CitiConnect_API_Case_Study_Book

33 Enhancing Operational Efficiency | API Playbook STEP 1 Merchant creates a new account at the company’s website STEP 2 Merchant keys in required details including bank account information, and submits scanned copies of documentation as required STEP 3 The company sends a “penny test” transaction to validate merchant’s bank account information, and immediately checks that there is no return of the test transaction STEP 4 If the “penny test” transaction is not rejected, the account is deemed correct and the merchant is notified that it is successfully set up Every day, the company signs up a large number of new merchants, and processes a high volume in transactions for them. Whenever a merchant is onboarded to the company’s payment gateway service, it is required to provide its account details — so amounts collected may be accurately remitted to the merchant. However, the company’s manual onboarding process, coupled with oftentimes erroneous bank account information provided by merchants, resulted in a disproportionate number of rejected first payments to the newly-onboarded merchants. The inefficiency resulted in many phone calls by such merchants to its customer service, and reconciliation issues that skyrocketed the company’s operating costs. To mitigate payment rejections caused by wrong account details, the company is able to digitize its merchant onboarding process and integrate it with CitiConnect API, which is able to validate the account numbers at the time of setting up a new merchant: The solution is powered by the following CitiConnect APIs: • Bank account details are verified digitally in an automated manner during the merchant onboarding process to ensure no subsequent rejection of payments • Enhanced reconciliation efficiency by eliminating payment errors caused by incorrect bank account details provided • Excellent end-to-end merchant onboarding experience promotes loyalty to the company’s service Authentication of company instruction Payment initiation via Faster Payment schemes available in the country Payment status inquiry to confirm that payment is successfully made • Similar “penny testing” transactions can be triggered by APIs to work in any supplier onboarding scenario, particularly on cloud-based ERP systems Account Verification at Merchant Onboarding The Company Payment gateway provider that enables merchants to collect payments online with best-in-class features and technology. The Challenge The Solution The Benefits Potential Uses