Simplifying Payments for Treasury
Bounteous x Accolite transformed a treasury department's cumbersome and inefficient payments process into a streamlined, secure, and API-centric platform. By addressing legacy system limitations, our solution enabled faster, real-time, multi-currency transactions and enhanced data security.
- Mobile, Web & Emerging Applications
- API & Microservices Engineering
- 5M+Transactions per day
- 50%Reducing items on an invoice
Business Issue
The existing payments processes of the client’s treasury department were cumbersome and inefficient. The system was built on legacy tech stacks and thus was rigid to adapt enhancements.
A payment processing product was required, which allows the client to accelerate payments integration, validation, and processing. Requirements included a reconciliation matching engine that can compare the payments and statements and a generic security library to secure the client APIs by providing JSON web token authentication, role-based authorization, common name check, and other standard security features.
They needed to develop a component that could read and write to the cloud and encrypt and decrypt data using industry-standard encryption technologies.
Solution
Bounteous x Accolite provided technical solutions to the payment orchestrating application by troubleshooting and resolving production issues. We developed a settlements engine to ensure payments and settlements are in sync with each other in addition to a generic security library for the settlements of engine APIs. This library can be used for all future applications with similar requirements.
We also developed a loader component that provided all utility services related to crowd and data encryption.
Outcomes
An API-centric platform hosted in the cloud supports multi-currency real-time transactions. The overall payment process is simplified, faster, and more secure.
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