Project Overview

Thrymr had an opportunity to work with one of the most technologically advanced banks in the world. Client work with the people across the world and people sending money are a necessity. Receiving a large sum of money from accounts 1 to 100 and more is a common practice.
Thrymr Software provided the solution to the client for direct payments integration. We designed, developed, tested, and deployed the required tech infrastructure to execute the integration.

Problem Statement

Receiving large sums of money overseas from close to 100 or more accounts is a common practice

• Using bank services is the first option when it comes to money transfer all the banks have their own policies for money transfers and one thing remains the same that is charges everyone needs to pay. In addition to that bank also charges hidden fees that occur in the form of unfavourable currency exchange rates.
• Apart from the charges managing the inward payment from 100 or more accounts is seems excluded. Different types of fees are included while transferring amounts, that is a transaction fee from 2% to 6% and a chargeback fee and hidden currency conversion fees are up to $4,500 when transferring $100,000 from one currency to other, while the stated fee is just $15.
• When it comes to 100 to more physical accounts it is a challenge to keep track of the payments. Client looks to use the encrypted data for safe and secure data and to identify the user.

Implementation story:

Inward remittance/Virtual accounts

• Inward remittances are handled via Virtual Accounts (VA)
• These are virtual/logical accounts bearing individual/unique VA number, ultimately linked to one real bank account of the client.
• Each customer is allotted his respective VA number for him to make payments into.
• All payments made to multiple VAs are ultimately credited into the client's one real bank account with which all the VAs are linked. The system is similar to credit cards bill payments made by retail credit card holders.
• The VA number is a 16-digit numeric value with the first 6 digits allotted by the bank (which uniquely identifies the client) and the remaining 10 digits assigned by the client at its discretion to individual customers or invoices.

Tech Integration

The clients and bank servers are interacting with each other via encrypted CSV files sent over the SFTP protocol. When the customer transfers the amount to their virtual account the bank notifies the client with transferring the transaction details via CSV file. The CSV file contains the details like VA number, the amount paid, date, etc. thereby notifying the client of the payment made into the respective VA. Thus, the client is kept updated about the payment status of its customers and invoices.

Security

The transfer of the CSV files happens over SFTP from pre-filtered, whitelisted IPs from each end. Moreover, the files themselves are encrypted using the OpenPGP encryption standard using secure public-private RSA keys.

OUTWARD REMITTANCE/ ISO 20022

The client exitance in a marketplace of goods and services needs to make outward payments to suppliers of goods and services.

Tech Integration

To make payments to external bank accounts, the client’s system sends an encrypted XML file to the bank’s system over the SFTP protocol and received acknowledgment about the payment status via encrypted XMLs sent to the client’s system by the bank. These XML files strictly conform to the ISO 20022 standard of payment messages with exhaustive checks on both sides ascertaining the validity of the data and structure of the files.

Security

The transfer of the XML files happens over SFTP from pre-filtered, whitelisted IPs from each end. Moreover, the files themselves are encrypted using the OpenPGP encryption standard using secure public private RSA keys.

Results

Use of technology tools and defence of confidential information against internal and external, malicious and threats.

Synopsis

From Thrymr’s perspective, we believe the concept of virtual accounts and payments through virtual account management will grow in importance in the immediate future and will be high on the agenda with leading transaction banks. This solution effectively reduces transaction fees with any other unexpected charges.