A February overview of what is happening within the ZignSec Group

‍We are still at the start of 2023, and the ZignSec Group have already made significant progress with numerous business-strategic and operational projects and technical developments. In addition, the three respective entities of the group – ZignSec, Web Shield and Wyzer - are in better sync than ever before, manifesting as a newly launched group website.

Group-level cooperation streamlining

The group has lately focused on streamlining its technical, operational, and business collaboration. To ensure well-organized cooperation at the group level, vital positions have been established and appointed.

Glenn MacDonald is the group's new Chief Sales Officer (CSO). Glenn was previously Chief Commercial Officer at International Card Services. He brings loads of experience from the financial industry with prior management positions at Visa Europe, ING Bank, ABN AmroBank, Adyen, Deloitte, and Smart2Pay. Glenn will coordinate the sales strategy and execution across the ZignSec group, focusing on growth and continuing client development.

Daniel Grech is the new Chief Technology Officer (CTO), leading the group's technology strategy and development efforts. He holds a degree in Computer Science from the University of Malta and a Master of Science in Statistics from the University of Sheffield. He has extensive experience in artificial intelligence, FinTech and business process automation and has had numerous technical roles in various industries and countries. Daniel is passionate about no-code and low-code approaches to software development and automating manual tasks.

The Chargeback Portal

Web Shield has been progressing with its recently launched Chargeback Portal, a plug-and-play, card-agnostic chargeback management communication platform. Its timely launch has positioned Web Shield ideally to acquire new customers and help them navigate the new Mastercard rules by making workflows quick and easy while keeping communication seamless between acquirers, payment service providers (PSPs), and merchants.

Some background regarding Web Shield's Chargeback Portal in short:

Cardholder disputes, commonly called chargebacks, begin when cardholders or issuers discover possible fraudulent charges or errors on accounts. Issuers and acquirers then attempt to resolve this through the dispute resolution cycle. This will be coming into effect for Mastercard acquirers and issuers worldwide during Q1, 2023. After that, issuers must file a collaboration request with Mastercard to resolve disputes and avoid first chargebacks. Acquirers then respond to these requests in Mastercom, the Mastercard portal allowing information sharing during the dispute cycle. Acquirers and payment service providers(PSPs) have 72 hours to action and reply to collaboration requests before they automatically become chargebacks. Therefore, communication and a well-functioning decision framework between acquirers/PSPs and merchants are paramount.

SaaS offering upgraded

Meanwhile, ZignSec has been working tirelessly on upgrading its SaaS offering for a complete online identity verification process. As a result, new and existing clients can now employ an even more secure, accurate, and faster service for remote ID verification, boasting an excellent conversion rate. In addition, companies using the service can log into ZignSec's new enhanced customer portal at any time to check and manage the outcomes arising from the SaaS-implemented identification process. In addition, clients can easily access and explore the various products and services available in ZignSec's aggregation platform via the portal. The portal was upgraded to provide affiliated clients with an improved overview of their users and customers, transactions and payments and for easier management of onboarding flows, rendering their daily operations and compliance-related tasks as convenient and functional as possible. The upgraded and improved SaaS offering for online ID verification and the portal attracts significant interest from market actors within several industries through targeted digital marketing and information campaigns.

Development of new SaaS offerings

Finally, the Wyzer team is developing bespoke workflow solutions that will constitute SaaS offerings within ZignSec's aggregation model and portal, offering affordable end-to-end solutions for customer onboarding and other regulatory processes to SMEs and other actors with limited financial muscle and technical capacity.

Until next time

The ZignSec Group's dedication to synchronising and streamlining its operations has resulted in a constant flow of large and small collaboration between its entities. While much more remains to be done, the team's hard work and innovative spirit have set the stage for a bright and exciting future. Stay tuned for more updates on the group's progress and continued success!