Payment and Collections
From a Manual Disparate Payment Processing System to an Automated, Integrated Solution to Scale for the Future
The Challenge
An outsourced retail service provider, which services the large majority of the investment market in South Africa, was faced with a wide array of payment integrated challenges, including the need to interface multiple banking processes and data sources. It was also becoming more of a challenge to mitigate the increasing risks of fraud, transaction duplication and manual processing errors.
The Solution
The Digiata team implemented the CentralPark application in order to centralise and automate the payments and collections process. CentralPark now retrieves transaction data from Oracle and Sybase sources, and inserts them into a generic transaction template. This template can then be used to create a wide range of different banking file formats, regardless of the source data format. This has significantly helped the client to onboard new clients and process new transaction files faster, as there is no need to custom develop file formats for different data sets or different banks. CentralPark also includes configurable validations, which will search the transaction data for duplicates, specific values or a range of other criteria.
Technology Used
The Result
CentralPark has tangibly increased speed, efficiency and security in the payments and collections process, with all functionality governed by a set of access rights, to control who can configure and use the application, as well as providing full audit logs for each transaction. Digiata currently processes more than 500 000 transactions every month.
