Eliminating bureaucracy to generate efficiency
To partner with merchants, SynoPay had to comply with 'know your customer' (KYC) regulations — laws that require banks to verify the authenticity and risks of new clients.
KYC-related procedures were time-consuming and mostly done manually. Sensitive information was often shared through unsafe channels like email, and the whole process to integrate a new merchant could take hours.
After thorough research and a brainstorming session, Thinkship decided to build a secure repository to make the exchange of information easier. This repository needed to be safe, capable of keeping different versions of all files and allow the inspection of documents for up to five years to meet audit requirements.
Through multiple iterations, the team at Thinkship built a repository that complied with KYC regulations, making the exchange of documents easier. As a result, the merchant integration process was reduced to 30 minutes.
Automating time-consuming tasks
SynoPay agreed to split service fees with payment service providers and Independent Sales Organizations (ISOs). Thinkship needed to build a system capable of calculating and splitting the commission fee for each transaction.
This was critical because with thousands of merchants and daily transactions, it would be extremely time-consuming to calculate those fees without an automated process.
Thinkship built a minimum viable product (MVP) and tested its efficiency with SynoPay clients. The final product was refined through multiple iterations to ensure it met quality standards.
“Thinkship took the time to understand our business’ needs. Their team asked all of the right questions during our weekly meetings to ensure that we received the useful, efficient tool we had envisioned,” says Nietfeldt.