Payment Processing Development

Today, payment security is a matter of trust between you and your users. If you decide to continue working with existing security providers, we can help make tighter connections to their systems. If you recognize the inherent risk in exporting this function or you want more flexibility, we make sure the data protection you offer is second-to-none.

Softjourn has proven experience with the following security features/standards:

• EMV “smartcards” are now becoming a global standard. Instead of a magnetic strip, these cards have a chip that generates a new transaction code with each use. This makes the card less susceptible to data being scanned or misused. EMV compliance is necessary to minimize fraud liability.

• Payment Card Industry Data Security Standards (PCI DSS) is the benchmark for effectively protecting consumer payment data.
• 3-D Secure (3DS) payments generally require a password to use a payment card. While sometimes accused of being an impediment to closing sales, two-factor authentication (2FA) provides a backstop for forgotten passwords. This authentication may combat the growing incidence of card-not-present (CNP) fraud, often carried out with card numbers hacked from organizations not using any of these technologies.

• End-to-End (E2E) encryption, aka Point-to-Point (P2P), ensures payment data remains encrypted throughout the process – and as long as it’s held by any party involved.
• A hardware security module (HSM) is technology used at the end of an E2E chain so financial institutions can store and apply encryption keys via a tamper-proof device.
• Tokenization is an alternative to E2E encryption for specialized needs. Sensitive data is replaced by a meaningless token generated, and later validated, by a trusted authority that securely performs the actual transaction with the original data.

Banks turn to us for our extensive knowledge of payment ecosystems, which we adhere to the exacting standards of major financial institutions. UPC is a network services provider for the payment processing divisions of Ukrainian banks.

We built a testing infrastructure that enabled UPC to fix bugs and scale to handle transaction volume expected to hit their card-processing application. To achieve quality and quantity, we performed event logging so problems could be isolated and resolved. This involved generating transactions for Raiffeisen Bank Aval (one of Ukraine’s five largest banks) - a UPC customer - and user of the system.

We also improved payment processing to support contactless cards.

Our experience working with banks goes well beyond payment processing. By implementing blockchain solutions, we can support any financial institution that sees the market potential of allowing customers to buy and sell cryptocurrencies directly from their bank accounts. 

Financial institutions and fintechs are following our research into these advanced technologies. They realize the results could very well guide future payment processing solutions. Talk to us about how we can seamlessly facilitate your corporate and B2B payments, cash management, or international bank transfers. We can also help you remain relevant with a customer base whose expectations for seamless user experience continue to rise.