Client

Innovation across payment and card solutions

Originating in Italy, the client has established a robust global presence, delivering diverse payment services to nearly 2.5 million customers across Europe. They expanded via inorganic growth and are present across 25 countries.

Market Trends in Banking and Financial Services

In established sectors like banking and financial services, consolidation occurs as existing companies acquire smaller fintech firms to reinforce their market standing. There is a strong emphasis on technological advancements, with acquisitions targeting the integration of innovative technologies such as AI, data analytics, and blockchain. As the payments industry witnesses heightened mergers and acquisitions, bolstering capabilities to expand customer reach is essential.

As a preferred digital transformation partner for banks and fintechs, LTIMindtree has been helping both global banking majors and leading fintechs to deliver business impact.

Market Trends in Banking and Financial Services

The Need for Change

M&A activities increased technical debt
The client’s IT systems, built to meet regulatory and business requirements, were further complicated by multiple mergers and acquisitions over the last decade. Over time, technical debt and legacy system limitations impacted scalability and reliability.

Mergers and acquisitions drove up technological costs and created a sprawling payments ecosystem involving over 250 card issuers and 700,000 merchants, each with their own technology stack.
Integrating mainframe, open-source, and other systems from across Europe led to both inefficiency and redundant technology platforms attempting to work with each other. This resulted in high maintenance costs, increased support times, and a high number of technical case tickets.
The client needed to modernize their payment and card solutions to meet new product demands and regulations across merchant and consumer loans, payment processing, and POS solutions.

LTIMindtree Solution

Comprehensive digital transformation strategyLTIMindtree has worked with the client for over two decades. As the acquisition moved forward, LTIMindtree was chosen to manage the integration. The project further evolved to managing such integrations across a suite of systems the client had in their current technology stack.

Lifecycle Management

LTIMindtree and the client created a Lifecycle Management suite to facilitate digital payment services integration for issuers and merchants.

API Marketplace

Our solution featured an API marketplace to streamline access for developers, large retailers, corporates, and fintechs, allowing them to test and deploy new products and services efficiently. This provided easy access to ready-made solutions for developers across all stakeholders—large retailers, issuing and acquiring banks, and participating fintech partners to test suitable products, services, and data.

Big Data Analytics

As a leading data & analytics service provider LTIMindtree harnessed big data to unlock valuable insights from previously siloed data, we helped create new revenue streams in merchant services, fraud prevention, and dispute resolution.

Instant Loan Disbursal

By developing instant virtual card solutions, LTIMindtree helped merchants offer instant loans swiftly, increasing revenue. A similar offering was made for merchant loans by creating a merchant cash flow analysis tool for participating banks.

Best-in-Class Compliance

The EU has some of the most stringent compliance requirements globally. LTIMindtree helped the client achieve zero downtime and reduced compliance bottlenecks.

Business Benefits

Simplifying bankingThe transformation delivered substantial improvements

API-Ready Infrastructure

Our API-driven infrastructure ensured Payment Services Directive 2 (PSD2) compliance and enhanced operational efficiency.

Faster Merchant Onboarding

We achieved a remarkable 70% reduction in onboarding time for new merchants.

New Revenue Streams

Integrating big data analytics opened new revenue opportunities and optimized service offerings across merchant financing and consumer financing.

Expanded Digital Services

Successfully launched innovative digital solutions tailored to Nordic and European payment solutions markets.

Superior Contactless and Secure Payment

Introduced superior contactless and secure payment solutions, transforming both retail and digital transactions.

Flexibility for Customers

Encouraged purchases and reduced financial stress on customers with installment payment options.

Conclusion

The client modernized their payment infrastructure through this strategic overhaul. They also positioned themselves as a leading player in the global payment industry, reducing technical redundancies with modern tech and ready to tackle future challenges and drive progress in payment processing modernization.

“For over two decades, LTIMindtree has played a crucial role in completing more than 250 projects. Our strategic partnership with the client has been essential in achieving cost efficiencies, accelerating market entry, and improving customer experiences. We've significantly contributed to their cloud migration journey and the integration of digital payment services for issuers and merchants.”

Sajal Gupta, Vice President and Head – Delivery, Banking & Financial Services, Europe

Learn more about LTIMindtree's solutions for payment processors

Contact us