Transforming Payment Operations for Telco Carriers | Optimus

One of the largest telecom carriers in the US with 5000+ store locations faced revenue leakage challenges while reconciling customer payment transactions. In addition, there was a lack of transactional level order-to-cash traceability across their billing systems, financing system, payment gateways, acquirers, networks and bank accounts resulting in auditing and customer dispute challenges.

OPTIMUS PLATFORM

The carrier implemented Optimus Fintech platform to automate and optimize every step of the payment back-office creating a unified experience across payment, finance and operations teams.

Drag-and-drop configuration wizard to quickly add new payment channels, transaction types and reconciliation corridor intuitively.
Multi-way reconciliation across an order-to-cash cycle to reconcile and map each record creating a n-way linkage for complete transaction traceability.
Payment Integrity Check to detect transaction authorization failures.
Automated exception handling work flows from case creation to case resolution with in-built integrations into their Salesforce.
Real-time payments dashboard dashboard to analyze payment channels for authorization rates, network fees, and chargebacks.
A powerful search capability on fully or partially reconciled data provides traceability of transactions throughout its entire lifecycle in a visually intuitive format.
Single platform across payments, finance, accounting and operations team ensuring process standardization.

Results

Within the first month of going live with Optimus Fintech, the following transaction discrepancies were discovered and remediated:

850+ transactions amounting to $900k were posted to customer accounts but not sent for settlement.
350+ transactions amounting to $60K not sent for settlement.
110 transactions posted on billing system but not updated by gateway.

Service levels and turn-around times for various processes improved significantly due to the newly implemented Optimus Fintech solution.

Avg. time to ingest 1 million records: 50 sec.
Avg. time to reconcile 1 million records per min.
Implementation time for new channel reduced by 80%
75% reduction in man-hours on transaction matching, data setup, exception research, etc.