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Supported a Global Payment Technology Solutions Provider to Enhance Transaction Accuracy and Significantly Reduce Processing Time

FinTech
Posted On: 5 February, 2025

About the Client

A global leader in payment processing and financial services, the client specializes in delivering secure, seamless payment experiences across industries and geographies

Offers support to merchants, acquirers, and financial institutions through a range of payment technology solutions

Assists clients in boosting their payment efficiency, security, and compliance by creating innovative solutions powered by advanced technologies

Adopts a customer-first approach by accurately understanding customer needs and delivering customized solutions tailored to their regional business requirements

Business Needs

Enhance the semi-automated legacy reconciliation system for Latin American markets with features including:

  • Integration with regional acquirers such as Redecard, VisaNet, and Bancomer
  • Capability to process high transaction volumes
  • Scalability and automation to boost the efficiency of the accounting team

Design and deploy a robust, fully automated reconciliation system with:

  • High availability, precision, and compatibility with various acquirer requirements
  • Advanced tools to efficiently track, validate, and resolve reconciliation discrepancies

Solutions

Developed and deployed a fully automated reconciliation and settlement service system

Facilitated successful migration from RDBMS to a Cassandra-based NoSQL database, ensuring multi-instance support and high availability

Replaced Open MQ with Rest APIs for generalized reconciliation across acquirers and promoted scalability

Implemented asynchronous batch processing to manage high transaction volumes and increase efficiency seamlessly

Integrated unique identifiers (UUIDs) to achieve precise validation at the source level 

Facilitated advanced monitoring and KPI management with tools like Prometheus and Grafana for real-time operational insights 

Designed workflows to track transactions, and capture comprehensive statuses and reconciliation results

Created an intuitive admin portal that allows users to efficiently manage and resolve discrepancies in bulk, simplifying operations with a user-friendly interface

Business Impact

Facilitated seamless entry and operations in the LATAM region while ensuring compliance and reliability

Boosted operational scalability and enabled seamless handling of LATAM market requirements, supporting diverse acquirers and high transaction volumes

Enhanced accuracy with automated reconciliation processes and significantly reduced errors and discrepancies 

Increased operational efficiency by 30%

Improved workflow efficiency by automating approval processes and lifecycle tracking, cutting down on manual work

Enabled better decision-making by empowering the accounting team with real-time and actionable data insights
 

Technology Stack

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