Success Story / Payment Platform

Payments Platform for International Traders.

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Project Background

The client is a fintech startup who wished to build a payment platform that facilitates cross border payment disbursement and collection services for international traders. The platform would also facilitate traders to verify the authenticity and credibility of trading partners, negotiate trading terms, upload and save documents and sign trade agreements.

Challenge

  • International traders wanting to do mid-sized trades had to accomplish a painstaking and long process of availing letter of credits and hence trade opportunities were limited to reputed or previously known partners.
  • There were limited escrow providers who catered to mid-sized trades and most of them do not provide end-to-end services like buyer/seller verification, agreement workflows, digital signing, payment disbursements and collections.
  • International traders offering wholesale trades through e-commerce platforms did not have a facility to buy using escrow-as-a-service and hence had limited protection against defaults from sellers.

Perennial’s Implementation

  • Build a robust payments platform, integrated with multiple payment gateways, so as to enable payment collections and disbursements within 120+ countries.
  • Integrate with regional databases holding company incorporation and performance data, so as to facilitate Operations teams to verify business and provide assurances to enquiring partners.
  • Implementing e-signature module.
  • Build a trade agreement creation and execution workflow, covering addition/updation of trading partners data, addition/updation of different trade transactions, creation and uploading of supported documents and trade agreements.
  • Build integrations with prominent e-commerce platforms so as to support an escrow payment method during checkout.

Key Highlights

From the initial design to the final product, we helped the client to deliver a digital product that includes:

  • A web app, that fully digitalised the trade initiation, agreement and payment process for international traders.
  • A smart decision and rule engine, which can automatically select the payment gateways to be used for a specific country/currency/volume transaction, thus enabling better margins.
  • A robust middleware having integrations with:
  • Payment Collection and Disbursement: Wallex, Rapyd, Standard Chartered Bank.
  • Bank Account verification: Plaid.
  • Business data verification: Kompany and DNB.
  • Plugins for Shopify and Magento e-commerce platforms using which e-commerce providers build on these platforms can offer escrow as a payment method.
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