Today, the way we pay and get paid has much broader implications than simply handing over money – it’s core to the entire customer experience. This is when customers judge if a company is meeting their expectations with a smooth, fast and secure method to conduct their transaction. For example, people dependent on remittances from family members working overseas need a totally reliable money transfer service.
Enabling cross-border payments is a complex procedure, so having the right technology stack in place to deliver a positive, frictionless online payment experience is especially important. Your tech stack should include robust transaction processing to reduce the risk of failure and provide full transparency to prevent any nasty surprises. An automated solution that covers the entire transaction lifecycle can generate greater efficiency, too.
In this article, we examine the causes of transaction failures, and how Thunes’ new reprocessing functionality benefits businesses and end users.
What causes transaction failure?
Technical issues can happen with any system, domain or technical integrations. There are three main reasons why these occur in cross-border payments and they all stem from a single cause: varying technological standards in international transfer mechanisms.
- Different technological integration standards and forms
Banks, financial institutions and mobile wallets all still rely on periodical syncs of transactions, and they do not always accept real-time updates.
- Mismatched expectations of infrastructure capabilities
Each country has varying standards of network and infrastructure capabilities – both origin and recipient countries may experience network or connectivity failures during the transaction.
- Intermittent issues due to sporadic use
For some countries, adequate infrastructure and quality of service are in place, but the system experiences outages or timeouts due to sporadic use of the money transfer service. Problems can often occur too during periods of sudden high demand, such as paydays on the 25th or the last day of each month.
How does the reprocessing functionality work?
Thunes ensures a higher probability of a successful transfer without running into due diligence issues by:
- Reprocessing a transaction for unavailability of a partner
- Reprocessing for a transaction facing an unexpected technical issue
Here’s a typical scenario to demonstrate how it works.
A migrant worker from Bangladesh employed in Singapore, requests a transaction to transfer money to Bangladesh. Unfortunately, the transaction doesn’t go through. Thunes is then notified of this failed transaction as they are unable to contact the partner in Bangladesh. What happens then? Thunes will queue this transaction for a retry at another time to increase the probability of a successful money transfer.
What are the benefits of reprocessing?
- Higher chance of a successful transfer for customers, even after repeated failed transactions
- Better quality of service and increased brand loyalty for our partners
- Revenue retention from completed transactions for all parties involved
Thunes’ automated reprocessing functionality thus lowers the risk of a double or failed transaction, reducing the number of rejected transactions.
Successful, reliable transfers made even easier
Interested to find out how Thunes can help? Reach out to us today.