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Author: Mohamed Hamza Ghaouri, Intern at FINTERRA

Payment service providers (PSP) offer online services to stores to accept electronic payments and to customers to make electronic payments, through a variety of payment methods, including credit card, bank payments such as direct debit, bank transfer and online banking. In other words, PSP provides payment gateway for their customers. This exactly what Finterra provides to its clients through an innovative blockchain-based solution called FINPay.

A payment gateway is a merchant service provided by an e-commerce application service provider that enables credit card processing or direct payments for online businesses, online retailers [1], bricks and clicks [2] or traditional brick and mortar [3]. The payment gateway may be provided by a bank to its customers but may be provided by a specialized financial service provider as a separate service, such as a payment service provider.

As a Payment service provider, Finterra can connect to multiple banks, cards, and payment networks. In many cases, it will fully manage these technical connections, relations with the external network and bank accounts and therefore take care of the technical processing of payment methods. This makes the merchant less dependent on financial institutions and freed from the task of making these connections directly, especially when operating internationally. The Finterra payment gateway acts as a third party between merchants and customers. It safely takes customers’ money and sends it to the merchant’s bank account.

As an innovative and secure way to streamline the payment process, FINPay presents an efficient money exchange tool. It encrypts sensitive information and details of payment such as credit cards number to guarantee that the information is passed securely between customer and merchant. However, the Finterra Gateway is more robust with additional security over the blockchain network.

FINPay is a secure, customizable, quick, and easy-to-setup software featuring the best applications of modern-day e-commerce payment solutions. Its data analytics service allows businesses to easily view sales data and analytics in real time, providing insight that can help refine and improve operations for increased effectiveness and growth. It is also capable of providing cross-border remittance settlement via blockchain for intra-organizational remittances based on the transfer of digital assets across the border.

In addition, FINPay is underlined by FINVault, Finterra’s electronic wallet, which provides users with full 360-degree payment capability. Finally, FINPay is integrated with various online payment gateways across the world, including PayPal, Stripe, Braintree, Worldpay, Master, Visa, Mastero, etc.

FINPay also takes into consideration that various clients have various needs in order to meet their goals, hence FINPay is designed with flexibility in mind. The whole architecture of FINPay is designed on a micro service architecture to achieve maximum flexibility while not compromising in scalability and security. The bifurcation of product’s aspects is so distinct that each of these aspects can be independently reused without much changes.

In essence, FINPay is a secured website, where you redirect customers from your Website/Ecommerce/Mobile platform to make a payment using Credit Card/Debit Card/Internet Banking other payment options. The gateway collects customer payment details in a secured manner using standard HTML forms and processes the payment transaction.

After the payment is complete, the customer is returned to your website and you receive a real-time notification of the payment, which include details of the transaction. FINPay is designed to achieve a lot of complex functionality is simple manner and on the same note. Following is a sample payment process steps that are involved in the normal debit card payment.

Step 1:  Request from merchant is filtered by firewall

Step 2:  Request from FINPay payment page via HTTPS having data PAN, CVV and Exp Date

Step 3:  Truncated card number (showing first six and last four digits) and other transaction details stored in database and blockchain

Step 4:  Database server sends the response (no card data involved)

Step 5:  To payment processor for enrolment: PAN, CVV and EXP date

Step 6:  Enrolment response from payment processor for the transaction (no card data involved) 

Step 7:  PAN, CVV and EXP date to 3DS page   

Step 8:  3DS response (no card data involved) 

Step 9:  To payment processor for authorization/sale: PAN, CVV and EXP date

Step 10: Authorization/sale response (no card data involved)

Step 11: Transaction status updated in database and blockchain (no card data involved)

Step 12: Success response (no card data involved)

FINPay is functionally designed after the proven framework used by the payment industry in the recent past, which upholds the sanity and security of the gateway even in various unsecured and diverse situations which the payment gateways have to tackle in everyday operations. The framework is supported by privacy, naming, security, integrity, confirmation, and confidentiality which enables the FINPay platform to be robust and scalable in the payments industry.

[1] Online shopping is a form of e-commerce that allows consumers to directly purchase goods or services from a seller over the Internet using a web browser or mobile application.

[2] Bricks and clicks refer to a business model whereby a company integrates both offline (bricks) and online (clicks) presences.

[3] Brick and Mortar (B&M) refers to the physical presence of an organization or business in a building or other structure.

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