About client
The client is a pivotal organization overseeing retail payments within a major economy. It was founded under the guidance and support of the central bank and a leading banking association to foster the adoption of electronic payments nationwide.
Introduction
In a transformative step towards self-reliance in the digital payment ecosystem, a ground breaking project was undertaken by the client. The initiative aimed to build self-sufficient card transaction processing capabilities to support the nation’s growing payment transaction volume.
Objectives
The initiative set out to construct a resilient payment infrastructure that could seamlessly integrate with a multitude of financial institutions, maintain continuous service, handle a soaring volume of transactions, and rapidly gain user trust through ease of use and uncompromising security.
- Seamless interoperability with extensive banking networks
- Uninterrupted service for constant system availability
- Scalability to billions of transactions
- Swift adoption with user-friendly compliance measures
- Advanced security for data integrity and protection
Choosing the right partner: Why PhiCommerce?
Driven by team PhiCommerce’s comprehensive expertise in payment systems, including issuing, acquiring, and risk management, PhiCommerce was chosen as the technology partner for this critical program. Their experience in designing and implementing payment products for financial institutions in over 20 countries, and the development of the ElectraCard suite for multiple banks worldwide, underscored their capability to deliver scalable and secure payment solutions. This blend of domain knowledge and innovative prowess made PhiCommerce the clear choice for this project.
An end-to-end system for a self-reliant payments network
Financial switch
This financial switch plays a pivotal role in the national payment ecosystem, expertly facilitating both digital payments as well as cash withdrawal transactions across multiple channels. This core infrastructure connects with most banking institutions in the country and processes extremely high volumes of online transactions.
- Over 7 billion transactions annually
- Integrated with 1,300 banks for coverage
- Designed for high performance, benchmarked for 5000 transactions per second
E-commerce payments platform
The platform was architected to revolutionize e-commerce payments, offering a seamless and efficient online experience. Additionally, it also supports recurring mandates (standing instructions) and installment payments.
Secure tokenization platform
A pioneering and indigenously built token provisioning server enhancing online transaction security by protecting consumer credentials.
- Generated over 130 million tokens to secure digital payments
- Over 1 billion tokenization/de-tokenization requests in a year
Clearing and settlement platform
This key platform was developed to provide network-level clearing and settlement that was robust and reliable. This system is pivotal in handling billing, clearing and settlement including end-to-end dispute management.
Conclusion
The project was a resounding success with the network now serving over 600 million consumers. The solutions have enabled the introduction of a variety of cutting edge features and have also successfully demonstrated the scalability and reliability of the design of the core architecture framework.
The comprehensive solution built by PhiCommerce bolstered national economic progress and empowered millions of users with reliable and fast transaction processing. The success of this platform serves as a beacon for future payment system innovations.
