Europe

Would-Be Unicorn Seeks to Undercut Banks With Secure Cloud

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As startups and investors gather in the most innovative country in the world, a financial newcomer wants to become a unicorn by providing faster and cheaper ways of processing credit card transactions.

There’s just one catch: it needs to persuade security-conscious clients to let their financial data be handled by a cloud service managed by an American retail giant.

“Our biggest challenge is the customer mindset,” said Monika Liikamaa, the 43-year-old chairman of Enfuce Financial Services Oy, a Finnish payment services provider based just a 20-minute drive from the headquarters of Nokia.

On Tuesday, she’ll be speaking at a popular startup meetup in Helsinki called Slush, which is expected to attract a crowd of more than 20,000 entrepreneurs, investors and nerds.

Banks are generally reluctant to let industry entrants run their infrastructure, and few fintechs dare try. Enfuce, which was founded by local industry veterans, bucks the trend.

In its first full year in business, in 2017, it made 3.3 million euros ($3.7 million) in sales, generating a profit of just under 300,000 euros. One of its first major clients was Finnish gas station chain ST1, which wanted a fully fledged credit card system, including support for Apple Pay. Enfuce is now targeting global sales of 600 million euros and a valuation exceeding $1 billion by 2025.

Amazon Cloud

Its basic business idea is to run a credit card system without owning expensive computer servers, which can quickly become obsolete. Instead, transactions and card data are hosted in commercially available servers owned by Amazon Web Services and located inside the European Union. That allows the system to instantly and easily adapt to demand spikes, such as on payday, while keeping costs in check.

The data is backed up every second, so when things go wrong, the customers’ cards stop working for just that second -- meaning most would never notice an outage. The services are secure and fully compliant with regulatory requirements, Liikamaa said.

The company acknowledges it faces a tough job convincing potential customers that third-party servers can be as safe as computers owned by the banks. Still, Enfuce has found that while banks are often intrigued, their compliance departments tend to put on the brakes.

“To some extent, the fear of cyber crime may be an issue” when it comes to the acceptance of new technologies, said Nina Rudanko, co-founder of industry organization Fintech Finland.

Liikamaa insists that some form of outsourcing makes sense.

Banks are so busy turning themselves into IT companies these days that they haven’t stopped to properly think about whether that infrastructure could be provided more cost-effectively and quickly by someone else, she said.

New World

“I wish Nordic banks dared to co-operate more,” Liikamaa said. “The banks’ business shouldn’t be about running IT. Banks should worry about supporting their customers in figuring out how to save and invest, buy a home and make payments. We can take care of the infrastructure.”

Enfuce’s wishes may soon be granted.

Although traditional banks tend to be “monolithic,” as Aleksi Grym, an adviser on digitization at the Bank of Finland, put it, the biggest lender in the Nordic region welcomes competition in the banking infrastructure space.

“My hope is that some of those technology companies that try to go into the core banking space" are successful, said Paul Bari, chief information officer and head of technology at Nordea Bank Abp. “Competition is healthy.”

Source: Bloomberg

Enfuce Financial Services - A Reflection on 2018

Enfuce is a Finland based forerunner in cloud-based financial services, with focus on the future of payment solutions and a global mindset.

Enfuce is a Finland based forerunner in cloud-based financial services, with focus on the future of payment solutions and a global mindset.

OpenWay is proud to have Enfuce Financial Services as a partner!

Denise Koskinen, CEO - Enfuce Financial Services:

I believe in reflecting on achievements, to be able to set new and greater goals for Enfuce. Therefore, I will end this year by reflecting on our achievements during 2018. Our mission for the year was to prepare the company for future growth. To enable that growth, we decided on a few objectives to guide us and to push us further.

These objectives were the following:

  • Explore the idea of an Open Banking platform further, for a more comprehensive offering for the payment industry.

  • Further development of our Digital Payment Platform

  • Brand awareness – who are we and what do we do?

Further development of our Digital Payment Platform

In the beginning of 2018 as we were focusing our ambitions to go beyond the Nordic countries, we also saw the need to prepare our own digital payment platform. This work has taken most of our time and efforts this year, but it has all been worth it! Today we are proud to say that we have partnered up with OpenWay, who will enable a global growth for us with their Way4 solution. 

The two most important things in running a Digital Payment Platform are hygiene factors such as high availability and PCI DSS compliance. When we go beyond hygiene, then it’s all about supporting customers in the rapid pace of change in the financial services industry – a change that is mostly due to the digital disruption we are facing.

Today, we have both hygiene and business advantage in place to support both existing and future customers of ours. Something I feel very proud and confident in!

Read more: Enfuce Official Website

“Merchants Can Do Their Business without Banks” - Interview with Sophocles Ioannou on Payment Trends in Europe

Watch the interview with Sophocles Ioannou – Regional Manager, Mediterranean and Levant, OpenWay.

He comments on the latest trends in the European payment space:

“Fintechs can easily do the job that traditional bankers were doing in the past. In such circumstances, a relationship with a vendor should go beyond ordinary and become a partnership."

Find more videos from our payment experts on our YouTube channel.

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Striving to capitalize on the potential benefits of Open Banking? Welcome to the OpenWay presentation at MoneyLIVE Summit in London!

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OpenWay is glad to invite you to our presentation at the leading retail banking conference in Europe: MoneyLIVE Summit, 26-27 November 2018, London

Why to attend?

  • Find out new business models that financial institutions exploit to take advantage of a new Open Banking

  • Learn how leading financial institutions on WAY4 drive the digital payments transformation

  • Gain innovative insights about Open Banking, omni-channel payments, big data, AI, from the market experts

  • Watch demo of the top-ranked WAY4 Wallet, #1-ranked WAY4 CMS (Card Issuing, Merchant Acquiring and Payment Gateway), innovative WAY4 PSD2 Hub and other software solutions at the OpenWay stand 

Come to our presentation!

  • November 26 at 11.50am, Jet Stage: “Open Banking today: 4 case studies from European and global leaders” 

We will be pleased to sit with you and learn more on your needs to enable us to address them in the most efficient way.

BORICA: The Migration to the WAY4 Card Management System is Underway

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BORICA gathered nearly 100 client representatives from the Bulgarian banking sector together for a seminar dedicated to the BORICA New Generation program. This project to implement a new, modern platform for card authorization, processing and real-time fraud prevention started at the beginning of 2018 and is expected to be completed by the middle of 2020. The WAY4 software solution is developed by the leading software supplier, OpenWay. Its card management, terminal and fraud prevention technology provides reliability, security, flexibility and a high degree of parameterization to support rapid deployment of new products and services. 

"There is a large-scale project of the bank migration to the new payment platform, including ATM management, POS switching and merchant acquiring, 3D Secure e-commerce gateway, and card issuing. From now on, banks have to plan and budget for the migration within their organizations. The process itself includes participation by both banks and BORICA and a number of subcontractors, which requires a high degree of consistency in mutual work," said Miroslav Vichev, CEO of BORICA.

The WAY4 card solution is available on a SaaS basis.

"It is complex and multifunctional and also includes modern fraud prevention and risk analysis functionality, which offers much greater possibilities than that we have had so far," explains Radoslav Dimitrov, director of cards and terminals, BORICA.

WAY4 also helps with the implementation and marketing of new products and services within a short timeframe, streamlines processes, services and functionalities and ensures a high level of service availability. "The system is duplicated in two separate locations, each of which has standby capacity," he added.

"We chose the WAY4 CMS (card management system) because of its rich functionality. The ability to parameterize products and services enables banks and users of the system to quickly achieve their business goals," explained Anna Angelova, director of payment services at BORICA. "The system is offered on a cloud service basis, which allows customers to save money and gives them a high degree of flexibility when launching new products and services," she added.

The migration process also involves transferring participants with their own authorization systems to the newly-built National Switch, plus the migration of ATMs, POS terminals and 3D Secure to WAY4.

"The ATM network management and monitoring system will be offered as a service and can be used by all banks in Bulgaria, not only those in the BORICA card model," said Anton Borikin, head of ATM payment acceptance and POS, BORICA. The bank's payment levels will depend on the functionality of the bank, he added.

The WAY4 system also has strong functionality to prevent card fraud with high speed and reduced response times.

"In practice, fraud monitoring is integrated with the card management system, which includes risk levels and scenarios that trigger automatic alerts," said Yassen Yanev, head of card fraud protection at BORICA.

"The migration schedule of each institution, as well as its financial dimensions, depend strongly on the business priorities and the specific resources and time available at the banks," said Katerina Blagoeva, program manager "BORICA New Generation". Balgoeva expressed the readiness of the team to cooperate as efficiently as possible with banks in their transition to the WAY4 system.

Source: BORICA official website

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Willing to leverage Open Banking? Join OpenWay at the leading payments events in the Nordics and in Greece!

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OpenWay is delighted to invite you to our presentations at the leading payments innovation events dedicated to Open Banking in Europe:

Why to attend?

  • Find out new business models that financial institutions exploit to take advantage of a new Open Banking

  • Learn how leading financial institutions on WAY4 drive the digital payments transformation

  • Gain innovative insights about Open Banking, omni-channel payments, big data, AI, from the market experts

  • Watch demo of the top-ranked WAY4 Wallet, #1-ranked WAY4 CMS (Card Issuing, Merchant Acquiring and Payment Gateway), innovative WAY4 PSD2 Hub and other software solutions at the OpenWay stand 

Come to our presentations:

  • November 7: “Open Banking now: 4 case studies from European and global leaders” at MoneyLIVE Nordic Banking 2018 

  • November 22: “How National Bank of Greece transforms the card business for an open banking future: strategies, goals, digital payments platform, partnerships” (presented by NBG and OpenWay) at the 16th Bank Management Conference

We will be pleased to sit with you and learn more on your needs to enable us to address them in the most efficient way.

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Do not miss your revenue stream! Register for the Omni-channel payments workshop at Payvolution in Milan.

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We invite you to our workshop “Omni-channel payments for new revenue streams: wallet, e-commerce, open banking – business cases and new technologies” at Il Salone dei Pagamenti Payvolution, the major payment industry event in Italy (Milan, November 7-9). The workshop is organized by OpenWay, the global leading digital payments software.

Why would you join us?  

  • Take an insight on the most efficient business models and use cases in digital wallets, traditional and e-commerce acquiring and open banking.

  • Get the expert opinion on the latest technology trends: contactless, QR, tokenization, cloud payments, data analytics, PSD2 Hubs.

Save the date: November 7th, 11.00 – 12.00

Our agenda:

  • Omni-channel payments for new revenue streams: wallet, e-commerce, and open banking - Dmitry Yatskaer, Chief Technology Officer, OpenWay

  • Transformation to improve the customer payment experience: case study of National Bank of Greece - Sophocles Ioannou,
Regional Manager - Mediterranean & Levant, OpenWay

  • Tourist app-as-a-wallet: how to generate new revenue streams on WAY4 - Ksenia Shibanova, Product Marketing Manager, OpenWay

  • E-commerce, POS and omni-channel acquiring: how to boost your growth - Dmitry Yatskaer, Chief Technology Officer, OpenWay

After the workshop we will be pleased to sit with you and learn more on your needs to enable us to address them in the most efficient way.

Book your demo session/discussion slot now!

Considering to transform your business through card issuing, merchant acquiring, e-commerce, digital banking, wallet, open banking solutions? See you at Smart Card 2018 in Opatija!

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OpenWay would like to invite you to the Smart Card 2018 event, one of the largest banking innovation and technology conferences in the Balkans, taking place in Opatija, Croatia on September 24-26.

Why would you attend?

  • Get new business model insights by visiting the OpenWay presentation on the topic “Omnichannel payments for new revenue streams: wallet, e-commerce, open banking”

  • Learn about 4 case studies of the digital payment transformation from European and global leaders at the OpenWay workshop on September 24 at 4:30pm

  • Watch demo of the top-ranked WAY4 Wallet, #1-ranked WAY4 CMS (Card Issuing, Merchant Acquiring and Payment Gateway), innovative WAY4 PSD2 Hub and other software solutions at the OpenWay stand

We will be pleased to sit with you and learn more on your needs to enable us to address them in the most efficient way.

National Bank of Greece Strengthens Market Leadership with WAY4

  • National Bank of Greece has been awarded for the best Card Management System (CMS) Project at the Bite Awards 2018 held on the 13th of June. During the ceremony the bank has appreciated OpenWay and Accenture companies that helped National Bank of Greece to successfully transform its business on the WAY4 CMS solution.

  • National Bank of Greece, the country’s leading banking institution, has successfully completed the migration of its debit card portfolio to the WAY4 card management system provided by OpenWay, a top-ranked digital payments software provider. Investment in the new platform supports the bank’s vision to enhance its leading position in Greece and further accelerate business growth.    

National Bank of Greece has replaced its legacy mainframe systems with a modern, future-proofed platform from OpenWay. WAY4 will support increasing transaction volumes and accelerate the development of new products and services. WAY4 from OpenWay is an open, all-in-one platform that enables different types of digital payment: card and account issuing, merchant acquiring, transaction switching, omni-channel digital banking, digital wallets and an e-commerce gateway. It offers product and service flexibility, scalability and high performance – which are the crucial requirements for dynamic business growth.

National Bank of Greece will reduce the total cost of ownership of its IT infrastructure by consolidating its card business on a single platform. It will also cut costs by eliminating outsourcing and certain internal operational costs.  More than 4 million debit cards, the majority of which were recently upgraded to contactless, have been migrated to WAY4. National Bank of Greece is now in the process of migrating its credit and prepaid card portfolios and its POS and ATM acquiring business to WAY4; it will also replace its Base24 switch to the payment schemes.

“Delivering an amazing customer service experience is a top priority for us and the centralization of card business on WAY4 enable us to operate more efficiently, react to new market trends quickly, and be more competitive in the open banking environment” - notes Pericles Papaspyropoulos, Sector Head, Cards Division, NBG.

“We are proud to be a strategic partner for National Bank of Greece and support them in the implementation of their ambitious digital payments strategy. Reliance on a technically excellent platform, strong partnership between all involved parties and the commitment to the project from the bank’s top management, brought us to this big success. We would like to thank our partner, OpenWay, for this excellent collaboration” – says George Pallioudis, Accenture Greece Payments Practice Lead.

“WAY4 technology supports end-to-end customer engagement: from seamless digital acquisition to flexible products management via omni-channel to smart data-driven services,” says Sophocles Ioannou, Regional Manager at OpenWay. “We are honored that National Bank of Greece has selected WAY4 as key element of their digital transformation project. We now look forward to further supporting them in delivering innovative services and products to the Greek market,” he adds.

About National Bank of Greece

National Bank of Greece was established in 1841 and was the first bank to be set up in the Modern Greek State, going on to play a key role in the economy of Greece throughout its 176-year history. Today NBG heads one of the largest financial groups in Greece, playing a key role in the efforts to support the Greek economy and the economic and social transformation of the country.

NBG offers a wide range of financial products and services that meet the ever-evolving needs of private and business customers.

The Bank rightly considers itself to be the preferred bank of families in Greece, as it controls 25% of the retail banking market. Its leading position in savings deposits reflects the trust of its customers who in essence comprise NBG's driving force.

With an extensive branch and ATM network comprising over 542 branches and 1,466 ATMs, NBG covers the entire geographical area of Greece, while it has also developed state-of-the-art e-channels, including Mobile and Internet Banking. Today, NBG's international network includes 93 units, while the Group employs some 11,500 employees (as at 31 March 2018).

Leading Processor in Bulgaria Starts Digital Transformation on WAY4

Mr. Radoslav Dimitrov, Head of "Cards and Terminals" Division

Mr. Radoslav Dimitrov, Head of "Cards and Terminals" Division

BORICA AD, a company with 50-years history and experience in providing specialized solutions for over 30 financial institutions in Bulgaria and neighbouring countries, has chosen the WAY4 digital payment software platform to transform its core business. The platform is licensed by OpenWay, a global software provider ranked a leader in digital payment solutions and white-label digital wallets.

BORICA AD has launched this digital transformation project to enhance its existing and provide new value-added services. OpenWay will supply a full end-to-end card processing solution for both issuing and acquiring including real-time fraud prevention and detection, e-commerce, mobile wallet and tokenization. The new platform shall enable BORICA AD’s future business growth including cross-border services’ expansion.

Without the new platform, BORICA AD would not have been able to scale the growing business and boost ROE. The processor was looking for a solution that would support local, regional and international card payments, ensure uninterrupted business operations, provide automation of back office processes, and increase speed to market.

The decisive factors in choosing OpenWay and the WAY4 platform were its flexibility as well as the commitment to deliver on time and allow BORICA AD to expand its new business services to include tokenization, digital wallet, new card products, new institutions among others. 

“The project known as “BORICA New Generation” will impact significantly the whole card payment environment in the country”, says Radoslav Dimitrov, head of “Cards and Terminals” Division at BORICA AD. “The tender procedure has been held among more than 10 leading international card system vendors and completing all its stages took us nearly two years. OpenWay managed to cover all our requirements for flexibility, security and business expectations. Today we are confident that this partnership will change the future of card business in Bulgaria”, he adds. 

“We appreciate that BORICA has entrusted the transformation project to OpenWay. We have extensive experience in analyzing the architecture and delivering highly reliable solutions for national and regional switches, and are ready to share this expertise with the project team,” - notes Sophocles Ioannou, Regional Manager at OpenWay.

About BORICA AD

BORICA AD has developed and nowadays provides and operates the technology infrastructure of the Bulgarian payment industry. In doing so, the company has been a trusted partner of banks and payment institutions for nearly 50 years.

The Company is committed to providing modern and innovative solutions to financial institutions.

Company’s services focus on payment services, card services incl. authorization and terminal driving, fraud prevention services, secured card payments, HCE, mobile payments and Card Management System as a service; SWIFT Service Bureau; e-signature and e-invoice, Infrastructure services. BORICA AD acts as a third party processor (TPP) for MasterCard and VISA. The Company is licensed by the Bulgarian National Bank to operate three payment systems (BORICA Payment system for card payments, BISERA 6 for credit transfers in domestic currency and BISERA 7 for SEPA credit transfers and direct debit in Euro).

Sophocles Ioannou Speaks on Payment Transformation in Italy


OpenWay has chosen Il Salone Dei Pagamenti - Payvolution 2017 to present itself to the Italian market. Sophocles Ioannou, Regional Manager - Mediterranean & Levant OpenWay explains the strategies and the offer designed to establish itself in a rapidly changing sector.

Interview by Maddalena Libertini and Flavio Padovan, Bancaforte

4 Case Studies of Digital Payment Transformation at Payvolution 2017

Alon Bigler, Vice President of Business Development & Strategic Solutions, Credorax at OpenWay's workshop, Il Salone Dei Pagamenti Payvolution 2017

Alon Bigler, Vice President of Business Development & Strategic Solutions, Credorax at OpenWay's workshop, Il Salone Dei Pagamenti Payvolution 2017

OpenWay, SIX Payment Services, Nets and Credorax invite you to the workshop “4 case studies of payment transformation” at the Payvolution (Salone Dei Pagamenti) 2017 event in Italy.

Payvolution is expected to become a key payment event in Italy. Main partners are American Express, BNP, Gruppo Banca Sella, Intesa Sanpaolo, MasterCard, Nexi (CartaSi and ICBPI), PosteItaliane, SIA, Unicredit. The target audience are payment players of Italy, mainly banks but also retailers, payment processing companies and others.

WORKSHOP AGENDA

Introduction
Pavel Gubin, Director of Sales, EMEA and Americas, OpenWay
Sophocles Ioannou, Regional Manager - Mediterranean & Levant, OpenWay

Credorax: The future of acquiring
Alon Bigler, Vice President of Business Development & Strategic Solutions, Credorax

What is the next big thing in e-commerce and cross-border acquiring?
Maria Vinogradova, Director of Strategy and Market Intelligence, OpenWay

Nets: digital banking - an issuer point of view
Mikko Rieger, Senior Vice President, CMS Product & Business Development, Nets

Digital Banking in Agile
Michael Popov, Head of Digital Banking R&D Group, OpenWay

SIX: PSD2 and Instant Payments - how to build and benefit from a new ecosystem
Jacqueline Good-Ziltener, Head of Product Management, SIX Payment Services

PSD2 Hub: from threat to new revenue streams
Anton Klimov, Senior Consultant, OpenWay

NFC and QR Wallets on WAY4 use cases: a story in Italy…
Ksenia Shibanova, Product Marketing Specialist, OpenWay

Conclusion
Pavel Gubin, Director of Sales, EMEA and Americas, OpenWay
Sophocles Ioannou, Regional Manager, Mediterranean & Levant, OpenWay

And we continue our dialogue at our stand #M22.

Also, look at the full agenda of all three days of the event.

Nets Migrates to WAY4 Issuing to Advance its Bank Customers Card Business

Arnold Sneijers, SVP, Nets at OpenWay Club 2017

Arnold Sneijers, SVP, Nets at OpenWay Club 2017

CMS migrations completed for multiple banks in 3 countries. Nets and its migrated banks have successfully passed PCI audits on WAY4. The largest migrated customer portfolio consisted of over 1 million cards.

Nets, the household name in Scandinavian payment processing, is on-boarding Nordic issuer portfolio’s in credit cards and sales finance onto WAY4, the e-payment processing framework developed by OpenWay. Card portfolios of five banks in Finland, Norway and Denmark are already being processed on WAY4 and soon also the migration in Sweden will be completed. For now the payment transactions of more than half (52 percent) of credit cards in circulation in Finland are processed through WAY4. Since the platform adheres to the highest security standards, the processor and the migrated banks were able to pass PCI audits smoothly and in time. More issuers are set to follow as part of the large-scale migration process.

Innovative payment services are in strong demand among an increasingly tech-savvy and mobile Nordic population. In-sourcing portfolio’s from legacy systems to the modern WAY4 platform allows Nets to operate its consumer issuing business cost-efficiently, as well as to attract new banks by offering the latest value propositions in self-service, sales finance and increase the profitability of the banks. 

WAY4 card management functionality covers flexible rule-based consumer account management and product pricing, online risk management and comprehensive accounting. Nets has also implemented additional software modules, such as WAY4 Web-based Workbenches, WAY4 Instalments, and WAY4 Debt Collection. 

The OpenWay team enhanced the WAY4’s Datamart solution to support Nordic requirements. Datamart serves to generate statutory reports for government authorities and customized interactive reports for analysis of card business profitability – by products, time periods, financial institutions and other parameters. 
The single largest activity on the project was the simultaneous migration of over 1 million cards onto the portfolio.

Arnold Sneijers, SVP, Nets comments: “These migrations are one of the largest that we have embarked on with an outside partner in recent times, involving the full life cycle of credit cards and with significantly large volumes. WAY4 was chosen for its flexibility and proven record of payment innovations. It supports Nets’ bid to cater for every possible need of our customer banks. We are sure that every bank will benefit from cost-effective development of their consumer business in credit cards and sales finance and better time-to-market.” 

Maria Vinogradova, Director of Strategy & Marketing Intelligence, OpenWay, adds: “OpenWay is proud to back up Nets’ ambition to remain one of the leaders and innovators of European processing. With more banks in the queue, our team is committed to ensuring seamless migration for each of them, and to strengthening their portfolio with value-added payment services”.

Raiffeisen Bank International Selects WAY4 for Processing Centre Upgrade

  • Raiffeisen Bank Group consolidates all card business across 17 markets onto a single WAY4 transaction processing platform.
  • WAY4 is flexible to meet different market-specific requirements and changes for banks of Raiffeisen Bank International group.
  • In 5 years Raiffeisen's new WAY4 system is expected to handle 2.5 million cards, covering 60 different product types.

Raiffeisen Bank International (RBI), the leading corporate and investment bank in Austria and well-known retail banking brand across the EU with presence in 17 markets, has chosen OpenWay’s WAY4 platform to upgrade and enhance the issuing and acquiring services offered by its European processing centre to banks in the Raiffeisen network. The challenge was to consolidate all of Raffeisen’s card business onto a single location.

Before selecting WAY4, RBI had had a thorough assessment of all the major card management software vendors. The new future-proof solution which was to replace existing issuing and acquiring systems had to fit into the existing infrastructure, incorporate the business functionalities of the legacy sub-system and comply with all the functional and technical requirements of RBI’s processing centre. At the same time, it had to lower operational costs and increase the overall system performance. WAY4 was the only system that met all the requirements and confirmed its benefits through a preliminary discovery phase and proof-of-concept procedure.

Wim Pardon, Managing Director of OpenWay EMEA commented, "WAY4 allows RBI to consolidate the products of all the different banks in its group while satisfying the requirements of each bank to be able to adapt its products rapidly to specific and changing market situations. The all-in-one platform allows RBI to cut costs thanks to WAY4’s end-to-end processing which facilitates product and service centralization and streamlining of business processes while managing multi-country and multi-institution processes efficiently."

Over the next five years, the number of cards to be handled by the new WAY4 system is expected to reach 2.5 million, made up of 60 different types across 17 countries, and transaction volumes are expected to reach 250 million.

Raiffeisen Bank International AG (RBI)

Raiffeisen Bank International AG (RBI) regards both Austria, where it is a leading corporate and investment bank, and Central and Eastern Europe (CEE) as its home market. In CEE, RBI operates an extensive network of subsidiary banks, leasing companies and a range of other specialised financial service providers in 17 markets. RBI is the only Austrian bank with a presence in both the world's financial centres and in Asia, the group's further geographical area of focus.

In total, around 60,000 employees service about 14.2 million customers through more than 3,100 business outlets, the great majority of which are located in CEE. RBI is a fully-consolidated subsidiary of Raiffeisen Zentralbank Österreich AG (RZB). RZB indirectly owns around 78.5 per cent of the common stock, the remainder is in free float. RBI's shares are listed on the Vienna Stock Exchange. RZB is the central institution of the Austrian Raiffeisen Banking Group, the country's largest banking group, and serves as the group head office of the entire RZB Group, including RBI.

Leading European processor migrates to WAY4

Nets, a leading European card service provider, has migrated its issuing business to OpenWay’s WAY4 payment processing system. Data migration is complete, and operation of the first bank in the project has already been launched. With the issuing volumes of 2.5 million cards, Nets is among the ten largest payment processors in Europe, and hopes to climb even higher with the help of the new infrastructure.

Having already proven its strong positions in Europe, WAY4 was Nets’ preferred choice when the processor decided to migrate from their enterprise system. 

“We selected WAY4 in order to promote further development of our payment card issuing services. At the same time, it was necessary to ensure seamless integration of WAY4 with the systems of banks, our clients. An additional challenge was the need to migrate roughly 2 million existing cards in a way that is unnoticeable to the end-user,” says Senior Vice President, Mikko Pilkama, responsible for Nets´ Issuing Services.

Mikko Pilkama continues: ”It was essential for us to be able to find a proven state of the art platform for our issuing business continuum. Moreover, for a payment processor like Nets, growth of the processing volumes depends on us supporting our banking customers to increase their revenues. For this reason we chose WAY4 platform and OpenWay as our partner.”

“In our line of work, a key to success is cooperation between the client and the vendor, i.e. team play,” says Wim Pardon, Managing Director of OpenWay EMEA. “It allows us to create/build a united and well-coordinated project team and it provides us with a reliable basis for further collaborations. Having started with migration of one bank, and with many more to follow, we are very happy with our partnership with Nets, which allows us to quickly implement joint projects to the highest standards and to help our clients grow.”

Nets

Nets is a leading provider of digital payment services and related technology solutions across the Nordic region. Nets sits at the centre of the digital payments ecosystem and operates a deeply entrenched network, which connects merchants, corporate customers, financial institutions and consumers enabling them to make and receive payments as well as, increasingly, utilise value-added services to help them improve their respective activities.

Equens hits 11 million transactions per day on WAY4

Equens SE, the pan-European payment processor, is now using its WAY4 payment processing platform to process 11.8 million POS and ATM clearing transactions per day, a speed milestone as compared with the 2 million transactions per day the company was achieving in 2010. Next peak expected milestone is 25 millions transactions per day.

Transaction volumes have grown thanks to Equens acquiring some new big merchants, now serving around half a million merchants across Europe. Another driver was SEPA: The Netherlands has been migrated from a local debit scheme PIN to international Maestro product. Migration to WAY4 in 2008 was farseeing – It helped Equens to improve its infrastructure and provide the future growth. Now Equens does not have any limits to multiply its transaction volumes in several times a year.

The ATM and POS clearing transactions being processed on the WAY4 platform include accounting transactions, fee calculations, transaction validations and currency conversions.

Wim Pardon, Director of OpenWay added: “The flexibility and reliability of WAY4 solutions and the high quality of our system support services have been already acknowledged by many financial institutions, payments processors and telecommunication companies operating on different continents. Our cooperation with technology leaders assures our place at the forefront of the latest technologies. 
“When Equens chose WAY4 the company was looking for a powerful and flexible processing platform with the capability to adapt products to new markets easily and to introduce international brands, while coping with rapid growth in processing volume. We’re delighted that Equens’ belief in our product has enabled them to achieve such business success in this area.”

Equens SE

Equens is the first truly pan-European, full-service payment processor. As one of the largest and most innovative payment processors in Europe, Equens is leading the market for future-proof payments and card processing solutions. Thanks to an extensive and competitive service portfolio and a flexible, customer-orientated approach, the company seamlessly meets the requirements of the European payments market. With an annual volume of 7.9 billion payments and 2.2 billion POS and ATM transactions, Equens has a market share of more than 15% within the euro zone. By continuously pursuing further growth and translating the achieved synergy benefits and economies of scale into advantages for the customer, the company contributes to the efficiency of European payments.