Fleet Tech Evolving into Mobility: With the Right Digital Platform, Forecourt Solutions Can Become Plug and Play
In the interview published in Forecourttech magazine, Walter highlighted four key elements of fleet card systems needed by fleet card processors to lead the fast-changing mobility ecosystem:
Walter Van Huyck, OpenWay’s expert on fleet solutions management
Walter Van Huyck is a unique fleet card industry expert. He started his career in a fleet card processing company and has since then worked with technology vendors in the payments industry. He joined OpenWay, the top-ranked digital banking and payments software provider, in 2018. His role in the company as an industry expert has given him deep insight into what fleet clients need and how OpenWay technology can help them achieve it.
The evolution of fuel forecourts
With the future mobility ecosystem, the term “digital highway” is taking on a more literal meaning as all things digital are becoming connected. Users, vehicles, public transport, GPS, wallets, fleet and mobility cards, e-stations and other traffic services will all become part of a network driving a new mobility highway, and payments will be at the front and center of this revolution.
Customers are already demanding a stronger focus on convenience along with wider mobility and inclusion of current energy trends, according to the KPMG Fuel Forecourt Retail Market 2020 report. This will impact several segments such as retail, adjacent services, fuel, and mobility. The report suggests that in the next 10-15 years fuel could make up just 20% of the business – with retail, food and beverage and adjacent services coming into the fore.
As a part of this shift, fleet card companies are re-imagining digital journeys for e-car users to keep them enticed with dedicated offers, value, loyalty and entertainment. And it is clear payments will still play a prominent role in this ecosystem.
What challenges are faced by fleet card processors today?
In many countries, fleet card processing relies on very outdated systems. Most of them have not moved to contactless or chip, so they cannot support mobile payments. They are magstripe-based and are circulating in a world where we have mobile payments, mobility and so forth. So the next step for processors is the evolution of magstripe fleet cards to mobile cards, wallets and other payment instruments. But not too many companies are there yet. OpenWay’s experience in banking and fuel cards can assist processors get onboard with mobile payments.
All-in-one platform for fleet payments
OpenWay’s Way4 Fleet Card Issuing and Acceptance is an end-to-end modular solution. With just this platform, companies may support any kind of payment. The platform covers all aspects of classical and innovative fleet card processing such as domestic or cross-border fleet cards, also wallet issuing. Also covered are acceptance, payment switching, smart authorization scenarios with level-3 data analytics, online accounting, dynamic pricing, invoicing, clearing and settlement, statements, reporting, fraud prevention and management of digital channels.
With Way4’s flexible configuration, fleet card processors can move away from complex and hardcoded products and processes to flexible and self-configured ones.
This is the only proven platform on the market that offers all these functions. Top market players are processing millions of transactions per day on Way4.
Acceptance of all payment methods
Way4 is the only platform proven for both cards and non-card rails for large volumes online. Using this platform, fleet companies can run fleet, bank, loyalty, co-branded and multi-branded cards, tokens and wallets, both open-loop and private label. For example, a fleet card processor could expand by offering Visa and Mastercard card issuing and acquiring. Or a bank card issuer could start issuing plastic or virtual fleet cards for a petrol station network.
Building together with partners
There is no single vendor who can offer it all. However, with a solid foundation, Forecourt businesses can integrate with other players in this space to ensure full digitization of their forecourt solution and a complete omni-channel in terms of customer engagement. Way4 comes with a set of APIs that allow clients to integrate payment functionality into their core system. This includes VAS providers and transaction data streaming into the third-party systems.
Scalability and reliability is non-negotiable
As borders become blurred in today’s world of commerce and transaction volumes grow exponentially, drivers will expect that their card will be accepted at any time at any location. This puts a lot of pressure on outdated platforms that were not designed for such requirements. Some of our clients are managing their cross-border payment business on Way4 with 99,99% availability and across different time zones and continents. Others have started with thousands of transactions which have turned into millions.
What is OpenWay’s approach to project implementation? How can companies make contact?
OpenWay offers both classical and agile methodologies for project implementation. Together with our customers, we analyze their business and determine the necessary technical requirements throughout the discovery phase to develop the best solution. OpenWay’s platform can be deployed on-premises or in the cloud. OpenWay’s service partners also assist clients with managing the platform.
OpenWay is a regular sponsor and participant of the Forecourttech conference. This year the event takes place in Alicante, Spain on 17-19 October. We will be glad to meet fuel retailers there to discuss their needs for payment modernization. Alternatively, if you don’t care to wait – explore our fleet cards solution today and contact our team for a demo or meeting.