‍Overview:

Dhan, a rapidly growing algo trading and discount brokerage firm, has established itself among the top 10 brokers on the National Stock Exchange (NSE). As their business scaled, their vendor ecosystem grew increasingly complex managing payments to tech infrastructure providers, marketing agencies, sales partners, and operational vendors across industries.

From small monthly subscriptions to large enterprise contracts, each payment required meticulous verification, multiple approval layers, and proper documentation, creating bottlenecks that slowed their agile business operations. Being a regulated entity it was essential to put technology to its best use and build strong control and compliance in financial workflows.
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The Challenge:

Scattered Audit Trails

Payment records were fragmented across multiple communication channels: emails, WhatsApp messages, spreadsheets, and banking portals. When auditors or internal management needed to trace payment history, they faced hours of manual reconstruction. The lack of a centralized system made compliance reviews painful and exposed the organization to audit risks.

Mysa is like the audit controller for our organisation.
~ CA Gaurav Goyal, Finance Controller, Dhan 

Manual Multi-Level Approvals

Vendor payments required multiple authorization layers before processing, but the approval workflow was handled manually through email chains. Approvers lacked visibility into who had already authorized payments, creating delays when team members were unavailable or when approval status was unclear.

Bank Account Verification Chaos

Verifying vendor bank account details was highly disorganized, with no standardized process for validation. Mismatches between vendor-provided information and actual bank records led to failed transactions, payment rejections, and significant delays. The team spent considerable time reconciling discrepancies and re-initiating failed payments.

Low Visibility of payment status to vendors

After processing payments, vendors had no transparent way to track or confirm receipt. They would call or email the finance team repeatedly. This created unnecessary communication overhead and damaged vendor relationships, particularly with critical technology partners who expected professional, transparent processes.

The Solution: Complete Digital Transformation of Payment Operations

Granular Audit Trails with Time Stamps

Mysa implemented detailed audit trails that capture every action in the payment lifecycle: from bill upload to final payment confirmation. Each step is time-stamped and attributed to specific team members, giving auditors and management complete visibility into payment history. What once took hours of manual investigation now takes minutes of digital review.

Multi-Level Approval Automation

Mysa's structured approval workflows automated the authorization process with configurable approval chains. Each payment automatically routes to the appropriate approvers based on amount, vendor type, or payment category. Approvers receive real-time notifications and can authorize payments from any device, eliminating delays caused by unavailability. The system maintains complete transparency about approval status at every stage.

Integrated Bank Account Verification

Pre-validated vendor bank account information is stored in secure master records, eliminating repeated verification processes. The system flags mismatches before payment initiation, preventing failed transactions and saving countless hours of reconciliation work. With seamless ICICI Bank integration, payments are processed directly through the platform, while vendor banking details remain locked and secure, reducing errors and fraud risks.

Automated Vendor Notifications

The moment a payment is processed, vendors receive automated notifications with complete payment context: transaction amount, remitter details, UTR reference number, and full details of any adjustments made. Vendors no longer need to follow up for payment confirmations, dramatically reducing communication overhead and improving vendor relationships.

Exceptional Support and Fast Implementation

The Mysa team provided hands-on implementation support, thoroughly testing the system with Dhan's workflows before full rollout. They offered comprehensive training and remained actively engaged throughout the transition, ensuring smooth adoption across the finance team.

Results That Matter: Leadership Testimonials

They are just a call away for any query, including the founders. It feels special, rather a privilege to the team.
~ CA Gaurav Goyal, Finance Controller, Dhan

The Mysa team's accessibility through multiple channels: email, Slack, and direct calls, ensures that any issue gets resolved quickly. Dhan's finance team appreciates having partners who genuinely listen to their challenges and respond with practical solutions rather than generic support responses.

Looking Forward:

Treasury Management Features: Dhan is excited about upcoming treasury optimization capabilities that will enable them to efficiently manage surplus cash. With integrated investment options accessible directly through the portal, they'll be able to deploy idle funds into appropriate instruments with just a few clicks, maximizing returns on working capital without leaving their payment management platform.

Ready to transform your payment operations like Dhan? Discover how Mysa can streamline your vendor payments, strengthen audit compliance, and automate approval workflows for seamless financial operations.

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