November - 2015 - issue > Company of the Year-2015: Electronics Payments

Tarang Software Technologies: Straggling the Entire Payments Space like Never Before

si Team
Tuesday, December 15, 2015
si Team
Omni channel payments being the buzz word, today's smartphone-comfy young generation prefer to pay via Mobile Apps. Attempting to be relevant, iPhone 6 has incorporated NFC, Android phones have Android Pay and PayPal has acquired Paydiant for enabling payments at Retail stores. Even banks want their credit cards on smartphones using Host Controlled Emulation (HCE) technology. This manifests that the Payments industry has taken an ultimate leap as the hottest space, even in a cash-intensive economy like India. While traditional players' solutions are weak and emerging payment services companies are burning investor's cash in trying to get customers with cash back offers, Tarang Software Technologies, an entrenched Payment Solutions & Services Company, is ascending unrivalled in the industry with its deep payments solutions repertoire. Founded in 2000, ahead of its time in Bangalore, it is one of the very few companies in the world that has worked across the entire spectrum of the vast electronic payments domain with clients across numerous countries including U.S., UK, India, Sweden, Singapore and Netherlands. Been on both issuing and acquiring sides of cards, across all types of payment channels (mobile payment, POS transaction and e-Commerce transaction), Tarang precisely understands even the backend of reconciliation, settlement and so on.

Overarching Solutions & Services
Tarang is making quiet strides into the payment services model in a much more sensible way. Besides the fundamental older set of solutions like payment gateway and fraud management, Tarang has domain skills in edge of the curve solutions like white label Wallet (enabling customers to make secure & recurring transactions) and HCE tokenization (ensuring security by sending an alternate card number, which is dynamic for every transaction, over the network) among others. TarangPay, its Payment Framework, has solutions for Acquiring Banks, Issuing Banks & Retailers. The Technology Stack used in various solutions meets the stringent standards of Banking & Payments Industry. Card holder data is stored securely in the Secure Vault using Hardware Security Module keys. Tarang's opensource presentation framework simplifies the development of components and follows design principle "Open for Extension, Closed for Modifications". For Potluck, Tarang's offers & Payment brand for restaurants, the company has tied up with 50 restaurants and around 15 corporates. With a sound business model, Potluck brings in new revenue to restaurants and great offers to corporates. Phase II of this year old B2C brand will be launched this month with a new module, where restaurants have to bid for corporate business.

Opportunity of a Lifetime
Founded in 2000, Tarang acquired CyberCash India from Verisign for $200,000 in 2001, as per the advice of Bill Melton, Verifone's founder and Tarang's investor. On the back of this, Tarang signed contracts with First Data, Verisign and eOne Global for over $1.2 Million. This facilitated the company to gain a foothold as early as 2001 in the Payments business, which has extremely higher entry barrier. After establishing a beach head in North America, Tarang moved to other geographies as well. Despite being consistently profitable enough to invest in a North American payments start up with its cash surplus, Tarang feels that its growth trajectory has not been as exciting as it should've been, since the market wasn't exploding for its first ten years. But today, with the industry's unprecedented rise, Tarang's strategic investments, terrific solutions and great references from customers earned over 15 years, the company is on a fast track and foresees fourfold growth in revenue and customer base. "As Mobile Payments and Digital Wallets have become market's prized solutions, this is a tipping point for us. And we are geared up to embrace it," asserts V. Rama Kumar, Founder & CEO, Tarang Software Technologies.

Sheer Focus on Growing Customer's Business
Rama Kumar's Leadership team is supported by Ajay Srivastava & Vijay Vempati (VPs-Engineering Services), Abdul Khader & Sudeshna Ghosh (Engineering Managers-Products) and Olive Raju & G R Srinivasan (AVPs-Sales & Marketing). The Engineering Leadership has spent a decade and Sales Leadership has spent seven years with the firm. In fact, you can easily locate a Tarangite who has been with the firm for at least six years, owing to the fact that the company gives the growth opportunity to internal folks first, before turning to the market. Everyone is encouraged to interact with customers to find out their problems. Tarangites are encouraged to rotate jobs and take on new and challenging assignments. Youngsters are thrust into big responsibilities early in their careers. "If you wholeheartedly delight the customers with your service track record, consistency and top-notch quality, customers will not look anywhere else. With that as foundation, we have cultivated a work culture, where Tarangites go the extra mile for customers and come up with innovative ideas with sheer focus on increasing customer's business," explains Rama.

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