End-to-end
Mandate Management
Mandate Management for
a payments company
Industry
FinTech (Payments)
Company Size
500
Duration
3+ years (on going)
Mandate Management for a payments company
The client is one of the largest online payment service providers in India. Client’s integrated solutions are making digital payments easy and accessible to merchants, financial institutions and governments. With over 100Mn API calls per day, across 170+ Payment Methods and 3Bn payments aggregating over USD 90Bn, the client’s platform stands ahead with robustness and service dependability.
RBI has come up with the mandate for processing Standing Instructions for all the issuers.
Our client wanted to build a platform which would be a one-stop solution that would comply with all the guidelines of RBI and provide a seamless, secure yet customizable solution for banks.
In order to protect the interest of the customers, the Reserve Bank of India had published a set of guidelines for Issuers that gave more control and convenience to the customers that have registered their standing instructions with merchants. All banks were to comply with these guidelines from Sept 2021.
What were the challenges?
In this ecosystem many entities are involved and we need to figure out commonalities to be able to find a way to seamlessly communicate with all the entities involved.
Coordinating with all the stakeholders from all the entities involved to be able to get everyone agreeing and complying with the defined specifications.
The compliance guidelines for the reference to build the product were not detailed enough.
Time to market the product was very short.
Interdependence of Issuers, Merchants, Networks, and Payment Gateways was very high and all the dependencies had to be resolved to make progress every time.
Proposed Solution
How did we solve it?
When RBI published the guidelines, TechBulls along with the client brainstormed the idea, curated the workflows, documented the Business requirements and established the technology specifications and architecture. The mockups, APIs and databases were designed for the product.
TechBulls followed an agile methodology for development with a 2 weeks sprint plan where Gitflow workflow was followed to ensure code quality. All the common and reusable components were isolated and introduced as libraries in the project.
Complying with the RBI audit guidelines was critical for incorporating in the platform with the core banking systems for initiating payment.
PCI DSS guidelines to be complied and incorporated into the product.
We identified all payment and PII(Personal Identity Information) related data and implemented the security around it by encryption, secure logging, safeguarding the data, and encrypting the data at rest.
TechBulls implemented CI/CD pipelines using Jenkins and ELK stack and grafana were used for monitoring and alerts
How did the client benefit?
The client was on boarding the largest cloud company as a customer. The customer wanted that product to be periodically tested for security. The functional testing rig allowed us to do penetration testing as part of every build. The test rig was demonstrated to the customer and was a key for the client to acquire the customer.
With the rich configurability Client could deliver the same product to multiple issuers & acquirers with only configuration changes. This saves about USD 65k to the client per year on infrastructure.
The product for the management of recurring payments was rolled out in the market well in advance before the RBI deadline.
We identified and built common reusable components which the client could leverage for other applications.
All the components of the applications could be horizontally scaled with the increase in recurring payments.
We have integrated the platform with all the top payment aggregators like Paytm, stripe, payu, razorpay etc.
The top Merchants leveraging the capabilities of the platform includes Microsoft, LinkedIn, Facebook, Google, Netflix, Hotstar.
More than 25 Indian banks including SBI, HDFC, ICICI, Citibank, Axis, Kotak are customers to the platform.
The high availability and scalable architecture helped on demand scalability for accommodating ever increasing load on the system.
Used Technologies
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