How Loop Secures its Connected Finance Platform with Basis Theory

In the world of connected finance for Logistics, accuracy and security are paramount and Loop understands this all too well. Faced with challenges of invoice inaccuracies and the need to maintain control over sensitive data, Loop turned to Basis Theory to help. In this customer story, we explore Loop's journey of discovering Basis Theory, the seamless integration process, and the significant impact it has had on their operations.

Discovering Basis Theory: A Perfect Fit for Loop

As the Engineering Lead on Payments at Loop, Cody Krainock played a vital role in the search for a suitable solution. Cody recalls, "When we started building our payments platform, one of the first problems we ran into was how to store and manage the sensitive information that our payees give when they onboard." Because they use numerous banking and payments partners, Loop couldn’t store the information with just one of them. Instead, Loop needed a secure and reliable approach that could be used across those partners. 

Cody recognized that this was a potentially large problem to solve, especially for a startup with limited time and resources. “I've been at big companies where there are teams dedicated to storage of secure assets like this,” he recalled.

The team went in search of a solution in the market and Cody explained, "We wanted a provider where we could store our data, resolve it as needed, and never have the data actually pass through our system. We pretty quickly came across Basis Theory and it was the exact fit for what we were trying to build." The comprehensive API documentation and intuitive integration process convinced Loop that Basis Theory was the right partner to work with.

Seamless Integration and Empowering Growth

Loop's integration journey with Basis Theory was remarkably smooth, enabling them to unlock the platform's benefits quickly. Cody recalls, "And integrating with Basis Theory was very easy as well. I think we had our integration set up within a week and, since then, we've onboarded hundreds of supply chain participants to our network."

The benefits of integrating with Basis Theory were evident from the start. Cody shares, "Having a secure solution like Basis Theory removes a big part of the headache and allows us to build things that are valuable for our clients while helping Loop move faster." By securely storing and managing sensitive data, Loop gained the peace of mind needed to concentrate on their core expertise: logistics payments, invoice auditing, and streamlining the payables process.

Feedback and Continuous Improvement

Loop's experience integrating with Basis Theory was overwhelmingly positive. However, as with any technology implementation, there were minor hurdles to overcome. Cody offered valuable feedback, "When it came to debugging issues and understanding the bucketing and permissioning aspects, we faced some initial challenges." Loop's team quickly adapted and built internal tooling to streamline the debugging process, ensuring a seamless developer experience.

Recognizing the importance of reacting to user feedback, Basis Theory swiftly acted on Loop's suggestions. Cody called out, "Basis Theory made updates to their platform a few months ago, simplifying the bucketing process and making it easier for developers to navigate." This responsiveness demonstrates Basis Theory's commitment to providing a developer-friendly experience for its customers.

Charting a Course for Growth

With a successful integration and a solid foundation in place, Loop is embarking on an exciting journey of growth and expansion. Cody envisions two dimensions for Loop's future trajectory: horizontal scaling and vertical expansion. Horizontally, Loop plans to onboard a multitude of carriers and shippers, exponentially expanding their network and solidifying their position in the industry. This growth will require a robust and secure data storage solution, precisely what Basis Theory provides. Cody adds, "As we scale up, we'll be storing an increasing amount of data securely with Basis Theory, accommodating the needs of our expanding ecosystem."

In addition to horizontal scaling, Loop has set its sights on vertical growth by incorporating new types of data. One key focus is Know Your Business (KYB) information, where Loop intends to gather and securely store personal information from controllers and VPs of shipper companies. Cody emphasizes, "We want to be able to store this sensitive data securely and only share it with regulatory bodies when absolutely necessary."

As Loop continues to forge ahead, Basis Theory remains a trusted partner, providing the necessary tools and infrastructure to support their growth. With Basis Theory's secure data storage, seamless integration, and receptiveness to feedback, Loop is empowered to navigate the challenges of the freight audit and payment industry with confidence.