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About The Client:

One of the largest Pay-fac in the insurance financing sector.
Geography – USA

Business Scenario of the client

Our client processes a very large volume of one-time and recurring insurance payments for their insurance agent customers.

Their customers include both small insurance agents that require out-of-the-box financing and payments solutions, and larger merchants who want to maintain control of the technology and the brand that is seen by the end customer. Over time, the client had created a mixture of third-party systems for card payments, ACH payments,  KYC, financing options etc. These systems were bundled together to offer a packaged solution.

Challenge

The client’s monolithic system had begun to limit their ability to add additional offerings and to scale to meet the ever-changing needs of their customer base. The complex data flow through these systems caused reporting and reconciliation to become huge pain points in both customer satisfaction on ongoing operating costs.

Meanwhile, their competition (newer fintech companies) offered better integrated solutions and tools, creating a risk at both customer retention and future growth.

The client recognized they needed to undertake a major initiative to develop a modern payments solution with cutting-edge tools to offer seamless financing and payments options to the customers and partners. It needed to develop a payments platform capable of supporting the current Payment Facilitator model and potential future models to become a one-stop solution for the payment needs of customers, agents, and merchants.

The client understood they needed a partner that could provide domain, compliance and technology expertise. to help stay ahead of the curve.

Solution

After carefully vetting various technology providers, the client chose Aurionpro to develop the future-proof payments platform and cutting-edge tech tools empowering their customers and partners.

Aurionpro executed a 2-week discovery and met key personnel from different departments to document the existing system, issues, customer demands, and future roadmap. After carefully analyzing the scope of the work, Aurionpro proposed leveraging Aurionpro Payments Framework. This API-first payments platform offered out-of-box merchant management, transaction management capability for card and ACH, and other tools that could provide huge leverage. The platform also ensured data security at various levels and compliance within PCI norms.

Aurionpro proposed a phased approach to deliver the roadmap items.

Aurionpro developed adapters integrating directly with the processor to transact, retrieve reports and initiate merchant payouts. Aurionpro worked with the client’s UI/UX designers to develop a highly intuitive self-service portal, administrative portal, and embeddable widgets in less than 6 months. Throughout this period, Aurionpro closely engaged with the SQA and auditors to ensure the compliance items while providing the required evidence.

Results

Aurionpro strategy to leverage Aurionpro Payments Framework and expand using the domain and technology experts, led to significant saving in time and cost. It was a record launch of PCI certified application within 6 months.
The new solution is processing millions of dollars within one year of the launch. The client is able to offer the cutting-edge tech components to deliver the payment services from within the customer website.

Aurionpro continues to develop, manage and maintain the product, cloud infrastructure and various other initiatives to automate the deployments and testing.

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