ML, Cloud Engineering Services, and Strategic Sourcing provides the end-to-end digital capabilities that empower our clients to maximize the value realization from their digital investments. Our CMMI Level 5 and ISO 9001:2015 certifications demonstrate our ability to deliver excellence to all our clients.To learn more about Techwave, please visit www.techwave.net
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