WAY4 HCE gives financial institutions an opportunity to implement contactless mobile payments faster and easier. The first live demonstration of WAY4 HCE took place at the OpenWay OnWave user group at the end of 2014 in Paris.
WAY4 Host Card Emulation software - developed by OpenWay, a recognized leader in software for bankcard issuing and acquiring, payment processing, and omni-channel banking services - supports cloud technology specified by Visa and provides value-added financial services for customer attraction and engagement via mobile.
WAY4 HCE allows banks to issue virtual cards on a phone instantly. In this way a bank can make an existing card NFC-enabled on a smartphone, issue a mobile copy of a lost card, or create a new card while the plastic version is in production. To use it the customer downloads a WAY4 HCE mobile app from Google Play or the bank website, opens it, selects the service, and links a card to the app or creates a new one. To support the service, WAY4 provides the bank with a cloud where all security data elements are stored and available for authorization.
Moving the security element from the SIM card to the cloud means removal of the need for an intermediary between the bank and the merchant, such as a mobile operator or another TSM. As a result, the project to launch the NFC service is simple and quick with lower costs. Using this solution, a bank can save on issuing plastic, restoring lost cards, and delivering cards. The service improves a customer experience, increasing client loyalty and strengthening the bank’s brand.
Alain Vansnick, Sales Director, OpenWay, noted: “The ability to issue NFC cards ‘on the fly’ opens new horizons for client attraction. Banks can offer prepaid virtual cards to potential clients outside their traditional branches – via ads on the Internet, mobile branches or events. For example, a combined co-branded virtual payment card with NFC pass and loyalty functionality can be designed for a musical festival and distributed through a special app for any participant. The customer can top up the new NFC card from any financial instrument.”
When a client makes a transaction on a POS terminal, the system contacts the security element in the WAY4 cloud server and gets there a security key that is necessary for the transaction. The WAY4 architecture assumes a fully secure environment, meeting PCI DSS requirements since sensitive information about cards is not kept on the mobile device.