Shaped Thoughts sp. z o.o.

Project Overview:

The project encompassed designing and implementing a recurring payments platform for our client who previously relied on a third-party loan provider for monthly customer payments. The goal was to introduce an alternative payment model, allowing customers to make monthly purchases without resorting to loans.

Client:

An esteemed InsurTech player holding a position at the forefront of the UK insurance market. They successfully leverage proprietary technology and data analytics to revolutionise the home and car insurance industry. 

Challenge:

What made us scratch our heads during this particular task was developing a comprehensive system capable of collecting monthly payments from customers’ bank accounts. This encompassed handling various scenarios such as missed payments, reconciling payments, ensuring seamless communication with customers throughout the payment cycle, and generating all the necessary financial reports.

Moreover, because of the project’s scope and complexity, we had to design and implement the entire architecture end-to-end. That meant covering user interface, backend operations, and financial reporting features.

Our Approach:

To tackle the challenge the best way possible, we jumped full throttle into designing and setting up the recurring payments platform completely from scratch. Doing so, we had to show our mettle (as we always do) by detailed planning and execution across multiple facets of the system. 

We crafted an architecture with no compromise on accuracy and resilience so that our solution ensures auditability, robustness, scalability, and security. Similarly, we paid close attention to developing a user interface that offers a smooth experience for admins, making payment management and monitoring simple and intuitive.On the backend, we deployed refined algorithms to handle all payment operations – gathering, reconciliation, and communication with customers. We laid out automated processes to manage operational hiccups, because reducing any disruptions to the payment cycle to an absolute minimum. In addition to that, we incorporated extensive reporting functionalities to provide the client with insights into financial performance and customer behaviour.

Effects:

The delivery of the recurring payments platform marked a significant achievement for our client. They can now offer their customers an alternative payment option, which is a game changer for those who want to pay monthly but who harbour concerns about loans.Plus, the platform’s seamless performance has streamlined the payment process, sparing our client administrative burdens – all while boosting operational efficiency. With solid reporting capabilities at their disposal, our client now holds much greater control and transparency over their financial operations.