Our updated intelligent payments routing platform was implemented in April 2019 with the aim of making international payments even faster. It has a configurable rules engine which determines the optimum route for a payment to be delivered in real-time via a partner based on time and cost delivery considerations.
Its intelligent automated routing means it can try different partners in a corridor in the event a particular partner is unable to deliver the payment. This ensures payment is delivered straight-through and in the most efficient way possible. We’ve also removed manual touchpoints to speed up the process.
Since being introduced, according to timings captured from our payment processor, a typical month saw 63,778 payments made in 0-10 seconds, with a further 36,198 payments made in under a minute. That’s a total of nearly 100,000 payments made in less than 60 seconds.
|No. Of Payments||Time Taken To Transfer|
|36,198||10 seconds-1 minute|
|25,845||10 minutes-2 hours|
|37,274||Same Day Transfers|
To put this into context, with our previous payment processor, no payments were made inside a minute. Taking data from a typical week in before our latest technology was introduced – against data from a typical week since – the difference is clear to see.
Since our new payment processor was implemented, in the space of a typical week we were able to make 13,674 payments within 3 minutes – that compares with just 11 payments made in a typical week beforehand.
|Transfer Time||Upgraded Payment Processor||Previous Payment Processor|
|10 seconds-1 minute||1,504||0|
|10 minutes -2 hours||7,016||3,141|
The new system is more resilient since – depending on the error – it tries to process failed payments through multiple partners before returning the payment to a manual operations queue.
If partner systems go down, it adapts its decision-making to not send any traffic to a partner system that is currently down. Once the partner system recovers, our platform recognises this and starts sending payments again. The completely automated and self-healing system can handle failures that happen from time to time.
If you’d like to find out more about our fast payments platform or want to see how we can help your business, get in touch by emailing [email protected]