Payswiff: Omni-channel Payment Transactions Made Simple

Ravi Kiran, CTO of Payswiff, taps into his prodigious knowledge of building payment platforms and robust CRM systems to propel his company toward helping organizations simplify and standardize the payment transaction.

The essential part of any business is billing and payment. Most customers carry out payment transactions through multiple channels such as in-store, online, mobile, self-service, and more. However, the rising customer demand for omnichannel experience coupled with innovations in the payment technology landscape has pressurized merchants to enhance their payment management processes. As these payment channels are typically procured from different vendors, organizations often end up with siloed payment solutions and processes, which create fragmented transactions. The need of the hour is an integrated payment solution that is highly secure, cost-effective, and easy to use. That’s where Payswiff comes into the picture. “Today, with our single omnichannel payment platform, merchants receive a secure, simple, and affordable payment transaction solution with advanced features to manage their stores, reward their customers, and track sales apart from accepting payments,” says Ravi Kiran.

Having a profound experience of more than 12 years in the payment industry, Ravi Kiran’s career trajectory as a CTO has an inspiring beginning. Heading the technology department at EBS, Ravi Kiran oversaw the progress of the online payment platforms and CRM systems, which motivated him to develop an innovative payment solution platform. Ravi Kiran along with five other senior members of EBS co-founded Paynear in 2013, which went on to acquire Goswiff in 2017 and was rebranded as Payswiff.

According to Ravi Kiran, there are quite a few challenges that concern businesses. For instance, in today’s data-driven world, the ability to turn data into meaningful management information poses a great challenge for every business. In order to address the problem, “Integration is the key, CIOs must demand integration with their existing systems from their providers if they hope to deliver easy data access,” he adds.

He also draws attention to the second major challenge troubling CIO’s—the rise of mobile work environments. Although organizations are seeing productivity gains with enterprise mobility, they are also witnessing the growth of security risks and data breaches. While hackers continue to illegally access business-critical information from different sources, IT security team is pressurized to efficiently identify and resolve the areas of high risk across enterprise domains. To deal with the rising mobility issues, Ravi Kiran explains, “CIOs must manage a flexible workspace by bringing all relevant data related to workplaces, departments, and people together in one central database. The CIOs should educate business owners and executives about the risks and keep a regular control over user behavior while creating a culture of security.”

He continues, “While making business executives aware of risks, it is also important to build an error-free structure.” It is highly unlikely for any enterprise to get an error-free structure without understanding the error, how and where it can occur. To achieve maximum manufacturing efficiency and minimum error, Payswiff implements Scrum methodology combined with in-depth research and planning between the cross-functional teams before the actual development of the product starts.

The Payswiff team also performs interim testing and final thorough testing of the products before it goes into production. Further to enhance agility, the company collates the wishlist from the stakeholders, prioritizes the features, and adds to the roadmap. Subsequently, they break down the features to small tasks and add these tasks to short sprints or short delivery cycles. This approach leads to the launch and roll-out of products quickly while achieving significant flexibility and speed.

In order to stay ahead of the competitors and provide a seamless payment transaction experience to customers, Payswiff is working toward automating customer support with AI to verify the backend information. The company also looks forward to leveraging AI in their fraud mitigation tool for faster real-time checks as well. Developers can also integrate the SDK, an integration methodology developed with a pre-built functionality packed along with Payswiff’s best practices and security into their app to have a faster go-to-market strategy.

Along the path of product expansion, Payswiff aims to be the one-stop-shop payment solution for all businesses. The company is also planning to customize the GST Suvidha Provider (GSP) platform for international markets. “We have further plans to bundle this to enterprise clients along with their payment solution as a one-stop solution to business needs,” affirms Ravi Kiran. In conclusion, he says, “Our forethoughts on other areas include working on QR based and contactless payments for domestic and international offerings.”