LogicBoxes, the business consulting and automation technology provider for Registries, Registrars and Webhosts, today announced the launch of their new Registry Wallet service, aimed at alleviating the Registry funds management woes of their ICANN Accredited Registrar clients. Through the service LogicBoxes will manage funding for its Registrars clients, across all their respective Registry accounts. The Registrar in turn would need to maintain funds only at one single account with LogicBoxes, their Registry Wallet.
Domain Registrars are required to maintain pre-paid accounts at every Registry at all times. Insufficient account balance, especially during high volumes of registrations, may lead to temporary suspension of domain registrations. This leads to a loss of customers and more importantly the Registrar’s reputation is affected. To ensure sufficient funding at all times, Registrars need to invest in time, resources and administrative effort. As a safety measure, Registrars end up blocking more funds than required and also paying higher towards bank transfer charges and so on.
The Registry Wallet service is a fund management solution developed by LogicBoxes to take the fund management worries off their clients. By availing this service, the Registrar would only need to maintain an optimum balance in a single place, their LogicBoxes Wallet. A system of LOCs and cash buffers are utilized to keep Registry accounts fully funded at all times. At the backend, pattern recognition algorithms predict fund usage and team is dedicated to supervise activity at all times. The service comes with additional safety features such as threshold reminders, emergency credits and deactivation protection. The service also includes business intelligence in the form of comprehensive fund usage reports and trends. A monthly consolidated invoice containing details of transactions across every Registry account is made available every month, to simplify reconciliation of accounts.
Neha Naik, Sr. Manager, Strategic Partnership at LogicBoxes says;
The problems of tracking and maintaining funds across various Registries will only get compounded with the introduction of hundreds of New gTLDs. Using our Registry Wallet service means our clients need to manage funds only in one place, without having to worry about numerous accounts across the Registries.
LogicBoxes plans to integrate its Registrar Automation Platform, and extend the Registry Wallet service with every New gTLD as it launches, providing a definite edge to its Registrar clients.
For complete details on the Registry Wallet, visit wallet.logicboxes.com.