Case Studies

Payment Processing System Replacement Project

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Business-Domain-and-Problem-Description-2

Business Domain and Problem Description  

Business-Domain-and-Problem-Description-2

Utility client processes all customer payments and returns through several banking vendors. As the payment processes evolved over the years, the integration landscaping technology became outdated. Key challenges were:

  • Company was not able to scale to new channels
  • Company could not streamline payment processing
  • Lead time was in months and required significant IT support to onboard new payment processing banking vendors
  • Implementing a payment process change was time-consuming as there was no standardization in receiving payment files from banking vendors

720 Worldwide Solution Overview  

Solution-Overview

Our team worked closely with the client’s stakeholders and all banking vendors to deliver a scalable solution in an eight-month timeframe.

Our scope included program/project management, vendor management, system architecture reengineering, business process impact analysis, fit-gap analysis, change management and training, business intelligence and reporting, deployment management.

We standardized a template across all vendors, implementing a valid solution and data warehouse to support data analysis on payment files.

The Project’s go-live was very successful, presenting minimal initial issues as it replaced a 25-year-old legacy system and launched with several banking vendors.

Solution-Overview
Business Results

Business Results  

Business-Results
  • Reduced lead time from months to day(s) in launching new banking vendors.
  • Reduced significantly the customer support team’s dependency on IT in order to launch new payment vendors
  • Minimized change impact to vendors by implementing a standardized data-driven template with all banking vendors
  • Ad-hoc reporting capabilities from Data Warehouse increased efficiency in payment balancing and reconciliation