Banesco Panama succeeds as a processor for ESG projects and fintechs after migrating to Way4
The rapid growth of fintech startups in Brazil, Egypt, Mexico, Nigeria, and other emerging markets is putting much pressure on traditional payments players. But there are also “incentives and opportunities for incumbents to invest in new financial technologies”, according to the International Monetary Fund Notes issued in March 2023.
A notable example is Banesco Panama’s strategic migration to Way4, the top-rated digital payments software platform from OpenWay. Leveraging its new technology stack, the bank has reinvented itself as an innovative processor, onboarded a number of fintech startups across the region, and supplied a large volume of cards for a financial inclusion project in the Dominican Republic.
For issuers and acquirers preparing for a long-term digital transformation, this case study provides insight into:
How cardholder and merchant expectations are changing and challenging legacy payment infrastructures
Banesco Panama’s goals and reasons for choosing Way4
How the processor is diversifying its revenue after the migration by onboarding new partners and B2B customers
Why Banesco Panama’s card product was selected for the social aid project in the Dominican Republic, and its impact on the unbanked population
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OpenWay is the developer and provider of the Way4 digital payments software platform for tier-1, mid-size and startup players – including card issuers, acquirers, processors, telcos, payment switches, fleet companies, and digital wallet providers. Gartner, Omdia and Aite have ranked OpenWay as the best digital payments software provider and the best payment solution in the cloud.