RenovITe: Systems for 21st Century Payments Processing

Viren Rana, CEO
Is the focus of payment transactions shifts toward delivering convenient payment experiences to customers, businesses today are adopting payment processing technologies that allow seamless payment switching and authorization combined with optimized routing of transactions. Although the customer-facing payment technologies have witnessed rapid innovation over the years, the sluggish pace of enhancements in the back end payment infrastructure still hinders swifter payment experiences. Viren Rana, a technology veteran and CEO at Fremont, CA-basedRenovITe, clearly saw the relevance of an integrated payment processing platform for financial institutions and payment processors still stuck with payment tokens, transaction routing and proprietary systems.Under the stewardship of Rana, the product and operations experts atRenovITe successfully decoded the maze of payment infrastructure challenges faced by the retailers, payment processors, and banks. Having set out to challenge the legacy thinking in the payments industry, RenovITe brings in a credible experience of over three decades in delivering cutting-edge payment solutions based on continuous delivery or DevOps principles.

RenovITe combines their framework-based business solutions approach with a client-focused delivery model, to offer a unique Electronic Funds Transfer (EFT) switch product—RenovITe Integrated Payment Processing System (RIPPS)—forend-to-end authorization routing and switching for mobile, web, and in-store payments. Built from the ground up, RIPPS leverages open, low-cost technologies to manage the acquisition, authentication, capture, and authorization of electronic payment transactions. RIPPS also offers secure front end channels where a client can accept transactions from e-commerce, mobile, Point-of-Sale systems, ATMs, or any other channel of their choice and route it through any of their networks.

‘Seamlessly integratable’ with existing legacy systems, RIPPS also features capabilities to provide stand-in authorization for continuous customer service in case the client’s network processors fail. The platform has been designed to be as resilient and scalable as the legacy platforms and flexible enough to add new payment types, payment channels or new payment tokens.
The multiple abstraction layers in RIPPS allow the clients to integrate it with different fraud or risk management systems, hardware security modules (HSM), and databases of their choice. “Our payment platform is designed to seamlessly feed payment processes and system life cycles like a well-oiled machine,” asserts Rana.


Our payment platform is designed to seamlessly feed payment processes and system life cycles like a well-oiled machine


RenovITe also offers a test automation platform—RenovITe Engine for Extreme Automation(REXA)—to automate the testing of payment solutions in an agile development and deployment environment. A next generation tool that caters to the automation needs of acquirers and hosts with limited coding knowledge, REXA is equipped with inbuilt pre-certification test suites for end-to-end automation of testing in payments. For instance, one of RenovITe's clients, a retail bank switched from their manual performance and stress testing procedures to implement REXA, and achieved about 70 percent automation. The adoption of REXA also allowed the client to reduce the release cycle from 30 days to 5 days and made their payment system more reliable. RenovITe also enabled the client to scale down costs by downsizing a 30 member-testing team to 7 members and achieve 70 percent savings in terms of people costs.

Rana takes pride in having an exceptionally talented team of professionals at RenovITe and believes that hiring smart people and “staying out of their way” is crucial while building a team of self-motivated performers. With remote teams spread across multiple geographies in U.S., United Kingdom, and India, RenovITe fosters a culture of collaboration with a focus on innovating and building better platforms for the payment processing arena.“We build systems from the ground-up with an extremely flexible architecture, which makes them a perfect fit for clients’ business needs not just today but also 15- 30 years down the line,” concludes Rana.

Company
RenovITe

Headquarters
Fremont, CA

Management
Viren Rana, CEO

Description
Delivers EFT Switching and Settlement products and custom payment solutions for the Payment Ecosystem

RenovITe