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Investment opportunity
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Financial Transaction Testing Solutions
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Electronic payment systems are a vital part of the financial infrastructure but they are complicated and contain many internal and external dependencies. Their efficient functioning, allowing transactions to be completed safely and on time, makes a key contribution to the overall economic performance of any financial organisation. The stability and efficiency of payment systems requires continuous monitoring and testing.
Furthermore, card-payment systems also have to ensure they remain compliant as to the rules from the various card schemes such as Visa, Mastercard and American Express etc. Twice a year (April and October) card-payment systems around the world undergo upgrades to ensure they remain compliant with the new scheme rule updates. All these changes require testing by specialist in-house or outsourced test teams.
Company Products:
The company has designed and developed the next generation of financial transaction testing tools based on the latest development platform from Microsoft® to aid the testing of mission-critical financial payment systems. The company's product suite brings to market a set of innovative tools for simulating financial transactions that create a repeatable testing process, that improve application quality, that reduce time to market and minimise costs of developing and testing financial systems.
Our company is seeking to exploit its innovative technology to bring reduced costs when testing any financial payment systems and reduced resource overheads. Gartner quotes average FTE costs are around £65k per annum. It is our estimate that an FTE saving of 1-2 resources can be made using the tools, giving a return on investment of around 6-12 months.
Furthermore, based on its innovative technology, the company is seeking to develop and deploy payment-processing systems to new sectors, such as transport authorities, at a fraction of the cost of systems currently available in the market. The innovative technology is the company's unique selling point, aimed to help clients have:
One common set of payment systems test tools
One resource pool of payment systems testers
One resource training requirement
All driving down bottom-line costs!
The initial product suite supports the testing of card-payment systems and is made up of a number of integrated graphical development tools containing customisable environments to support common testing types:
- Functional testing
- End-to-end flow testing
- Regression testing
- Scheme compliance testing
- Standard release upgrade testing
Background:
In the latter half of 2010, the company came to an agreement with Arval (a BNP Paribas subsidiary and with over 1.3M cardholders) that, for a nominal sum, the card-payment test tools and simulators would be used as part of a soft launch to obtain independent verification of the tools being used in a commercial environment. The tools performed very successfully as part of Arval’s AllStar fleet card upgrade project. Throughout 2011 the tools were enhanced and Arval received quarterly upgrades during this period.
In Q4 2011 the first commercial steps were taken to bring the tools to market with the limited sales capabilities of the current team. The tools are presently being evaluated by Barclays and are achieving favourable results against more established competition. Negotiations with Certeco Ltd (recently placed 12th in the Sunday Times Microsoft Tech Track 100 List) to license the tools to supplement Certeco’s services offering are also currently being negotiated.
Funding of £500,000 is now being sought in order to grow the business and improve business development through sales (sales strategy, trade shows, advertising and marketing), increase segment penetration (financial organisations, retailers, oil industry, PoS terminal manufacturers) and improve brand recognition and increase product functionality. |
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| Total Funding Required: |
£500,000.00 |
| Min. per Investor: |
£250,000.00 |
| Industry: |
Computer Software |
| Sec. Industry: |
Banking |
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| Region: |
Greater London |
| Proposal ID: |
3251 |
| Investment Reason: |
Start-Up |
| Proposal Status: |
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Angel Investors Raising Business Finance Small Business Grants Business Funding Venture Capital
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