Migration from the local historical model to the 4-party model.
Product of a regulatory change, starting in 2016, the migration to the 4-party model begins, enabling multiple acquiring processors instead of just one.
CYBS was selected to lead a project to transform the entire system of Chilean banks and payment processors, working alongside 12 issuers and 4 of the most important payment processors in the country.
The project was divided into 5 stages over 4 years, with the
participation of 12 issuers, 4 processors and one of the global payment schemes.
During the first 3 months, the required adjustments to the platforms and operational processes of all participants involved were identified, in order to then plan the execution of the first phase, including the different testing cycles (including end-to-end industry testing) and certifications.
One of the main challenges during the initial phase was coordinating effectively and in record time the needs and interests of each and every one of the parties involved in the project, in order to then agree on the adjustments to be made to their platforms and processes.
Once this was settled, a strategy was designed, identifying critical points, defining the best form of implementation and presenting long-term projections. The project required a large number of technical and managerial resources. In the last stage, the number of participants increased to 12 issuers and 5 processors collaborating under the coordination and guidance of CYBS.
CYBS successfully migrated the entire acquiring market to the 4-part model, adding increasingly complex functionalities (such as merchant-funded installment purchases) in each subsequent phase. It was a great challenge that involved the resolution of conflicts and constant unforeseen events throughout a large and complex project.
The project made it possible to completely change the country's payment ecosystem, allowing the entry of new acquirers and providing greater dynamism and competitiveness to the industry. The project allowed CYBS to consolidate its reputation as an expert entity in the management of complex transformations.
Restructuring of the payments back-office, as well as its processes, for one of the most important banks in Peru.
The bank was in dire need of restructuring its operational area and had already received recommendations proposing technological adjustments that did not consider the impact on its operational model nor the integration with the commercial area.
CYBS was asked to review the situation and propose recommendations.
The project was divided into 2 phases over 9 months.
Initially, CYBS conducted a diagnosis of the situation and proposed opportunities for improvement. As a result, the bank decided to assign CYBS the leadership and execution of the entire project. The work included the redesign of the back-office/operations organizational structure, as well as recommendations and support to renew the team in charge of this area, the induction and initial training of its new leaders, the review of its processes, the implementation of new performance measurement indicators, among others. In addition, recommendations were generated to improve the technological platform, commercial processes and customer service policies.
The project constituted a highly challenging and satisfactory initiative, with excellent results for the client.
CYBS achieved the redesign and comprehensive restructuring of the operational area throughout the country. It was a challenging project that generated a very positive and long-term impact for the client: significant economic losses were reduced, greater agility and efficiency in the workflow was achieved, and customer service was considerably improved.
The transactions and balances to be settled to processors and payment schemes for two of the most important issuers in Chile.
Two of the most important issuers in Chile were facing a complex situation in order to reconcile daily transaction volumes as well as amounts payable to international payment schemes and their processors, given that the process integrated multiple information sources, platforms, file formats and processing frequencies. Therefore, both issuers decided to restructure the process, engaging CYBS to lead the project.
For one issuer, the project was divided into 2 phases over 9 months. For the other, the two phases were executed over 6 months.
Initially, CYBS conducted a diagnosis of the situation and proposed opportunities for improvement. In the second phase, CYBS led the process of documenting the necessary requirements and adjustments, subsequently the implementation of most of them. The work included the design of new reconciliation and account balancing processes based on the batch files received from the international payment schemes and the issuers’ processor, the identification of all key fields and variables, the effects of temporary variations in the processing of the files, the identification of multiple possible causes for inconsistencies, and the gathering / documentation of the necessary requirements to execute developments in the IT platforms and operational processes. In addition, support was provided during the validation and testing of the proposed model.
CYBS was able to successfully restructure, reorganize and order the entire process of reconciliation and matching of transactions and payment accounts to international payment schemes and processors.
We created a long-term work methodology that allowed reconciling existing information with new data. We generated a very positive impact for the client: we achieved greater control in the execution of payments, reduced losses and inconsistencies, and systematized and internalized processes that were previously outsourced and/or outsourced some that were previously performed in-house.
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