Leobit
Alternative Electronic Payment SaaS Solution
A superior alternative to traditional credit and debit card payments
ABOUT
the project
Services:
The platform aims to minimize reliance on expensive credit card transactions, allowing businesses of all types to provide customers with more tailored rewards and discounts.
Trusted by central banking institutions, the platform provides efficient methods for transferring funds, resulting in fewer failed transactions, less fraud, and fewer forced returns compared to traditional card payments.
We are delighted to have been entrusted with yet another project from our long-standing customer. This innovative fintech platform aims to serve as a one-stop shop for direct bank-to-bank funds and simplify C2B, B2C, or B2B debit and credit card transfers. We are proud to contribute to its growth.
CUSTOMER
The customer is a US-based fintech corporation offering full-cycle enterprise management automation platforms and revenue management SaaS solutions. With over three decades on the market, the company has been dedicated to helping businesses reduce costs and enhance cash flow through innovative technology solutions.
BUSINESS
CHALLENGE
The client had a large SaaS platform that handled credit card and ACH tokenization and transaction processing. However, they needed to update this process to meet modern standards and requirements (e.g., implement Network Tokenization and 3D Secure protocol). The challenge was segregating payment-related services into a standalone white-label application, which our client planned to offer its customers for an extra fee.
Why
Leobit
We have a history of successful collaboration with the project's main stakeholder on several other projects. Impressed by Leobit’s work ethic, expertise in .NET development, and vast experience engineering complex solutions for the fintech industry, in particular, he entrusted our team with developing the company’s new sophisticated fintech solution.
Project
in detail
Our customer opted for a lean approach and decided to bring the project to life incrementally. So, we started the development with an MVP version that offers basic functionality. With each subsequent release, the customer plans to add more features and enhance the platform.
Restful API Development
Leobit experts developed a web API to manage transactions, tokenization, and reporting. This API facilitates the internal tokenization of payment information and subsequent management. It also enables network tokenization and the ability to use the 3D Secure protocol for transactions. Additionally, the API allows for the creation and management of separate organizations for clients, providing access to client information and settings management within the organization. It also supports transaction splitting to reduce processing costs and returns.
Big batch upload and retrieval
We adopted the Secure File Transfer Protocol (SFTP) network protocol to let SaaS platform clients securely access, transfer, and manage sensitive files containing transaction information. Our service monitors the appearance of new files and processes them according to each client's settings. To achieve this, we implemented several background tasks to handle file processing, generate network tokens, and manage the 3D Secure flow.
This capability allows clients to seamlessly upload batches containing thousands of transactions and receive verifications, notices of changes, and returns in a flat-file format.
Portal
The MVP version also includes an easy-to-access portal to check on the transactions. It allows users to view all reports and grant permissions to different roles. The portal consists of transaction reporting and reconciliation, a live journal for making last-minute transaction changes, and support for convenience fees. The application also offers the ability to generate various transaction reports that company clients can utilize.
The Journey
Behind Client's Success
Technology Solutions
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Implemented Network Tokenization and 3D Secure protocol to evaluate transaction risk levels and decrease fees during payment processing
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Used load-balancing to create redundancy and spread risk by sending transactions to multiple banks
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Employed HTTPS, API whitelisting, SFTP protocol, encryption, and tokenization to secure data storing and transferring
Value
delivered
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Reduced processing costs for financial transactions
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A portal with a customizable interface and various configuration options that our customer can use to expand their client base
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Potential new revenue streams