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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

OpenWay Club 2018: Interview with Chiedu Okeke - CEO, OROBO

Get the insights on the latest technology and business trends from leading experts in the payment space!

Chiedu Okeke, CEO at OROBO, a money transfer fintech in Nigeria, speaks on what's up in payments in Africa and why OROBO has chosen OpenWay as a partner to empower their money transfer business.

Together with OpenWay, OROBO is aiming to support the financial inclusion in West Africa by building a platform for cross-border remittances and bill payments into Nigeria, Ghana, Kenya, Sierra-Leone.

This is the first piece from series of interviews with our clients that we shot during OpenWay Club 2018. Stay with us to watch the next one!

OROBO and OpenWay Power Cross-Border Money Transfers to West Africa

OROBO and OpenWay are to change how the cross-border remittances to West Africa look like.

OROBO and OpenWay are to change how the cross-border remittances to West Africa look like.

OROBO, the newly-launched money transfer platform from Saana Holdings, is opening up cross-border remittance and bill-payments into Nigeria, Ghana, Kenya, Sierra Leone and supporting financial inclusion in West Africa. The WAY4 digital payments platform provided by OpenWay, a top- ranked digital payments software solution provider, will become the technological backbone of this innovative remittance service.

OROBO facilitates money transfers from the United States to Nigeria as well as bill payments for services within Nigeria via a simple app. With OROBO, Nigerians who work abroad can transfer funds to their families back home, more easily and cost-effectively than using traditional card-based bank transfers. Thanks to the direct connection with domestic payment schemes in Africa implemented on the WAY4 software platform, OROBO provides a last-mile service for remittance recipients, enabling them to access funds via Bank, ATMs and mobile agents locally.

The WAY4 system, comprising account and card management, merchant acquiring, financial switching and mobile wallet, will not only support OROBO’s day-to-day operations today. It also underpins its ambitious plans to expand into other African markets and grow from a remittance startup into a full- fledged transaction processing company. OROBO plans to scale its business as well as transaction volumes on WAY4, plus offer innovative services such as mobile wallets and mobile commerce in the future.

OROBO opted for OpenWay because of its expertise and reputation for technical excellence and uninterrupted 24/7 digital processing for multi-country, multi-currency payments. WAY4 solutions implemented on-premises or in the cloud provide online reconciliation, quick connectivity, data-rich reporting and enable new digital services such as tokenization, cash-by-code and online wallets.

"OROBO mission has always been using technology to solve the day-to-day challenges faced by the Africans and the Diasporas living outside the African continent, which they encounter when it comes to remittance and cross-border bill  payments, both at the personal and business levels. Our Partnership with OpenWay is a way forward to achieve the last miles of our vision as a leading African fin-tech innovation services provider in promoting efficiency and improving quality of life. This means Africa is moving forward in terms of payments technology."  – Chiedu Okeke, CEO, OROBO Inc.

“We are pleased that our technology will help people in West Africa receive transfers in a convenient way, and contribute to financial inclusion, economic growth and the development of fintech innovations in the region. I am convinced that the power and flexibility of the WAY4 solution along with its ability to support both traditional and innovative business models is what OROBO requires to move forward with their ambitious strategy.” – Wilfred Waiganjo, Regional Sales Manager – Africa, OpenWay.

 

About OROBO

OROBO, the newly-launched money transfer platform from Saana Holdings, is opening up cross- border remittance and bill-payments into Nigeria, Ghana, Kenya, Serria-Leone and supporting financial inclusion in West Africa.

OROBO facilitates money transfers from the United States to Nigeria as well as bill payments for services within Nigeria via a simple app. With OROBO, Nigerians who work abroad can transfer funds to their families back home, more easily and cost-effectively than using traditional card-based bank transfers.

https://www.orobo.com

Acquirers on WAY4 Platform Now Can Serve Marketplaces

Source: Stichting Nationaal Museum van Wereldculturen 

Source: Stichting Nationaal Museum van Wereldculturen 

OpenWay, a WAY4 platform developer and recognized leader in software for bankcard acquiring and issuing, digital banking, omni-channel payments and e-commerce gateways, has enhanced its acquiring solution to enable customers to attract and serve merchant aggregators and marketplaces.

According to the study Rise of the Global Market Places study, prepared by the E-commerce Foundation and Nyenrode Business University, marketplaces will control 39% of the world’s entire e-commerce market by 2020. For acquirers and PSPs, serving marketplaces promises attractive profits, but also requires tailored solutions to meet the specific needs of marketplaces. 

This includes setup of complex merchant hierarchies and fee sharing schemes, seamless merchant onboarding, and smooth settlement among multiple parties. Additionally, there are special requirements around authorization and clearing processes, as a single order may often comprise goods purchased from single or different merchants. This means that different parts of the order may be shipped and delivered separately. At checkout, the processing system should be able to generate a single authorization for the total order, but also later process a separate clearing transaction for each shipment. 

With recent enhancements, the WAY4 platform meets the needs of marketplaces, which in turn opens up new acquiring opportunities for OpenWay’s customers worldwide.

On top of these business specifics, marketplaces want to offer their customers local and global payment methods, as any other e-commerce business with cross-border reach. They want to process payments in multiple currencies in 24/7 online mode, complete sales in a quick and secure way, and access payment information via a convenient online portal. This functionality is already considered a must-have in our digital era, so OpenWay has gone further. We allow our acquirer customers to design and deploy new business models together with their merchants. This includes value-added services such as wallets, loyalty schemes, dynamic currency pricing, and many more. 

WAY4 Acquiring is an end-to-end solution for acquirers, PSPs, PISPs, and payment processors that provides both merchant management and e-commerce gateway functionality. The solution powers 14% of acquiring transactions in Europe and helps payment providers to onboard and serve any type of e-commerce or brick and mortar merchant. 

Online back-office on WAY4 supports accounting, comprehensive fee structures, flexible merchant hierarchies, unlimited pricing and settlement currency pairings, chargeback management, and advanced tools for online fraud prevention. WAY4 E-commerce Gateway is built to accept both card and non-card payment methods in an omni-channel environment and accommodate flexible authorization scenarios. The solution supports the up-coming 3-D Secure 2.0 standard and strong customer authentication requirements outlined by PSD2. It is proven to work online 24/7 with high transaction volumes.

Being the Core of the National Payment Ecosystem

PT Finnet Indonesia was established in 2005 as a subsidiary of PT. Telkom Indonesia, Tbk (TELKOM), the country’s largest telecommunications company. Finnet runs three lines of business: a bill payment aggregator, an electronic payment platform and online payment solutions. Today the company is central to the national payment ecosystem, with all the major banks, billers, e-money issuers and non-bank payment providers in Indonesia connected to Finnet.

OpenWay Group has been supporting the Indonesian payment leader ever since Finnet migrated to the WAY4 Switch platform nearly a decade ago. “During these years OpenWay has proved to be a reliable and supportive partner,” says Erman Suherman, Operation, IT & Innovation Director, Finnet.

finnet_ecosystem.png

Migration to WAY4 Switch – Reasons and Outcomes

Soon after Finnet was established, the company realized that legacy transaction switches could not fully support its strategy of “becoming the leading Indonesian and global-scale service provider of electronic payment systems”. Most solutions on the market were just back-end systems relying on XML protocol. Finnet required an innovative payment switch platform with powerful messaging, high availability and a modern mechanism for seamless integration and building online interfaces between information systems. 

WAY4 Switch platform from OpenWay Group met all those requirements and more. Erman Suherman adds: “We chose WAY4 for its flexibility, modularity, and cost-efficiency.“

The migration was accomplished swiftly by the vendor’s team in 2006. Since then Finnet has been profitably developing the WAY4-based part of its business. The low TCO of the new switch has allowed the company to compete on pricing with banks. Today Finnet serves and connects over 60 financial institutions and 20 billing companies on WAY4. 

In 2015 Finnet achieved 34% annual growth in transaction flow. The year was also remarkable in terms of revenue, achieving 150% growth compared to the same period in 2014.

Finnet recently decided to replace two other legacy systems with WAY4 in order to further reduce the costs of maintaining its payment processing infrastructure.

Syaiful Rahim, Finnet’s Director of Business & Services speaking about WAY4 Switch at the international conference ‘New Trends in Payment Innovations’, Vietnam, 2015

Syaiful Rahim, Finnet’s Director of Business & Services speaking about WAY4 Switch at the international conference ‘New Trends in Payment Innovations’, Vietnam, 2015

A Promising Future

Indonesia’s GDP is on the rise, and so is consumer spending. The unique geographic spread of the population explains the strong demand for branchless financial services. The popularity of online and mobile payments is growing, additionally fueled by the Government’s desire for a “cashless Indonesia”. 

The Indonesian payment ecosystem is transforming. In addition to banks, telcos, billing companies and payment gateways, there is an increasing number of e-money issuers and other non-bank financial providers. The market requires interoperability between all the payment industry players, and here lie rich opportunities for Finnet. 

In 2015 Verifone, Finnet and Telkomsel launched “TCash Tap” – NFC mobile payments in retail stores. Finnet’s role is to provide mobile user access to Indonesia's banks nationwide, facilitate interbank connectivity, and support a wide range of payment types and acceptance options. 

Finnet believes in the future of such projects, and in the benefits of introducing payment innovations of its own. 

To celebrate and support Finnet’s ten-year run of success, OpenWay and its partner Metro Asia Pacific ran a workshop in Jakarta for the Finnet team. The participants discussed payment trends, both global and those specific to Indonesia. OpenWay presented the WAY4 product roadmap, and its most recent innovative solutions – WAY4 HCE, WAY4 Wallets, WAY4 Shop, and WAY4 High Availability.

Rudy Gunawan, Managing Director, APAC, OpenWay, says: “Our partnership with Finnet helps both companies to achieve outstanding goals in shaping the payment landscape of the Indonesian market, and we believe we will achieve even more together.”

Procco in Bahrain Selects WAY4 to Implement its Sharia Compliant Retail Financing Programm

Procco Financial Services selects WAY4 to implement its Sharia-compliant multi-functional retail financing system for new EMV instalment card issuing and acquiring business

Procco Financial Services, established by The International Investor, and OpenWay, an international developer and vendor of new-generation payment processing solutions, are happy to announce that Procco has selected OpenWay's WAY4 product and transaction framework to build its new multi-functional retail financing system.

Procco Financial Services has been established in Bahrain by The International Investor (TII), a leading financial shareholding company in Kuwait. Licensed by the Bahrain Monetary Agency, Procco will provide a full range of Sharia-compliant services and transaction processing, both to TII companies and to others wanting dedicated Sharia- compliant ‘back offices’ supporting their financial products. Procco services are based on a Service Oriented Architecture technology platform and services undertaken include contract and product management, transaction processing, call centre, risk management, application and data control, and finance and administration functions. 

According to the agreement between Procco and OpenWay, OpenWay's WAY4 software will provide Procco with EMV-compliant chip card issuing and acquiring, product and transaction management, accounting, multi-branch management, terminal network management, and integration with Procco's IT infrastructure. In addition, WAY4 enables Procco to issue and acquire EMV-compliant branded private label and merchant-branded cards.

Furthermore, WAY4 enables Procco to design and manage comprehensive server-based loyalty programmes, based on OpenWay's "behaviour loyalty" concept and supports multi-application cards with Sharia-compliant instalment and purchasing applications. Sharia compliance means that Procco products and services conform to Islamic law. For example, no interest is charged on retail transactions, goods or services must be acceptable under Islam, and high risk or uncertainty is avoided. Under Sharia-compliant instalment plans, consumers pay fixed service fees for certain time periods allowed for them to purchase acceptable goods.

John Dolton, a Senior Partner at TII and CEO of Procco, commented on the signing of the agreement: "The first card-based financial products to be supported by Procco will be unique and truly Sharia compliant and leading in the use of Chip and PIN technology. This required a partner and provider whose software could provide greater flexibility and scalability than normally available, and this needed to be attained with minimum effort which is just what the WAY4 OLTP framework offered."

WAY4's flexibility ensures that the system can be easily adapted to various customer requirements. The system is highly parameterised, which allows banks to create a great variety of products and services and manage processes effectively. It also translates into less time-to-market and a reduced total cost of ownership. To protect bank investments, WAY4 provides comprehensive means for real-time risk management. The system's productivity allows for processing more than 10 million products on a unified platform, while the module architecture ensures the system's scalability, which may influence both productivity and the number of functions.

According to Kamran Khan, COO, OpenWay Middle East: "In this project, we face Sharia requirements in the banking business and must implement them according to Procco's unique business approach. The fast-expanding Middle East market has great potential for us as a vendor of solutions for fast developing large-scale financial businesses and implementing innovative programmes, and we are happy to see the market's interest in the WAY4 system."

Procco Financial Services

Procco Financial Services has been established in Bahrain by The International Investor (TII), a leading financial shareholding company in Kuwait. Licensed by the Bahrain Monetary Agency, Procco provides a full range of Sharia-compliant services and transaction processing, both to TII companies and to others wanting dedicated Sharia- compliant ‘back offices’ supporting their financial products. Procco services are based on a Service Oriented Architecture technology platform and its offering includes contract and product management, transaction processing, call centre, risk management, application and data control as well as finance and administration functions. "Customer satisfaction is a top priority for us and we are committed to improving the effectiveness and efficiency of our customer service operations," said Bénard Wiese, Project Manager at Procco. "After a very comprehensive search for a solution provider, we partnered with Altitude Software because of the company's expertise in solving demanding, Sharia-compliant contact centre requirements.