Mylapay's IntelleEngine – Profitability Transforms Payment Analytics for AggregatorX

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Background

In the ever-evolving world of financial transactions, Mylapay encountered a universal challenge faced by industry players – the need for a comprehensive tool to dissect and manage transaction costs effectively. Facing challenges, in navigating the complex landscape of transaction economics, sought a revolutionary solution to enhance visibility, optimize costs, and streamline profitability. Enter Mylapay's IntelleEngine - Profitability, a game-changing product that promised a granular understanding of costs and income associated with each transaction.

Challenge

AggregatorX grappled with the lack of transparency and detailed insights into transaction-level economics. Managing costs, understanding markups, and optimizing profitability proved to be a cumbersome task. The need for a solution that could break down transaction details at various levels prompted AggregatorX to explore Mylapay's innovative offering.

Solution

Enter Mylapay's IntelleEngine - Profitability, a product designed to be more than just a solution – a game-changer. This intuitive powerful tool designed to transform the way payment aggregators analyse transactions. The solution offered an intuitive dashboard that provided a comprehensive breakdown of costs and income at multiple levels, including merchant, MCC, MID, Acquirer, and Gateway levels. The customization features ensured seamless integration with AggregatorX's unique requirements.

Results

Enhanced Visibility

Enhanced Visibility: IntelleEngine - Profitability provided AggregatorX with unparalleled visibility into transaction economics, allowing them to understand costs and income at a microscopic level.

Optimized Costs

The detailed breakdown enabled AggregatorX to identify areas of improvement, optimize markups, and streamline various costs associated with transactions.

Key Features

MDR Analysis

The adaptability and customization features of Profitability resulted in significant savings for AggregatorX, impacting millions of volumes and improving overall profitability.

Interchange Fee Breakdown

The tool provides transparency into interchange fees, empowering aggregators to manage this cost with precision.

Scheme Cost Visibility

Profitability unveils the scheme costs associated with transactions, giving aggregators a complete view of their financial landscape.

Customizable Dashboard

IntelleEngine's intuitive dashboard serves as a hub for insights, offering a user-friendly interface that can be tailored to the unique needs of each payment aggregator

Savings Achieved

The adaptability and customization of Profitability contribute to substantial savings, with Mylapay optimizing over $13 million transaction volumes. This isn't just a tool; it's a key driver of financial efficiency for payment aggregators.

Customer Testimonials

Key stakeholders at AggregatorX expressed their satisfaction with the transformative impact of IntelleEngine – Profitability. Testimonials highlighted the solution's user-friendliness, the depth of insights it provided, and the substantial improvements in cost management and profitability. These testimonials became a powerful testament to Mylapay's commitment to delivering value to its clients.

Mylapay's IntelleEngine - Unveiling the Scam and Securing FinTech Transactions

Overview

In the dynamic landscape of financial technology, fraud poses a significant threat to businesses. Mylapay's IntelleEngine, a groundbreaking solution, addresses these challenges by leveraging advanced technology to combat fraudulent activities in the payment industry.

The Scenario

A major aggregator, referred to as Aggregator X, faced a cunning fraud case involving one of its merchants. The fraudster, Person X, colluded with an, exploiting the industry's incentive fee system.

Understanding the Incentive Fee

In the payment industry, an incentive fee is a element. It is a fee paid by the Acquirer to the Issuer for processing particular transactions made with prepaid cards. Card networks establish rules governing these charges, serving as clearinghouses for card processing transactions.

The Fraud Scheme

Merchant Y, in collusion with Person X, took advantage of Aggregator X's technological shortcomings. Aggregator X lacked the capabilities to comprehend and enforce industry rules, creating an opportunity for fraud.

Person X issued a prepaid card to Merchant Y, who then initiated transactions through an online gateway provided by Aggregator X. This unconventional scenario violated industry standards. Merchant Y, acting as both the cardholder and the merchant, strategically conducted transactions, causing financial loss to Aggregator X.

The Impact

Due to the fraud scheme, Aggregator X unwittingly paid the merchant the net settlement of RS.0.98 per transaction. Additionally, Aggregator X incurred a 0.02 MDR charge and paid RS 15 for the incentive fee. Meanwhile, the merchant and the issuer benefited from the static incentive fee and the transaction amount.

Likewise they made N number of RS 1 transactions hitting the Aggregators Gateway where he have the pay the net settlement as well as incentive fee irrespective of the transactions amount.

IntelleEngine's Intervention

Unaware of the fraud initially, Aggregator X discovered the scam when utilizing IntelleEngine's Profitability product. The detailed analysis revealed an abnormal loss and prevented potential losses around 10mn. Armed with this information, Aggregator X promptly banned the fraudulent merchant from its gateway.

Results

IntelleEngine's advanced analytics not only exposed the fraud but also empowered Aggregator X to take decisive action. By preventing further losses, IntelleEngine safeguards financial transactions, offering a robust defense against fraudulent activities in the evolving FinTech landscape.