Development of a Next-Generation Flexible Payment Processing System

An established financial transaction service provider faces a legacy payment processing system that is outdated and misaligned with current market demands. Key issues include limited payment channel support, absence of API integration for mobile applications, inability to customize commissions, transaction cancellation limitations, limited reporting capabilities, poor system scalability under high data loads, and complex infrastructure management, leading to inefficiencies and reduced user satisfaction.

A mid to large-sized financial transaction provider seeking to upgrade their existing payment processing infrastructure to support multiple payment channels, enhanced user access, and improved scalability.

• Design and implement a flexible, scalable payment processing platform supporting diverse payment methods including card payments, e-money, bank transfers, and mobile payments.
• Develop comprehensive APIs to facilitate integration with mobile applications and third-party service providers.
• Enable configurable commission management with multiple rate options for different service providers and payment scenarios.
• Implement functionalities for transaction cancellation and detailed account activity statements.
• Enhance system performance to handle over 60,000 transactions daily with response times under 5 seconds (excluding reporting operations).
• Simplify infrastructure management to reduce operational costs and support easier maintenance.
• Allow dynamic user role creation without source code modifications.
• Ensure robust security, high availability, and compliance with financial reporting standards.

• Support for multiple payment channels: terminals, web portals, credit/debit cards, eMoney, banking, and mobile payments.
• API development for payment acceptance via mobile apps and external systems.
• Configurable commission structures with multiple rate types based on timing and other criteria.
• Transaction management features including cancellation and adjustments.
• Generation of financial statements aligned with international standards (e.g., IFRS).
• Self-service kiosk management including cash encashment, status monitoring, and maintenance notifications.
• User role management system supporting creation and modification without source code changes.
• High-volume transaction processing capability.

• Payment gateways and financial service providers for transaction processing
• Mobile applications for in-app payment acceptance
• Reporting and compliance systems for IFRS statement generation
• Third-party service providers for utility, mobile, and other payment integrations

• System must process approximately 60,000 transactions daily
• Max response time per transaction under 5 seconds (excluding report generation)
• High system availability and fault tolerance
• Data security compliant with industry standards
• Ease of infrastructure maintenance and scalability

The redesigned payment processing system will provide a flexible, efficient, and scalable platform that significantly improves transaction handling capacity and user experience. It is expected to support high transaction volumes with response times under 5 seconds, facilitate increased adoption of diverse payment options, simplify system management, reduce operational costs, and enable rapid integration with emerging financial technologies and service providers.