Mark A. Bishopp, CEO
For most digitized consumer-facing businesses today, implementing a robust payment transaction framework has become a difficult task. A wide range of payment options available to buyers today has made it cumbersome for merchants to scale up or align themselves to accept payments seamlessly. The ‘payment transaction trail’ has to run through an underlying network, check-pointed by third-party payment facilitators, gateways, merchant acquirers, and financial institutions before it reach the seller. The presence of such an increasingly large number of players at both technical and operational levels of a payment transaction has rendered complexity into the process. Moreover, with the ever-increasing rates of breaches and instances of fraud, the need to gain visibility into the security, compliance, and regulatory approaches adopted by payment facilitators has become paramount to acquirers and banks. “Third-party service providers have been building custom solutions based on what they feel is important from a risk and security aspect. And over time, the acquirers get apprehensive about the customizations these third parties are making,” says Mark A. Bishopp, the CEO of Amaryllis, a modular payment platform that solves the unique business and security needs of payment facilitators, ISO’s and other third-party complex payment models.
The Amaryllis Payment Platform imbibes transparency into the payment interactions for the third-party payment providers, merchants, and acquirers. The solution brings forth standardization into the operational model of third parties from a security and regulatory compliance perspective. From a technology standpoint, the platform as a complete, end-to-end payments platform, or a single functionality to maximize previous investments, takes away the herculean ‘build-and maintain’ tasks allowing third parties to focus more on their core business.
The company’s API-driven solution and open architecture enables seamless integration with even the legacy systems in place. Additionally, the platform is offered in the form of functional modules, which clients can opt for, based on their unique and selective business needs. From instant merchant onboarding with capabilities for risk profiles, AML/KYC checks, and alert notifications to a robust fraud detection engine, that identifies, manages, and prevents suspicious and potentially costly fraudulent activity, the platform has it all. The fraud detection engine uses rules based logic to detect and prevent fraudulent activity. Configurable alerts can be triggered by multiple parameters such as card usage or frequency. In addition, Amaryllis is a PCI DSS Level 1 Service Provider which is the highest PCI DSS certification available.
It is often when the need for scalability arises that payment providers find themselves at a dead-end, due to a lack of necessary toolsets. As was the case with one of Amaryllis’ clients—a competitor to Uber—who resorted to multiple disjointed platforms to match their consumer with a taxi and route the payment across. Amaryllis was able to reconcile all of their information in a matter of hours which others traditionally take a number of days to complete. In another instance, an online grocery business that essentially enables brick-and-mortar grocery stores to sell online, found their existing solution to be rigid especially when it came to the ownership of their own transactional data. Under such a predicament, Amaryllis was recommended to them by their acquiring bank. In a matter of six weeks, the client was able to migrate all of their business to Amaryllis as the sole technology platform which gave them full control and protection of merchant, customer, and transactional information.
With information analysis being the crucial tool to identify faulty transactions from the lot, Amaryllis plans to incorporate additional data analytics-backed security protocols into their platform. With Bishopp, a Bank of America Merchant Services and Vantiv alumnus, at the helm as CEO, the company has embarked on a strategic roadmap. “There is a lot that goes behind getting a product delivered within two hours of placing the order. We have built a solution from the ground up to ensure that the banks, acquirers, merchants and the sellers are covered to meet that requirement,” concludes Bishopp.