PAYOMATIC
136 well as underwriting models , and align these within the business so that accurate information would be available to its leadership for better decision making . It had been tackled before in the financial space , he acknowledges , but having looked at existing platforms , his team found that none of them would fit PAYOMATIC ’ s unique hybrid business model in the space between retail and financial services .
Partnering with Modus Agency for software development , a custom-written platform known as TL2 was created that can not only encompass the inventory management and tracking of the product ( cash ) but also recognize all of the treasury functions required by the Federal Reserve and the banking system as well as multiple partner systems . The new platform removed the burden from 800 CSRs of working with multiple platforms when completing customer transactions , dramatically reduced fraud losses and made it much easier to manage the peaks and troughs that the stores experience on paydays , holidays and at different times of day or night . “ We have seen dramatic cost savings and
efficiencies at every level ,” says Mayotte . “ This platform paved the way for us to automate back-office processes and enhance the in-store customer experience .”
Building on the success of new transactional platform PAYOMATIC turned its focus to data . From data silos , the company has achieved data democratization . “ At first we leveraged external partners to help us with data warehousing and ETL processes , then as our capabilities matured we hired a dedicated team internally focused on