Case Study
How a fintech company increased operational efficiency in payment processing by 65%
CLIENT
This Canadian financial technology (fintech) company offers innovative payment processing solutions designed to work with any core banking systems across exchanges, clearing and settlement. Founded more than five years ago, the company employs nearly 100 people and serves hundreds of banking clients.
CHALLENGE
Operational inefficiencies put fintech business at risk
With a complex, redundant footprint of IT systems across many different data centers, the company struggled with high operational costs stemming from a laundry list of issues, including:
- Outdated infrastructure
- Numerous integrations and points of failure
- Multiple versions of payment applications
- Slow transaction speeds
- Unexpected system downtime
The company wanted to streamline its application footprint, increase operational efficiencies and reduce costs.
TRANSFORMATION
Payment processing modernization put company in control of operations
The financial services company transformed its operations by modernizing its IT landscape, reducing system redundancies and decreasing points of failure—with minimal business disruptions. UST led the effort by:
- Modernizing underlying infrastructure—to future-proof systems and increase application reliability, resilience and uptime
- Migrating check processing applications from third-party managed infrastructure to its infrastructure—so the IT team was more self-sufficient and gained control over its applications, accelerating transaction speeds, increasing operational agility and reducing external friction
- Consolidating payment systems—to increase efficiencies across check processing, wire transfers, bill payments, Interac e-transfers and automatic fund transfers
- Expanding payment processing offerings to customers—by leveraging third-party fintech solutions
- Focusing on security—to ensure data integrity and privacy weren’t at risk during the engagement
IMPACT
Reducing costs in check processing: 45% savings
The engagement enabled the fintech company to adapt more rapidly to changing market conditions and offer its credit union customers the most innovative payment processing options. The engagement also delivered these impressive benefits:
- 65% improvement in operational efficiencies—unlocking the company’s potential for growth
- 65% faster payment processing—boosting customer satisfaction
- 45% cost savings—increasing revenue and paving the way for additional IT-driven modernization efforts
RESOURCES
https://www.ust.com/en/what-we-do/digital-transformation