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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

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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What to Consider When Choosing a Technology Partner to Power your Payments

Published at: Business Day

Customers are demanding sophisticated financial products and services anytime, anywhere, using any channel.

From Africa to Europe, the Middle East and the US, the change in customer expectations is a significant global trend. Consumers are not only comparing banks with other banks; their expectations are also rapidly being shaped by technology companies such as Uber, Airbnb, Apple and other facilitators that ease their lives and give them the desired experience. And consumers and businesses are now demanding sophisticated financial products and services anytime, anywhere, using any channel.  

To deliver on these new expectations requires the right type of digital capabilities behind the scenes. Technology platforms must be flexible, scalable and work end to end. Naturally, they must also be secure and work across all channels – the ones we know about today and the ones we don’t yet.

Yet banks and processors also have to balance seemingly conflicting demands. They want to cut costs and time to market but are constrained by their legacy IT infrastructure. This is complex and costly to maintain, and it restricts their ability to innovate. Then there is the need to maintain regulatory compliance, interoperability and 24/7 operations.

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Fintech start-ups are also piling on the pressure. These newer, more nimble players are not encumbered by legacy. They can adapt more easily to the demands of customers and regulators. The fintechs may not have scale today, but their technology allows them to compete strongly in the future.

The right type of technology helps businesses think as well as act differently. In this way, technology drives both a technical and a cultural mindset.

Considerations when choosing a partner

If the future of payments is to be open and collaborative, then banks and processors need to have the technology in place to capitalise on opportunities. This often means better rather than more technology.

Payment systems should allow different business models to run on the same platform. OpenWay’s WAY4 platform enables concurrent customer propositions and business models, both new and traditional. It offers a variety of credit, debit, prepaid and multi-currency services for mature customers, and supports financial inclusion use cases for those who are unbanked or new to financial products.

Loyalty, deposit, payment and non-payment services and online interoperability are musts for successful wallets. These five elements unite clients as varied as Equity Bank in Kenya, Asia Commercial Bank and SmartNet in Vietnam, B1NK and AzeriCard in Central Asia, Advanced Info Services in Thailand and many others that either create their own wallet products or use an existing wallet ecosystem on WAY4. Openway clients target both unbanked consumers and demanding tech-savvy users.

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Payment partner considerations

Payment method-agnostic
Open and API-rich
Scalable and flexible
Cross-border
Truly digital (across B2B, B2C, B2G, C2G and so forth)
Supports various business models
Grows your ecosystem
Backed by an experienced team

Payments live in an ecosystem. Banks and processors are increasingly having to consider how and where they operate within this wider ecosystem — and naturally with whom. Their technology should facilitate greater co-operation or competition, and sometimes both. Ideally, payments platforms should be payment-method-agnostic, open and supportive of a rich library of APIs for everything from risk management and scoring to tokenisation.

Scalability and flexibility are critical. The chosen technology platform should have the flexibility to scale up to meet business needs and the robustness to cope with sales spikes. One of Openway’s biggest clients handles up to 2,400 transactions per second with no latency. This bank has achieved 140-million active debit and credit card portfolios with a variability of products and more than 40 configurable parameters for each of them.

Invisible security is key. That the platform should conform to the latest versions of EMV, 3-D Secure and PA-DSS is a given. In addition, a good technology partner should offer a range of fraud screening and risk management services. OpenWay provides an anti-fraud engine with about 80 customisable parameters, including payment and non-payment transaction data, customer and device information and historical analysis, which bring seamless security at every customer touch point.

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Personalisation: one size fits no one in payments. Openway worked with Nordic processor Nets to implement standardised products with minimal configuration options on WAY4, enabling quicker speed to market for end clients and with Borgun (Iceland) to offer merchants personalised pricing and value-added services. Plus the product user experience is personalised in real time due to the event-driven configuration.

Omni-channel is the default for banking and payments today. Customers should not see or feel the awkward join as they bank or shop online or in person at a branch or store. Openway helped Halyk Bank, one of the most innovative financial institutions in Central Asia, power the front-end omnichannel experience across e-commerce and face-to-face acceptance.

Commerce becomes more and more borderless. Top European processors have built distributed installations worldwide on WAY4 for issuing, acquiring, gateway and wallet services. For example, Six Payment Services successfully migrated close to 40 banks to WAY4 within two years. When the client’s digital strategy or domestic/regional regulations require on-soil presence, the platform allows the combination of cross-border centralised installations with local ones in the distributed processing environment. Good examples are Nets serving its banks throughout the Nordics, and Credorax working with merchants across Europe, both on the WAY4 platform.

Knowledge, skills and experience count for a lot in the brave new world of payments. OpenWay has more than 20 years’ experience in managing complex projects in multiple countries worldwide. The company has built national payment switches for countries, helped facilitate social payments for governments and interoperable mobile payments for banks and operators, and managed fuel card payments for oil companies. Leveraging this, the National Bank of Greece recently replaced its legacy mainframe systems with the modern, future-proofed WAY4 platform, and received recognition for delivering the best large-scale IT project in 2018.

The WAY4 system is an open, digital-payments software platform, used by 135 banks, processors, telecom and oil companies across the globe. OpenWay has been independently ranked as a market leader in card and merchant management by Gartner since 2009 and Ovum in 2015-16, and as a market leader in digital wallets (Ovum 2016).

THE ANALYTIC REPORTS

For more information, click to download the analytic reports.

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

Promsvyazbank to Start Accepting Alipay Payments in Russia

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Promsvyazbank has announced the launch of a pilot to accept Alipay.

Promsvyazbank is now offering its merchants the ability to accept payments via Alipay without the need for additional devices or applications. The new functionality is available via the existing point-of-sale infrastructure, and funds for Alipay sales are transferred daily.

Promsvyazbank was supported in the launch by OpenWay, a software provider and developer.

"This project is first and foremost about helping our merchant customers develop their businesses. This new functionality will enable Promsvyazbank merchants to potentially increase turnover and revenues at a favorable MSC rate," commented Mark Baranov, head of acquiring department at Promsvyazbank.

The Alipay application is used by 520 million customers, and its annual turnover in 2016 exceeded total cash turnover in China. Alipay is the most popular mobile payment system in China with a market share of 54%.

Consumers use Alipay most often to purchase jewelry, cosmetics and perfumes, premium brands, food products in supermarkets, souvenirs and air tickets.

About Promsvyazbank

Promsvyazbank is a top-3 private bank in Russia and is universal commercial bank, whose history totals 20 years. “The Banker” magazine includes Promsvyazbank in 500 largest banks of the world by the size of own capital. PSB total assets exceed 1,2 trillion rubles and was recognized as one of 10 Systemically important financial institutions by Central Bank of Russia.

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).

Network International Leads Emirates NBD's Credit Card Migration to Network One platform based on WAY4

Network International has migrated an Emirates NBD's issuing business to Network One based on WAY4 solution by OpenWay .

Network International has migrated an Emirates NBD's issuing business to Network One based on WAY4 solution by OpenWay .

Incorporating the world-recognised WAY4 payment processing system by OpenWay, Network One will enhance and accelerate Emirates NBD's ability to create bespoke cutting-edge products for its credit and prepaid card customers based on payment behaviour, giving them a distinct edge over competitors.

Network International's seamless migration of a large-scale portfolio of the leading cards issuer in the market, Emirates NBD, marks an important milestone for the payment solutions company as it looks to consolidate its market leadership in the UAE and strengthen presence across the Middle East and Africa.

"Successfully implementing Network One migration for a large-scale cards player such as Emirates NBD is a solid testament of our expertise and capacity," commented Network International's Group CEO Simon Haslam. "We are delighted to be Emirates NBD's partner of choice in this critical project as we mark new ground as the unrivalled regional leader in card issuing."

Added Matt Sinclair, Group Chief Information Officer of Network International, "This project underlines Network International's core purpose of enabling clients to strengthen their capabilities to grow and maintain market leadership. Our well-coordinated approach helped deliver a seamless solution to Emirates NBD, migrating the entire cards portfolio seamlessly. We now look forward to lending our expertise to other banks in the region looking to upgrade their proposition with value-added payment services".

Network One is based on a framework that allows innovative payment and card products to be created by monitoring the behaviour and attributes of a payment. It also fully supports the implementation of value-added services such as loyalty programmes, mobile payments, loans and fraud management.

Suvo Sarkar, Senior Executive Vice President & Head - Retail Banking & Wealth Management commented: "The Network One platform offers us enhanced speed and scalability, and will allow us to provide more customized and innovative banking and payment solutions for our customers, helping us to remain their bank of choice."

Network International has previously successfully migrated 15 other banks across the Middle East and Africa to Network One.  Network International is currently the exclusive partner and reseller of OpenWay's licensed solutions within the Middle East and African markets.

About Network International

Established in 1994, Network International LLC is the largest acquirer in the UAE, and a leading payment solutions provider in the Middle East and Africa region (MEA), servicing more than 70,000 merchants and 200 financial institutions across 55 countries. The company’s service offering comprises a comprehensive range of payment products and services for both the Issuing and Acquiring segments of banks, financial institutions and retail merchants including end-to-end consultancy ranging from planning and designing to developing of new card and consumer finance products and services. In addition, the company offers several value-add products including data analytics, scoring and loyalty solutions. Network International has Operation centers in the UAE, Egypt, Jordan, South Africa and India, with its corporate head office in Dubai. The company recently acquired Emerging Markets Payments Holdings Limited (EMPH) and continues to invest in strategic partnerships that will increasingly see its influence spread across the region.

As the first independent vendor certified by both Visa & MasterCard for card payments in the Middle East, Network International is a Principal Member of Visa International and MasterCard International in the UAE and enjoys extension of its MasterCard License in other key countries. It is also a member of JCB and Union Pay card schemes, and it owns and manages the Diners Club International Franchise in the UAE, Egypt, Lebanon and Jordan. The company also launched a GCC-based domestic scheme, Mercury, and partnered with Discover Financial Services (DFS) to allow global acceptance of Mercury cards on the Discover, Diners Club International and PULSE networks. Network International is a Payment Card Industry Data Security Standard (PCI DSS) certified company.

Sberbank of Russia Processes 140,000,000 Cards Online on the WAY4 Digital Payment Platform

Sberbank of Russia, the largest retail bank in Central and Eastern Europe, is using the WAY4 processing platform to increase its issuing volumes by 200% every five years.

As of 2014, Sberbank was the largest bank in Russia and Eastern Europe, and the third largest in Europe, ranked 33rd in the world and first in central and Eastern Europe in The Banker's Top 1000 World Banks ranking.

In 2009 the bank issued more than 30 million cards. That is double the number of cards issued five years ago when the bank migrated from a legacy processing system to WAY4.

Today, Sberbank has three processing centres that serve 120,000,000 debit and credit cards, over 200,000,000 online accounts, and 20,000 branches across 11 time zones. WAY4 takes care of accounting and product management; EMV smart card issuing; acquiring and personalisation; transaction routing and card authorisation; and multi-level real-time risk management. It handles inter-office and inter-bank payment and clearing operations as well as automated dispute resolution. Time-to-market for the bank’s comprehensive card products and services has significantly decreased.

The bank offers digital banking services, debit and credit cards - EMV and virtual, MasterCard, Visa and local cards. Working with Russia’s largest airline, the bank has introduces the “Visa Aeroflot” card, which allows cardholders to accrue and redeem air miles. In addition to loyalty programmes, the bank has also launched several card-based charity and social projects.

Recently, Savings Bank of Russia became the first bank in the country to connect to Apple Pay. The project was implemented on the basis of the WAY4 Digital Wallet software solution by OpenWay.

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”.

OpenWay and Priorbank (Raiffeisenbank Group) Introduce HCE Technology

Now customers of Priorbank, a leading commercial bank in Belarus and a member of Raiffeisen Bank International group, can use their phones as a universal payment tool. The service supports MasterCard cards and will be expanded to Visa cards later this year. This is the first time Host Card Emulation (HCE) technology for issuing cards in a smartphone has been used in Belarus. The solution was developed on the WAY4 platform by OpenWay, a recognised leader in software for bankcard issuing and acquiring, payment processing, remote banking services and financial transaction routing.

To start using the service, Priorbank customers download a special app to their phones and create mobile version of their bankcard in two clicks. The card in the phone can be used for payment in shops, restaurants and anywhere POS terminals supporting contactless payment technology are installed. Each transaction over 200,000 Belarusian rubles (about $10) is confirmed by PIN. Access to cards in the phone is protected by the app's password. The bank plans to implement the mobile issuing service for both debit and credit cards. 

The WAY4 HCE solution allows issuers to independently issue virtual cards to client mobile phones and store encrypted card data on bank servers. The technology ensures a high level of security for storing financial information according to international standards. The service can be used anyone who has a phone with NFC support, running under Android KitKat 4.4 and higher. 

"With the launch of this project, Belarus joins the ranks of progressive markets with the most innovative technology in the financial sphere. The solution we introduced today is one of the newest in the area of contactless mobile payments, used by the world's leading banks. − notes Sergei Shishov, vice president of the board of Priorbank. – The technology (HCE) we chose to implement in this project offers great opportunities. Consumers get a convenient, fast, and reliable payment tool. We are certain this technology is not only significant for us, but for the market as a whole. Priorbank plans to actively work on implementing and promoting contactless payment technology in Belarus, assist in raising the financial literacy of the population and developing cashless payments in the Republic of Belarus".

In many countries, contactless payment is already helping to solve the problem of lines. It speeds up service in shops and fast food restaurants, on public transportation and at public events. The ability to provide mobile services is becoming another way to attract and retain clients. Mobile tokenisation is becoming one of the main ways to protect card data. 
Despite international technology giants such as Apple Pay, Android Pay, Samsung Pay entering the payments market, processing companies and banks are also interested in developing their own mobile applications for tokenisation and contactless payment. This helps them to maintain their brand and direct contact with clients. The WAY4 HCE solution offers many advantages for issuers, allowing them to expand their line of innovative card products, save on plastic card fulfilment costs, and quickly and securely bring new services to market. Not only does the solution make it possible to issue a mobile version of a client's existing card, virtual prepaid card can also be offered to new customers. These cards can be issued instantly at mobile sales points or during public events as a ticket and means of payment.

"We see our clients are interested in the WAY4 HCE solution and are already implementing several pilot projects in Europe and Central Asia. In the near future, we plan to support international payment system protocols — MDES and VDEP, which will make it possible for banks to provide contactless payments with MasterCard and Visa cards using payment system tokenisation services", - notes Dmitry Dovgal, deputy director of business development at OpenWay. 

The WAY4 HCE solution was developed to be compatible with any processing system. Moreover, OpenWay has created a set of developer tools, WAY4 HCE SDK, so banks can build WAY4 HCE into their own mobile applications (for example, mobile banking apps operating on WAY4 or another platform).

According to National bank data, in Belarus more than 10% of all payment terminals installed support contactless payment.

Priorbank

Priorbank is one of the largest banks in Belarus, and is a member of the Austrian banking group Raiffeisen Bank International AG (RZB). Founded in 1989, the bank has firmly established itself as a market leader in financial innovations. It is one of the founders of the "Belkart" national card system, and is an initiator of the newest developments in the area of cashless payment and remote banking systems in the Belarus banking sphere. The bank was the first to issue Visa and MasterCard plastic cards in Belarus. Priorbank is a multiple winner of the "Bank of the Year" title according to The Banker, Euromoney, and EMEA Finance magazines. Priorbank is the only bank in Belarus with western European capital, offering clients European quality services.

http://www.priorbank.by

OpenWay Group

OpenWay Group was founded over 15 years ago. We develop WAY4, an innovative e-payment processing framework for banks, payment processors, telcos and petrol companies.

OpenWay was initially headquartered in Brussels, Belgium with one R&D team there and another in St. Petersburg, Russia. Today we are a global company with 10 offices and 130 customers around the world.

Our portfolio consists of WAY4 Card and Merchant Management, Financial Switching, Personalised Channel Banking, Prepaid Cards, E-Commerce, Mobile Payments, Digital Wallet, DCC, Fuel Cards, and other solutions.

Our customers include tier-1 giants, mid-size companies, and ambitious start-ups:

  • Equens, Western Europe (SEPA-acquiring of 0.5 million merchants on WAY4)
  • Savings Bank of Russia (issuing and acquiring back-office, and authorization switch for 140 million credit and debit cards on WAY4)
  • SIX Group, a leading European payment company processing over 4,000,000 cards and migrated over 30 banks to WAY4 within 15 months
  • Comdata, USA (commercial cards on WAY4)
  • Network International, the Middle East (a processing center with approximately 60 banks on WAY4)
  • Raiffeisenbank Int., Eastern Europe (a processing center for 15 banks and countries on WAY4)
  • Bank Audi, MENA region (more than 40 card products on WAY4 including NFC)
  • Halyk Bank of Kazakhstan (the first bank to launch Visa P2P Mobile Transfers)
  • Lukoil Intercard, Eastern Europe (B2B fuel cards with comprehensive loyalty services on WAY4)
  • WAY4 live installations consistently demonstrate high performance; for example, 90 million cards issued and authorized on a single platform and 12 million POS/ATM clearing transactions processed daily by a single acquirer.

OpenWay, known for its commitment to long-term relationships, both serves customers locally and provides global support. Today our team unites approximately 500 payment business, digital technology, and security professionals.

Chase Bank Kenya and OpenWay Challenge the Digital Payments Market

Chase Bank Kenya, an innovative and fast-growing bank with an ambitious strategy across Africa, has successfully migrated its full card portfolio to the WAY4 payment software platform from Electra Card System.

The new card management system enables Chase Bank Kenya to grow its cards business by integrating omni-channel capabilities and enhancing fraud management systems.

The solution is developed by OpenWay, the market leader in software solutions for bank card issuing and acquiring, payment processing and omni-channel services and WAY4 will support the issuance of prepaid, debit and credit cards — under the MasterCard and Visa brands. 

The new card management solution will enable Chase Bank Kenya to grow its cards business, gives the bank full control over its new product development process, decreases time-to-market, integrates omni-channel capabilities to enrich the customer experience and enhances fraud management. 

“Chase Bank Kenya chose the WAY4 platform because of its security, flexibility, cost-effectiveness, scalability, and high availability. OpenWay also has a long term experience in migrating data from the Electra Card System platform and is well known for its commitment to clients,Chase Group Director of Information Technology and Operations Raj Singh said. 

In line with the huge presence of mobile money in Kenya, Chase Bank launched several innovative card products which combine payment functionality and mobile wallet features, including supermarket loyalty cards, University ID cards with wallet features, and traveller cards with bonuses features, among other prepaid cards products.

“The partnership with OpenWay is in line with Chase Bank’s strategy of developing innovative opportunities of digital banking and omni-payments, which provide the best possible quality of service and financial solutions for clients across the African region. OpenWay is at the forefront of card management solutions in the world and by utilizing the WAY4 platform, the bank is demonstrating that it is a forward-looking business, always on the lookout for new technologies, which will provide our clients with an enhanced customer experience,” Mr. Singh said. 

Mr. Raj noted that to be a disrupter in the mobile space and support continuously changing payment trends in Kenya, the bank decided to replace its existing Electra Card System with a new in-house processing solution as the legacy platform the bank was running on had become a barrier to launching new financial products due to the costs of customising it. 

“Delivering within the strict project timeframes was really important for Chase Bank Kenya and OpenWay was able to meet these timeframes due to the excellent cooperation between the Chase Bank and OpenWay teams. We believe the platform will help Chase Bank achieve its ambitious goals within a short term,” said Serge Robyns, Head of Pre-Sales EMEA, OpenWay Group. 

According to the Central Bank of Kenya and the Communications Authority of Kenya, 76% of the country’s population is registered for mobile money (27.7m). $24 billion worth of funds was transacted through mobile money in 2014 and $101 billion since the introduction of mobile money in Kenya. The majority of adult Kenyans use mobile money for services ranging from P2P-transfers and bill payments, to donations, savings and loans.

About Chase Bank Kenya

Chase Bank Kenya is one of the fastest growing banks in Kenya. With a network of 57 branches and over 1000 agents, the bank has a very dynamic market positioning including its historical performance, both in terms of collecting deposits for granting loans exceeding the local banking industry performance without altering the quality of the assets that remain fundamentally sound. The bank has a keen focus on financing Small and Medium sized Enterprises (SMEs) particularly in the women, youth and agriculture sectors in order to enhance financial inclusion and foster economic development in Kenya.

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.

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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.”

WAY4 Switch Is Chosen For Regional Interbank Switch In Indonesia

ASBANDA, an Association of Regional Development Banks in Indonesia, and OpenWay, a recognised leader in software solutions for issuing and acquiring, payment processing and switching, and omni-channel, are starting the switching project which will connect 26 Regional Development Banks (BPD) of 34 Indonesian provinces.

OpenWay was chosen because of its broad and successful experience in implementation of the switch projects both of regional and national scale. This vendor’s portfolio includes National Payment Switch for Central Bank of Bangladesh connecting 17 banks, Universal Electronic Card switch for about 15 largest Russian banks serving more than 90 million active cards, and Finnet’s payment gateway with more than 60 banks and 20 billers connected on a single WAY4 platform in Indonesia. 

ASBANDA in partnership with OpenWay will implement a comprehensive flexible BPDNet Online switch solution that consolidates ASBANDA member banks on a single processing platform. The WAY4 Switch solution developed by OpenWay is a solid technical foundation for this project. The planned infrastructure on WAY4 includes connections between all the provincial Regional Development Banks, existing local and domestic switches, mobile operators, and billing aggregators in Indonesia. Volume transaction projection is 20,000,000 transactions for 2015.

BPDNet Online switch will give opportunity to all participating banks to offer a variety of the interbank and payment services to the customers with better pricing and enhanced service. 

Erzon MM, Head of BPD Regional Champion ASBANDA, stated: “BPDNet Online is a big milestone for all ASBANDA member banks. It will optimize the payment infrastructure between provincial banks that allows them to compete with leading commercial banks in Indonesia and deliver the best payment services to customers. Our choice of WAY4 as a processing platform was made due to high security standards, flexibility, time to market provided by this solution. Also we paid attention to the vendor’s reputation in Asia-Pacific region”.

Rudy Gunawan, Managing Director, OpenWay APAC, commented: “OpenWay is strengthening its position in Indonesian market. I believe that our project with ASBANDA will be smooth and well structured because of OpenWay’s relevant project experience in Asia and other regions”.

About ASBANDA

ASBANDA was founded in 1999, the Association of Regional Development Bank (ASBANDA) is an autonomous, nonprofit organization, who serves as the receptacle in unifying and to strengthen cooperation mutual inter bank regional development throughout Indonesia. ASBANDA with the BPD Regional Champion (BRC) program will introduce BPDNet Online solution to the member of ASBANDA as a big milestone to support 27 BPDs to compete with leading commercial Bank in Indonesia.

WAY4 Analyses ATM Network Efficiency

OpenWay, a recognised leader in software for issuing and acquiring bank cards, payment processing, remote banking service, and financial transaction routing, has developed a new version of the solution for banks and processing companies that increases the efficiency of ATM and kiosk networks.

WAY4 Analyses ATM Network Efficiency.png

The WAY4 ATM/Kiosk Statistic Analyzer solution makes it possible to find areas in which the efficiency of ATM and kiosk networks can be increased. The following reasons for device downtime are analyzed: device is out of order, unreliable channel connection, speed of service company's provision, device is out of cash or paper for receipts, etc. WAY4 ATM/Kiosk Statistic Analyzer creates general reports on device availability for a period and special reports broken down by financial institutions, service companies, device vendors, ATM locations, and time periods. 

The solution makes it possible to check the compliance of network service quality with SLA conditions. “How much time did ATMs spend out of order this year?”, “What is the performance indicator of terminals?”, “What were the main reasons for terminals being out of order last year?”, “How much time in a month were ATMs out of order due to no connection?”, “Which vendor's ATMs were out of order the least last month?” – by making it possible to answer these questions WAY4 ATM/Kiosk Statistic Analyzer helps companies cut operating expenses and improve the efficiency of the ATM network.

WAY4 ATM/Kiosk Statistic Analyzer uses the processing system's database and platform as well as the MS Excel software solution for data visualization and analysis, making it possible to cut implementation expenses and time. The key difference from the previous version is that instead of OLAP technology, it has its own schema and ready reports in Excel format can be used.

“In the past two years, OpenWay has offered several innovative solutions for ATMs, including cardless cash withdrawal and transfers at ATMs, integration with the Western Union money transfer system, issuing advertising flyers, and others", commented Maria Koshkina, OpenWay's development department director.

The WAY4 ATM/Kiosk Statistic Analyzer solution is intended for bank analysts responsible for developing ATM and self-service kiosks networks and for technical specialists.

The solution is based on the ideas and methods of lean management, assuming systematic statistic quality management and a constant battle with losses. These methods were first used in the Japanese auto industry, and were later adopted by companies from other areas, including banks.

AzeriCard and OpenWay Transformed Mobile Banking into Mobile Wallet

  • AzeriCard and OpenWay's joint project brought a mobile innovation to Azerbaijan.

  • WAY4 Cash By Code On Mobile technology allows for cash withdrawals and transfers on ATMs without a bankcard, using a mobile phone only.

  • This project is part of AzeriCard’s mobile wallet strategy, and was implemented by OpenWay engineers in just 2 months.

  • Cardless cash-out operations are supported by 1300 ATMs all over Azerbaijan.

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AzeriCard, the pioneer of card processing in Azerbaijan, and OpenWay, a recognized leader in software solutions for the payment industry, improved mobile banking service with the WAY4 Cash By Code technology. By generating a code on a cellphone, this technology allows for withdrawing cash on an ATM without a plastic card. This convenient 'mobile wallet' proved appealing to clients of 14 of AzeriCard’s partner banks. The new service also works as instant money transfer to recipients without a bankcard. The Cash By Code option was added to the menu of 1300 ATMs all over Azerbaijan.

The mobile banking with the Cash By Code option was developed by OpenWay. The solution works on iPhone, Android and BlackBerry smartphones, as well as on Java-enabled feature phones. The mobile banking menu allows the user to type in an operation amount and select the preferred card and currency from the list. The amount on the card account gets blocked for the next 24 hours, and the phone displays a generated code. Users can withdraw cash themselves or send the code to another person for money transfer. A valuable advantage of the service is elimination of ATM skimming risks.

If no withdrawal happens within 24 hours, the amount on the card account will be unblocked automatically. The mobile banking user can initiate an earlier unblocking, for example, in case of a lost or compromised code.

Anar Sultanov, the Managing Director of AzeriCard, says: “AzeriCard’s portfolio of card, mobile and web payment technologies has been growing rapidly, based on the solutions and international expertise of our partner OpenWay Group. Implementation of WAY4 Cash By Code On Mobile was a logical and important step towards the multifunctional mobile wallet service. 

This money transfer scheme is not limited to ATMs and has much potential for other self-service channels. Our clients can initiate Cash By Code operations on ATMs, and soon they will be able to do so via Internet banking”.

From January 2013, over 600 new users activate the mobile banking with Cash By Code every month. These are the clients of banks using AzeriCard's processing facilities – International Bank of Azerbaijan, AGBank, Bank Respublika, Bank Technique, Nikoil, Parabank, Turan, Amrahbank, ATA Bank, Silk Way bank, Bank of Azerbaijan, and Xalq bank. 

About Azericard

AzeriCard is the first processing centre in Azerbaijan that has been fully certified by international payment schemes MasterCard, Visa, and American Express. At the moment, AzeriCard processes transactions for 29 banks both in Azerbaijan and abroad. 26 of them are members of international payment schemes. AzeriCard actively implements top-notch high-tech projects, such as fare payment by contactless smart card, phone payments, utility payments, custom fee and tax payments, mobile and Web banking, card-to-card transfers, insurance fee payment via ATM, deposits, various loyalty programmes, multicurrency cards, etc. Today, AzeriCard’s system services about 2,000,000 bank cards, 1,300 ATMs and 6,000 POS terminals.

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.

Network International Launches Market Leading “Network One” Platform in Partnership with OpenWay

Innovative behavioural platform will allow the provision of bespoke payment and card solutions for clients.

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Network International, one of the leading payment solutions providers in the Middle East, announced the launch of “Network One,” an innovative and market leading platform for its clients. Developed in partnership with OpenWay, a recognised leader in the WAY4™ software solutions for issuing and acquiring, payment processing, remote banking service and financial transaction routing, Network International’s new platform will be the first of its kind in the region.

Network One is based on a framework that allows innovative products to be created by monitoring the behaviour and attributes of a payment. It will also fully support the implementation of value-added services such as loyalty programmes, mobile payments, loans and fraud management.

Commenting on the launch, Bhairav Trivedi, CEO of Network International, stated: “Network International’s success is based on working closely with our customers and partners. The introduction of Network One is a strong example of this principle, and it will be important to our continuing to be at the forefront of technological and product development within our market.”

Network One will also play an important role in the further development of the Mercury system, which was launched by Network International in April 2013. The Mercury platform is the first ever UAE-focused closed loop prepaid programme, through which Network International plans to offer UAE residents a wide range of cost-effective and value-added domestic prepaid payment alternatives. The Mercury platform will also enable the acceptance of these cards at all Network International POS terminals and ATM’s of participating member banks across the UAE.

Following the launch of the Mercury platform, Network International also recently announced a global partnership with Discover Financial Services to provide international acceptance for its future provision of credit and debit cards. The strategic alliance will allow the acceptance of Mercury Network Cards on Discover, Diners Club International and PULSE networks for international purchases and cash access outside of the UAE.

Hans Van Buylaere, Managing Director OpenWay Middle East, commented: “This project proves that WAY4 solutions by OpenWay are reliable and ready to meet new market requirements. In the Middle East market, where cards and bespoke payments are developing rapidly, we are ready to implement our best practices and share our experience in this special partnership.”

Mr Trivedi continued: “The new platform will allow Network International to develop solutions for our clients in a manner not available to our competitors and peers in the region. Through the greater understanding of customer behaviour in payment and card use, our clients will be able to develop propositions, which exactly match the requirements of their customers. We are fortunate to have been able to partner with OpenWay on this platform, as it is acknowledged as one of the leading providers of software solutions in this market and its expertise will be invaluable in our development of Network One.”

As part of the partnership agreement with OpenWay, Network International will also be the strategic partner of OpenWay’s licensed solutions within the Middle East, African and South Asian markets. This is consistent with the company’s recent strategic initiatives which are designed to broaden its geographical footprint within its core service market.

Network International

Established in 1994, Network International LLC is the largest acquirer in the UAE, and a leading payment solutions provider in the Middle East and Africa region (MEA), servicing more than 70,000 merchants and 200 financial institutions across 55 countries. The company’s service offering comprises a comprehensive range of payment products and services for both the Issuing and Acquiring segments of banks, financial institutions and retail merchants including end-to-end consultancy ranging from planning and designing to developing of new card and consumer finance products and services. In addition, the company offers several value-add products including data analytics, scoring and loyalty solutions. Network International has Operation centers in the UAE, Egypt, Jordan, South Africa and India, with its corporate head office in Dubai. The company recently acquired Emerging Markets Payments Holdings Limited (EMPH) and continues to invest in strategic partnerships that will increasingly see its influence spread across the region.

As the first independent vendor certified by both Visa & MasterCard for card payments in the Middle East, Network International is a Principal Member of Visa International and MasterCard International in the UAE and enjoys extension of its MasterCard License in other key countries. It is also a member of JCB and Union Pay card schemes, and it owns and manages the Diners Club International Franchise in the UAE, Egypt, Lebanon and Jordan. The company also launched a GCC-based domestic scheme, Mercury, and partnered with Discover Financial Services (DFS) to allow global acceptance of Mercury cards on the Discover, Diners Club International and PULSE networks. Network International is a Payment Card Industry Data Security Standard (PCI DSS) certified company.

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.