Digital Payments
Objective:
The digital payments sector in India is a fast growing industry. The client provides their services with Payment Gateway (PG), Electronic Data Capture (EDC) and QR Code. Since they are operating with multiple banks and third-party technology providers each of them provide daily transactions in multiple interfaces and formats.
Challenge:
To create a reconciliation system that could capture transaction data from all the service providers and provide a unified billing and settlement process.
What we did:
The reconciliation system is a down the channel application and pre-requisite data like master data, buy rates, sell rates, merchant schemes are captured from API, file upload and other sync methods. Separate interfaces were provided for API, email, SFTP and file download for transaction data from each of the service providers. The file formats are also configured so that the automated process will extract data from the sources and auto-reconcile if there are no mismatches. At the end of the month each merchant will get a consolidated Invoice including all the services utilised.
What was achieved:
The manual reconciliation process was completely transformed into a configure and monitor process. This significantly reduced the manual intervention and helped the client to concentrate on the most pressing challenges in the operations of their business.
