Our client is a global leader in financial services, managing $2.6T in client assets, and has been an IR customer since 1995.
Struggling with a lack of visibility into what was happening on the merchant services side of their operations, they were facing several challenges that negatively impacted their merchant business.
The problems
As well as declines, partial and major outages, and degraded processing speed, there was no notification of what was happening in real-time and why.
They lacked the granularity of data or the long-term analytics of merchant performance to be able to recognize changes and patterns associated with specific merchants, so problem-solving was reactive rather than proactive.
For example, being unable to compare a previous year’s Thanksgiving retail figures and trends to the current year. They didn’t have the ability to back up through time and had very basic alerting processes in place.
Multi-faceted, multi-platform solutions
With their existing solutions overstretched and becoming redundant, we replaced them with the IR Transact Card Payments solution.
This enabled transaction surveillance and monitoring to produce near real-time data, and combined with historical reporting, they were able to gain insights into prior versus present transactions, which was a key requisite. This was accomplished by leveraging IR’s Business Insight solution.
Our solution allowed them to build their own custom dashboards, using dynamic thresholds to reveal trends and smart alerting based on historical patterns by the merchant, Bank Identification Number (BIN), and more.
This allowed them to monitor essential metrics in the payment process chain, to pick up spikes, drops, and data irregularities. Deploying design technology in conjunction with dashboard mailers, they can see all information on each alert, and all data is then pushed out in email alerts.
Benefits
The fact that we could remove siloes and replace their existing solutions with a multi-platform/single source solution was a key differentiator. They can now have curated views of specific problem-solving and analytics by drilling down into selected data sets for greater detail.
An immediate (real-time) and holistic view of all data enables them to analyze the information delivered at will. As well as solving all their challenges, our solutions have enabled a more efficient utilization of staff resources.
