"At times, we brought the Ukrainian team leaders to Atlanta and had them consult on-site. Because of Softjourn’s deep financial experience, we could assume that there would be a very short learning curve."
iKobo: How We Built Money Transfer Service
iKobo was looking for a development partner one with deep experience in financial systems, specifically payments.
ABOUT THE CLIENT:
SERVICES USED:
SERVICES USED:
The Challenge
iKobo was in need of a dedicated software development team with 6 team members ready to work on improving the customer experience.
The Solution
Softjourn’s developers understand that the best way to increase transaction frequency is to improve the customer experience, support, and delivery. So, we built P2P transactions, e-mail messaging in local languages, and a better merchant processing function.
The Benefits
- Streamlined settlement process with U.S. banks
- Fraud protection for Regtech compliance
- Check21 process
- Rules-based (AI) system determines acceptable risk levels
- Reduced call center load through local language support
- Revenue growth through P2P transactions
The Challenge
Experience, experience, experience. iKobo was looking for a development partner with deep experience in financial systems, specifically payments and they found Softjourn to be the most knowledgeable in this domain.
They needed someone who understood Regtech and fraud protection, and since Softjourn already had extensive financial software development industry experience and knowledge, the decision was made pretty quickly. We started our collaboration with a few kick-off sessions to understand the client's needs so we could successfully deliver solutions that will drive them to success.
Scott Zust, Executive Vice President at iKobo
The Solution
Project Split
iKobo wanted to keep the overall system design in-house but needed development help, Softjourn accommodated a dedicated software development team consisting of 5 to 6 Softjourn specialists working for iKobo at any given time.
The team was divided into two groups, each working on portions of the application that could be separated and developed individually. It was a creative solution that worked well for iKobo.
Protection Against Fraud
An autonomous fraud control system: Independent of the core system, this fraud control system was physically located on a separate machine with its own database.
Softjourn developed a rules-based system for iKobo, and its main function was fraud-checking every transaction and blocking an account as needed until a further investigation could be completed by the iKobo staff.
Customer Oriented Functionality
Softjourn’s developers understand that the best way to increase transaction frequency is to improve the customer experience, support, and delivery. So, we built P2P transactions, e-mail messaging in local languages, and a better merchant processing function.
Our teams use C, C++, PHP, PostgreSQL and Linux to ensure the final product of our collaboration is following industry standards in all aspects.
The Benefits
- Streamlined settlement process with U.S. banks
- Fraud protection for Regtech compliance
- Check21 process (files not paper!)
- Rules-based (AI) system determines acceptable risk levels
- Reduced call center load through local language support
- Revenue growth through P2P transactions
Conclusion
After a successful collaboration with Softjourn's dedicated team, iKobo was seeing a more streamlined settlement process and better fraud protection for Regtech compliance. With a rules-based AI they can now determine acceptable risk levels and offer their customers safer P2P transactions.
iKobo was extremely happy with the collaboration with Softjoun and the level of professionalism our development team demonstrated during the development process.
Partnership & Recognition
