Geidea – Payment Solution Provider

Reshape customer balance breakdown

The previous accounting process that relied in the most part on the acquiring bank, lacked transparency and clarity in terms of the settlement for end-users and access to their account statements

Automate the reconciliation process

The backend system in place didn’t provide the functionality of automated reconciliations for customer accounts, which therefore required considerable manual efforts.

Introduce a new accounting system

This would allow to automate payments settlement, ensure faster payments and efficient transaction status tracking.

Adapt the software for the business workflow

Equipping the team with a convenient work environment would increase overall productivity and work satisfaction.

To simplify work with the new transaction accounting system for Geidea’s staff and customers, a built-in functionality of the SDK.finance platform was used to introduce the back-office for transactions analysis, management, and history view for the customer’s team.

Also, a convenient back-office for merchants was implemented, providing merchants with access to their transaction history and payment details.

An actors model was introduced, with specific access levels for different system roles. It allowed to facilitate the merchants onboarding and simplified managing the access to the data based on the user’s role in the company.

Initially, Geidea worked exclusively with one of the local banks, relying on their subaccount system. This posed a challenge for transaction reconciliation, the bank being the only source of truth for the transaction details, as the customer did not collect their own transaction statistics for analysis and forecasting.

Incorporating SDK.finance solution opened up opportunities for integration with other banks, as it introduced subwallets for merchants, enabling our customer company to collect and analyze the transaction data on their side, which resulted in faster and more accurate transactions settlement.

Geidea was eager to increase its market share by servicing ecommerce merchants, which was achieved via MPGS (Mastercard Payment Gateway Services) integration. It also allowed to track and settle payments from the checkout via the merchant’s e-commerce platform.

Originally, changing the system commissions and fees required additional development and redeploying. Based on the SDK.finance platform built-in fees and limits management functionality, a customized solution was implemented, allowing changes the commission fees in real-time without changing the source code and redeployment.

The SDK.finance solution replaced the legacy system and accounting model without data migration or using old components. This allowed the new system to be built on the modern architecture using a cutting-edge technology stack.

It also shaped a new PDLC and SDLC (Product Development Life Cycle and Software Development Life Cycle) with a great potential for software updates, new functionality and scale.

Infrastructure and code quality monitoring was introduced for greater security.

This was needed to structure the merchant payment data sent to the bank and the commissions they paid, plus understand the profit received by a customer.

Initially, setting up custom commissions for specific transactions wasn’t easy. The customer company needed the adapted built-in functionality to be able to change the fees and limits with ease, according to the company’s business needs.

This step was essential to secure sensitive business information, ensure the “four-eyes principle” and facilitate daily work process for the team members by distributing the responsibility of the operational and financial team.

Geidea kept a strategic perspective of the product and company development.

A thorough reporting and monitoring functionality would allow to track the processes from A to Z and handle any operational exceptions changing the source code, plus seriously decrease the amount of menial effort for financial performance monitoring.

Using the APIs provided by the new ledger software, the customer company has dramatically boosted its UX.
The modernized intuitive backoffice empowers merchants to have exhaustive info on their balance and transactions at their fingertips. The details cover an entire payment flow – from the funds paid by customers to settled payouts received to a merchant’s IBAN and the commission amount.

Rather than staying with just one acquiring bank, implementing a new core accounting system eliminated bank integration barriers, enabling partnership with the majority of local banks, which extended their offering to match their customers’ banking preferences.

Being able to process a growing volume of daily transactions (4+ million, as of 2022) without a hiccup makes Geidea a perfect choice for both retail startups and online ecommerce giants.

The SDK.finance solution replaced the legacy system and accounting model without data migration or using old components. This allowed the new system to be built on the modern architecture using a cutting-edge technology stack, with strengthened security and advanced infrastructure and code quality monitoring in place.

Mastercard Payment Gateway Services integration allowed the business to scale, capture e-commerce segments and acquire more merchants, becoming a leading provider of payment acceptance services in the KSA.

With key challenges handled using the software solution by SDK.finance, Geidea can execute its planned expansion into other countries, being sure its platform will cope with the scale and is agile enough for adding new components, should they be needed in the future.