PAYMENTZ Transact World Group: Ultimate Solution for Digit Alpayment Industry

CIO Vendor Merchants today are looking for Payment Gateway providers that can empower them to respond to the demands for secure transaction services. Besides providing a cost-efficient deployment and easy integration in virtually any business ecosystem, Payment Gateways offer industry-specific risk and fraud prevention services. With connection to multiple banking institutes, acquirers, and merchants, no other stakeholder in the payment chain has more client information than the Payment Gateway provider. However, operating a payment gateway business has its own challenges. A payment gateway provider has to invest in software development, infrastructure procurement, security, compliance and in manpower management. As a result, they end up burning 50 percent of their resources for a core system and are not able to focus on their value added services. This hinders their innovation immensely.

PAYMENTZ - Payment Gateway Solutions Pvt. Ltd.(PGSPL)helps such payment gateway providers by taking care of their IT infrastructure, Security and Compliance requirements, and allows them to focus on their sales strategy. Catering to their need for end-to-end software, infrastructure, security, compliance and documentation, PGSPL has established itself as a one stop solution provider for acquirers and payment gateways, helping them run operations smoothly. The firm’s array of unique software products which include White label Payment Gateway Solution, White label Wallet, In flight Payment Acceptance System, Merchant On-boarding System, Merchant Monitoring Tool and INVOIZR, and Invoicing solution are a range cost effective solutions that enable players in the payments industry to gain a competitive edge.

A robust technology platform
PGSPL' White Label Payment Gateway, PAYMENTZ is a robust technology platform which assists its clients with over 30 payment methods. The solution accepts a variety of card schemes and alternate payments and enables transactions in multiple currencies leveraging its strong network of over 100 banks. PAYMENTZ also features Multiple User Management, Infinite Merchants On-boarding, Dedicated Merchant Application and On-boarding Management Tool while also facilitating clients with inbuilt risk engine, fraud prevention services, invoicing and virtual terminal supports with real time 24X7X365 transaction processing, PCI compliant technology and infrastructure.

Managing merchant KYC documents, entering details for every bank and payment method manually are amongst the other tedious tasks that are likely to take up much of an organization's time. This is where PAYMENTZ Boarding Manager proves to be an efficient and time saving tool, bringing in the ability to custom fill all bank applications. Anupam Vassa, Chairman, PGSPL explains that almost all financial institutions have little to no difference in the data format for KYC compliance. As such, Boarding Manager delivers a generalized dataset with a few added questions that ensure compliance with the set of rules and regulations of various financial institutions. Another reason why PAYMENTZ Boarding Manager will stand out as a tool that businesses love is because it allows them to collect relevant data that is adaptable to specific markets and specific contracts for each type of payment service instead of individually applying for the same.

Leveraging the power of machine learning
The PAYMENTZ Risk Tracker, an easy to configure automation solution which leverages the power of machine learning, is another effective tool which analyses the amount of risk transactions hold. The more transactions the risk engine analyses, the better it is trained in detecting anomalies and generating an alert for the same. Analyzed requests are identified into one of Payment Request, Risk Request and Report Request and then routed to its specific workflow. Risk Tracker analyses card details once entered to identify whether it is a known card and when transaction data is received, searches are made for relevant information in the historic negative database built over a period of 15 years and then key information such as Geo Location, Address of card holder, Bank details, Country, IP-Address, Bin Base, Merchant Industry and Various Velocity Limits are processed. Here in, Anupam Vassa suggests that despite automation of the processes,it still is important that transactions and reports are analyzed manually by a team.

More over many countries now mandate transactions, even in smaller amounts, to be captured with a digital receipt or a digital finger print. PGSPL’s invoicing Receive solution INVOIZR enables merchants to adhere to these regulations in a smart and effective fashion. Built for small businesses, INVOIZR helps merchants to transact with walk-in customers, internet customer and tele customers by generating online invoices from any of its payment processing bank. A smart alternative to fixed POS machines, clients can install INVOIZR on phones as per their business needs. Leveraging the app, clients can also share the invoice with customers via communication tools like e - mail, WhatsApp, Skype etc. What’s more, the invoice can not only be
cleared with a card but with as many payment options the merchant wishes to sign up with.

The PAYMENTZ in-flight payment module, IFE-Pay stands as an extension to in-flight entertainment systems which merchants can leverage to collect payments from the flyers in the flight. The product offers multiple card payment methods while still on air. When ever internet connectivity is available on-board, IFE-Pay ensures real time processing of all card payments. In case, connectivity to internet is unavailable, the product goes through its heuristic risk assessment engine to approve or decline the transaction. In addition, IFE-Pay Product also enables aircrafts without in-seat entertainment to delight passengers with entertaining content delivered on their mobile devices via a local streaming server. One can choose between a heavy integration of the solution that boasts of Rockwell Collins systems or opt for more agile version that promotes destination services.

Catering To Their Need For End-To-End Software,Infrastructure,Security, Compliance And Documentation, PGSPL Has Established Itself As A One Stop Solution Provider For Acquirers And Payment Gateways, Helping Them Run Operations Smoothly

Currently available for a few partner companies, the PAYMENTZ M-Transact Wallet aims to replace physical cards with as many alternative payment methods available on the firm’s gateway. Targeted at clients who want to quickly enter into the E-Wallet Business, M-transact features several advanced abilities which facilitates voluminous cashless transactions. Available for both iOS and Android, the wallet is integrated with the PAYMENTZ Payment Gateway which loads the amount from cards and bank accounts in no time. Merchants can also integrate the wallet with mobile marketplace and customizable loyalty programs to further incentivize the use of wallets.

Leaps and Bounds Ahead
“Operating as White Label almost implies that you work at the forefront of innovation. Clients today demand seamless,almost invisible checkouts while international compliance directives getting stricter. PAYMENTZ delivers exactly this while connecting all the vital parts of a system together,” adds Anupam. PAYMENTZ’s ability to completely eradicate the need to spend on any other IT product or service further enables PGSPL to stay leaps and bound ahead of others . A dedicated team of experts constantly assists clients with any support they require. What further strengthens PAYMENTZ is its range of server farm backed by highly secured tier- 4 data centre facility and redundant infrastructure at disaster recovery site that ensures businesses are up and running 24X7X365.

Speaking about firm's focus area, Anupam says, “We are in a phase of consolidation and mastering our product line. We are well established to serve wide range of industries and contribute along the payment-chain while staying extremely focused on our core competences. All our key features are available via APIs allowing complete automation from boarding to authorization.” Driven by a strong presence in Europe and a software hub in Mumbai, the firm can soon be expected to launch a series of customer facing programs. With the successful certification of UK FCA license PGSPL’s Groups Payment Facilitator Company - Transact world Ltd. UK, the firm also plans to get into full fledged acquiring and banking activities along with the launch of a payment digital currency and a card issuing program for wallet users and clients.

Security At Each Stage Of Transactions
Data security stands as an integral component of all payment gateways. When it comes to the Paymentz platform, sensitive data resides at the merchant, at PAYMENTZ and while in-transit between Merchant to PAYMENTZ. PAYMENTZ ensures a minimum, pro-active and scalable data security standard set as per PCI protocols that allow a super fast system with the ability to transmit and store as less information as possible while being well secured against physical attacks thus enabling clients and merchants to perform extensive KYC checks. Moreover, with stricter checks for different certifications, some even stricter than the PCI standards, KYC validation is getting more and more data intensive and the current jurisdictions enforce regulations to ensure that customers are in complete control of their data with assurance of data storage safety and removal upon request.

PGSPL enforces strong security measures by using a TLS 1.2 secured encrypted channel with symmetric AES 256 encryption of data at client-side prior to transfer. Hashing adds another layer of security to ensure client legitimacy and received data undergoes several more encryptions using multiple keys before finally getting stored on the PAYMENTZ server.