wallets

Clik to launch in Cambodia in 2019

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  • Cambodian startup Clik raised more than $2 million before its 2019 launch

  • Observers say that Clik is a good addition to Cambodia’s fintech scene

  • While Clik is primarily an analytics app, its CEO says that the company respects the privacy of would-be clients  

 A new payments app is about to enter the Cambodian market and it raised over $2 million before its scheduled launch. Clik is poised to launch a new payment gateway and aggregator and many are said to be excited about the event.

The only downside about the report, according to fintech observers in Phnom Penh, is the fact that there is no mention of overseas transfer rates or that users can transfer money internationally through the app.

The good news is, the app will make transferring payments between consumers and businesses more seamless. According to the fintech, Clik users can use the app to pay for goods and all they need to do is to input their credit cards or e-wallets into the app.

“Our app will be very easy to use, much easier than a payment terminal with 25 buttons on it”, explained Clik CEO and founder Matthew Tippetts while talking to Southeast Asia Globe. “The consumer will have a wide array of payment capabilities in one place – simple, seamless and safe to use”, he added.

The company notes that the app is a useful addition to the set of tools that businesses have. Tippetts said that merchants can use the app to grow their business. Clik is described by Tippetts as: “a new data company” driven by analytics. Its main purpose is to “enable offline businesses to have the same data as online businesses so that they can grow”.

According to Clik executives, the app will be aggregating user transactions and will provide merchant partners with basic data analytics. The latter will provide businesses with better insights on marketing techniques. Merchants will have the capability to offer a better and a more personalised experience to their target market as well.

The app attracted the attention of Limestone Technology, an international business headed by SeedIn’s founder Eddie Lee. It also caught the attention of Openway, a software vendor. Investments from these companies, along with money put in by a number of Cambodia’s angel investors, made it possible for Clik to raise over $2 million. The capital was raised long before the business’ scheduled launch. The company is reportedly planning to raise another million by early 2019.

Clik is primarily a data analytics app, but Tippetts made it clear that the company respects the privacy of its would-be clients. He noted that companies like Clik “need to be ethical” when collecting data, adding that he will make sure that the app is compliant with all of the data collection laws in Cambodia.

In an interview, Tippetts said: “We definitely aren’t giving out individuals’ personal data, and we’re not selling or giving any information to third parties.”

Find out more about the payment and remittance industry here.

Source: FXcompared Magazine

Cambodian Fintech Startup Clik Secures Seed Funding From OpenWay

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Cambodian payment startup Clik has announced the closing of a $2-million seed funding round led by global tech firms Limestone Technology and OpenWay and joined by several angel investors from Cambodia’s retail sector.

In an official release, the startup said it is considering raising an additional $1 million to further complement its latest funding round. Founded in 2016 by serial entrepreneurs, Matthew Tippetts, Skye Cornell and Darren Jensen, Clik is a payment gateway and aggregator that aims to provide a safe, seamless and simple payment experience.

Through utilisation of the latest technology, including mPOS, machine learning, and biometrics, Clik’s payment aggregator app facilitates swift payments using their own e-wallet or other platforms.

The company says it will be officially launching its platform in Cambodia in Q2 of 2019 upon receiving its Payment Service Provider license from the National Bank of Cambodia.

By targeting the Cambodian market, Clik will be looking to leverage on internet economy boasting over 7 million internet users and 8.4 million smartphones, which is also seeing a growing electronic payment industry.

According to Clik Co-Founder and Chief Technology Officer Darren Jensen, the proceeds from the seed funding round, which is nearly complete, has been used to drive product development for the beta version and commercial release preparations.

Clik’s funding comes in the same week as a mega-deal announced by Grab, which has paved the way for it to become the first company to launch e-money licensed payments services across six major ASEAN countries. Grab announced yesterday that it raised a $50 million strategic investment from Thailand-based KASIKORNBANK (KBank), which at the same time, marks the entry of its payment arm into the Thai market, having already established operations in Singapore, Malaysia, Indonesia, Vietnam, the Philippines. 

Source: Deal Street Asia

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

Eurasian Bank, Mastercard and OpenWay Issued Eurasian Pay Digital Wallet

ALMATY, May 2, 2018

Today Eurasian Bank, Mastercard and OpenWay presented Eurasian Pay digital wallet to the market: now the Bank clients, Mastercard cardholders will be able to make one-touch payment for purchases with a smartphone to the terminal. Transactions made with Eurasian Pay are protected by Mastercard advanced security developments.

You can connect to the service without visiting the Bank, it is enough to have a smartphone based on Android 4.4 and higher, supporting NFC technology, and download the Eurasian Pay mobile application on Google Play. For the convenience of customers, the Bank provides the opportunity to choose two methods for confirming each payment - in the “background” mode, using the fingerprint recognition system or entering the password. Customers of other banks can also use the service by ordering a MasterCard card with home delivery in the Smartbank mobile application.

“Technology makes our life easier. We hope that Eurasian Bank customers will appreciate convenience of the new service, whose advantage lays in its simplicity. The digital wallet will allow them to make purchases in one-touch at more than 50 million trading platforms in 111 countries, while they will not need to carry a bankcard to pay. This is a new stage for our customers who are accustomed to non-cash payments, for which they receive increased bonuses, now, instead of plastic, they can switch to payments by their phone. Today, 87% of our Internet banking customers use Android-based phones. We are sure that they will appreciate the new service on its merits”, said Pavel Loginov, CEO of Eurasian Bank

Mastercard was the first to introduce the tokenization service in Kazakhstan, and now banks of the Republic will be able to provide their customers with modern payment solutions for contactless payment by smartphones and other devices. 

“Mastercard is a technology company. We develop solutions for non-cash payments and for many years have been creating innovations for mobile commerce. We are pleased that with the Mastercard tokenization platform the most modern achievements of the global payment industry are available in Kazakhstan now. Together with partners we offer convenient and safe non-cash payment tools that meet the user expectations and will promote the development of the digital ecosystem to achieve sustainable economic growth, improve the competitiveness of the economy and enhance the living standard in the country”, noted Geniyat Isin, Head of Mastercard in Kazakhstan

The Mastercard Digital Enablement Service (MDES) tokenization platform allows integrating a high level of protection in mobile payment services. The bankcard data is safe due to the latest developments in payment technologies - EMV, tokenization and cryptography. When using the Mastercard card in the Eurasian Pay wallet, its number is not stored either on the mobile device, on the Bank servers, or at the merchant enterprises. Instead, at connection of the Mastercard card to the wallet, a unique token - a 16-digit combination of numbers tied to the wallet on a specific smartphone is generated. This token is used for payment.

Each transaction made with the help of a token credit or debit Mastercard card, is reliably protected both for buyers and for outlets. For several years, Mastercard has been closely cooperating with technology partners and financial institutions, introducing the payment tokenization service. For the first time, the MDES platform was introduced in 2013 in the US, and since that time, millions of Mastercard cards have been processed as part of the tokenization service for use in popular electronic wallets.

Source: Eurasian Bank

About Mastercard

Mastercard – a technology company operating in the global payment industry. We manage the world’s fastest payment processing network, which connects consumers, financial institutions, trade companies, government and business structures in more than 210 countries and territories. Mastercard products and solutions allow you to more easily, safely and efficiently solve everyday problems, for example, to make purchases, travel, conduct business and manage finances.

About Eurasian Bank

Eurasian Bank is one of the socially important commercial banks of Kazakhstan with a 24-year history of development. The financial institution occupies a leading position in the retail banking business and provides a wide range of services to corporate and SME clients. In September 2017, the Board of Directors adopted the development strategy of the financial institution until 2022, with a focus on retail business development. 

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).

Mastercard Payment Transaction Services Launches Tokenization on WAY4

Mastercard Payment Transaction Services S.A. (MPTS), a European processor, rolls out a new digital payment solution that leverages Mastercard Digital Enablement Service (MDES) tokenization for secure payment card provisioning on mobile devices. The solution allows Mastercard Issuers to easily deploy the latest mobile pay schemes including Apple Pay, Android Pay, Samsung Pay as well as to enable mobile payments on wearables. The project has been implemented together with OpenWay, a software provider ranked #1 by Gartner in digital payment solutions.

New solution is already used by banks across Europe and allows their cardholders to pay on the go with use of Apple Pay and Android Pay or card issuer’s mobile wallet – both in-store and online. The speed and EMV-level security of these payments are guaranteed by the use of tokens instead of actual PAN. All Mastercard transactions go through the MDES platform, which manages tokens and converts token to card number and vice versa. WAY4, an OpenWay’s card processing platform used by MPTS for card issuing, supports real-time interface to MDES and manages authorization, clearing and settlement for all tokenized transactions.  

“This new solution allows us to be an innovative processor that enables all our clients to follow the latest trends in the world of digital payments. Together with our vendor OpenWay, we provide a very attractive time to market for such services, which is now key success factor for our clients participating in the process of digitalization”, – comments Marek Sagan, Member of Management Board Mastercard Payment Transaction Services S.A

“Interest in tokenization solutions in banking and e-commerce community is driven by immense growth of mobile commerce. OpenWay has completed more than 10 tokenization projects in Europe and Asia, being the first vendor to launch Apple Pay and Samsung Pay together with banks in a few countries. We believe that the project with MPTS is extremely important and timely for European markets because of high mobile phone penetration, well-developed POS terminals infrastructure, and consumers awareness and high expectation of contactless technology”, – says Maria Vinogradova, Director of Strategy and Market Intelligence, OpenWay. 

About Mastercard Payment Transaction Services S.A.

Established in 2008 Mastercard Payment Transaction Services is a European payment processor. Headquartered in Warsaw Poland, with business teams located in Frankfurt, Munich, Paris, Madrid and Lisbon. The company provides its customers with end-to-end innovative processing solutions and it has experienced very dynamic growth over the past few years. In addition, Mastercard Payment Transaction Services S.A. supports banks, fintechs and retailers in introducing innovative payment products and is heavily oriented on best practices as well as state-of-the-art technologies of the payment industry. The company is a part of the global Mastercard Processing division with over 2,500 employees supporting customers in 70 countries worldwide.

OpenWay Becomes A Leader in Digital Wallets

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OpenWay Recognised as Market Leader for White-Label Mobile Wallet Solutions

The WAY4 Mobile Wallet solution from OpenWay, an expert in digital payments and developer of the top-ranked WAY4 digital payment and card processing platform, has been judged a ‘market leader’ in a recent Ovum Decision Matrix report. The report evaluated the technology, execution capabilities and market impact of seven short-listed white-label vendor solutions, across various sub-criteria. It found that the OpenWay solution had established a commanding market position and was widely accepted as best of breed in terms of innovations, functionality, platform, client base and geographical presence. As such, Ovum believed the WAY4 Mobile Wallet solution was worthy of a place on most technology selection shortlists.

DOWNLOAD THE REPORT >>

The WAY4 Mobile Wallet solution from OpenWay, an expert in digital payments and developer of the top-ranked WAY4 digital payment and card processing platform, has been judged a ‘market leader’ in a recent Ovum Decision Matrix report. The report evaluated the technology, execution capabilities and market impact of seven short-listed white-label vendor solutions, across various sub-criteria. It found that the OpenWay solution had established a commanding market position and was widely accepted as best of breed in terms of innovations, functionality, platform, client base and geographical presence. As such, Ovum believed the WAY4 Mobile Wallet solution was worthy of a place on most technology selection shortlists.

17 clients have deployed various configurations of the WAY4 Mobile Wallet solution in Europe, the Middle East and Africa, and Asia Pacific regions. These include the mobile wallet in Switzerland, enabled by SIX Payment Services; B1NK, Kazakhstan, a digital bank launched from scratch with the WAY4 Digital Banking, WAY4 Mobile Wallet and WAY4 Messenger Banking solutions. Additionally, numerous launches of OEM and HCE wallets based on the IPS tokenisation and WAY4 cloud technologies in Eastern Europe and Asia. One of these projects — the MDM Bank, Russia mobile app with embedded contactless payment functionality — was rated the best mobile banking app in Eastern Europe by Global Finance in 2016. 

“With an impressive client list and a proven track record of large-scale deployments, the WAY4 Wallet white-label platform has proven itself as capable of meeting the needs of most wallet providers for the ever-growing range of wallet-driven payment capabilities,” said Gilles Ubaghs, Principal Analyst – Financial Services, Ovum. “Its focus on strong integration standards, flexible deployment options, and modular design means it will likely remain at the forefront of technology deployments in the mobile wallet space for the immediate term.”

“Few organisations have the time, resources, budget or even appetite to create a mobile wallet from scratch. Our highly flexible, open software cuts the time, cost and complexity of launching various types of mobile wallets. Since the WAY4 Mobile Wallet covers both front- and back-office and rich-function APIs, it helps our clients to implement their digital strategies and innovate with various wallet services and unique customer experiences,” said Maria Vinogradova, Director of Strategy and Market Intelligence, OpenWay Group.

The WAY4 Wallet solution supports the entire wallet lifecycle, including customer onboarding, card, account, e-money, bonus points and coupon management, payments and transfers, tokenisation, personal finance analytics, risk management, and loyalty programmes. Its back-office functionality allows for comprehensive multi-currency accounting, GL, and clearing and settlement. The unified front- and back-end architecture is designed to provide full online omni-channel capabilities across payment tools and channels.

“Given that every organisation’s infrastructure is different, the WAY4 Mobile Wallet solution can be delivered as a stand-alone mobile app or integrated with third party wallets and mobile banking apps via API. It also interfaces with core banking and card processing systems. All of this helps maximise flexibility and minimise integration and configuration headaches,” concludes Maria Vinogradova, Director of Strategy and Market Intelligence, OpenWay Group.

 

ABOUT THE REPORT

The Ovum Decision Matrix: Selecting a White-Label Mobile Wallet Solution 2016-17 report helps banks, retailers and other organisations choose the white-label mobile wallet platform that best supports their specific needs and goals. 

To be included in the report, the solution had to have mid- to long-term potential, be applicable to financial service players and available in multiple geographies, as judged by Ovum analysts. 

The assessment methodology was based on responses to a detailed RFI, a solution briefing and an Ovum scoring assessment exercise. Weightings were used to calculate scores for both primary and sub-criteria, and were based on analysis of the typical importance of each criterion in the selection process for mobile wallet platforms. 

Ovum found that the mobile wallet market was increasingly fragmented with many new entrants, including the ‘Pays’. Investment in mobile wallets remained a top priority for over one third of issuers globally, many of which supported a range of mobile platforms simultaneously. As a result, white-label platform design is becoming more agnostic to devices and specific functionalities. A focus on integration, configuration and customisation through APIs and SDKs is key.

OVUM

Ovum is a market-leading research and consulting business focused on converging IT, telecoms and media markets. We create business advantage for our customers by providing actionable insight to support their decisions.

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.

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.

Apple Pay Launched for the Russian Market with Sberbank and MasterCard

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Mastercard® cardholders of Sberbank will be the first to use the innovation

October 4, 2016, Moscow — Sberbank clients, holders of Mastercard® cards, can now use Apple Pay, which will let them make secure and convenient contactless and online payments. 

“Apple Pay is driving the popularization of contactless payments in Russia and globally. Many Sberbank clients actively use new technologies, and an increasing number of them will prefer cash-free and contactless payment using their smartphones,” commented Alexander Torbakhov, Deputy Chairman of the Executive Board of Sberbank.

Security and privacy are at the core of Apple Pay. The service leverages the safe and secure Mastercard Digital Enablement Service (MDES) platform of Mastercard, which uses the most advanced payment technologies – EMV, tokenization, cryptography and biometrics – to ensure the integrity of cardholder information. 

When a client adds a Mastercard credit or debit card to Apple Pay, the card number is not stored on the device or Apple’s servers. Instead, a unique ID is assigned to each device, which is encoded and safely stored on the device’s Secure Element chip. 

“Mastercard is a technology leader and we are committed to bringing innovations to the Russian market and by doing so, we get Russia to the digital future. With the launch of Apple Pay cardholders have a safe, easy and private way to pay for everyday purchases with their favorite devices – when, where and how they want,” said Alexey Malinovskiy, Head of Mastercard Russia, Kazakhstan, Belarus and Armenia.

Apple Pay can be easily set up in the Sberbank Online mobile application, which is familiar to all Sberbank cardholders. Users can enjoy contactless payment service while continuing to receive all the benefits from using their credit and debit cards. 

In stores, Apple Pay works with iPhone SE, iPhone 6 and later, the Apple Watch. 

Online shopping in apps and on websites accepting Apple Pay is as simple as the touch of a finger with Touch ID, so there’s no need to manually fill out lengthy account forms or repeatedly type in shipping and billing information. When paying for goods and services on the go in apps or Safari, Apple Pay works with iPhone 6 and later, iPad Pro, iPad Air 2, and iPad mini 3 and later. You can also use Apple Pay in Safari on any Mac introduced in or after 2012 running macOS Sierra and confirm the payment with iPhone 6 or later or Apple Watch.

Mastercard contactless payments are available in 77 countries with 6 million acceptance points around the world.

For more details about Apple Pay, please visit follow the link.

ABOUT SBERBANK

Sberbank is Russia’s largest bank and a leading global financial institution. Sberbank holds almost one-third of aggregate Russian banking sector assets; it is the key lender to the national economy and the biggest deposit taker in Russia. The Central Bank of the Russian Federation is the founder and principal shareholder of Sberbank owning 50% of the bank’s authorized capital plus one voting share, with the remaining 50% held by domestic and international investors. Sberbank has more than 135 million individual customers and more than 1 million corporate clients in 20 countries. Sberbank has the largest distribution network in Russia with almost 17,000 branches, and its international operations include UK, US, CIS, Central and Eastern Europe, Turkey and other countries.

The bank holds the general banking license No.1481 issued by the Bank of Russia.

ABOUT MASTERCARD

Mastercard (NYSE: MA) is a technology company in the global payments industry. Mastercard operates the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow Mastercard on Twitter @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.

MasterCard Contactless Payments via Mobile Phone with no Additional Passwords

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MDM Bank, one of the largest private banks in Russia, has launched single-tap Mastercard Contactless mobile payments with no additional passwords.

Using the MDM Bank mobile app, the customers can now pay from their Mastercard account with no need to enter a PIN-code or additional app password or even to activate the application before payment. Customers simply unlock their phone and tap it to a contactless reader to pay. The service is based on the solutions by MasterCard and OpenWay, a recognised leader in software for bankcard issuing and acquiring, payment switching, digital banking services and omni-channel payments.

Consumers can now choose how they pay with their mobile phones: with or without a mobile PIN. The new PIN-less service is available to MDM Bank mobile banking customers, who have smartphones running Android 4.4 and higher with NFC support. The application also works on phones unlocked with fingerprint sensors.

The application fully complies with Mastercard security requirements and ensures the protection of financial data according to the international standards. To support the service, OpenWay was the first international vendor to have passed the Mastercard Cloud Payments version 1.0+ certification.

The new service runs in offline mode and is optional for customers. Mandatory authentication to confirm a payment can still be set up in the app, if required.

"Currently only a few banks in Russia have implemented contactless payments via smartphone with HCE technology. MDM Bank's solution allows clients to make purchases without starting the app and without the device being connected to the Internet. HCE technology allowing contactless payment is going to be everywhere: to pay for public transportation, as an access pass for work, school or university, and trends in the development of mobile payment services will only help spreading HCE technology", – Pavel Mikhalyov, director of the development of mobile services department, MDM Bank.

"We now offer a range of solutions for contactless payment – not only using plastic cards, but with smartphones and other form factors, such as wristwatch. With Mastercard Contactless payment technology, a smartphone's usual functionality is upgraded with a possibility to pay for goods and services safe and fast in Russia and abroad, since the solution is available globally", said Dmitry Tartyshev, Business Leader, Business Development, Mastercard Russia. – "We're happy that Mastercard’s technological solutions allow MDM bank to offer its clients the commodity of tap&go payment with their smartphones, making their user experience as convenient and secure as all Mastercard solutions".

MDM Bank's contactless mobile payments functionality is based on WAY4 Host Card Emulation (HCE) technology developed by OpenWay. This universal solution allows issuers to independently issue mobile version of cards and store clients' financial information in a protected format (tokens) on the bank's servers. OpenWay offers a white label application for tokenisation, which the banks can brand with their corporate colors, or use off-the-shelf. In addition, OpenWay develops a new solution that allows a bank to serve mobile tokens from other service providers (Apple Pay, Samsung Pay, Android Pay etc.) in its own, branded, mobile app.

"The opportunities for improving the user experience that we can provide using wallets and tokenization significantly exceed those available with the traditional payment infrastructure. It would be premature to say that plastic will no longer be used in five years but it's clear that there is a category of clients and business tasks for which contactless mobile payments are becoming an important competitive advantage", said Anton Polonovsky, director of business development at OpenWay in Russia and the CIS.

Recently MDM Banks’ Mobile app was recognized as the Best Mobile Banking App by Global Finance magazine in the 2016 World’s Best Digital Banks Awards in Central and Eastern Europe.

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.”

Looking for Mobile Customers' Engagement and Monetization?

The WAY4 Mobile Wallet white label software solution helps banks and payment processors to engage their cardholders and merchants with their-branded digital wallets.

You can launch your own digital wallets for online customer enrollment, payments and P2P transfers, e-commerce and NFC payments, marketing, security, and other value-added services. Enjoy the movie and ask us for more details!

Bank and Vendor: Dependency or Partnership?

OpenWay and AK BARS Bank, one of the top 20 banks in Russia and general partner of the 2013 Universiade in Kazan, Russia have recently implemented a number of innovative projects together. The results have been amazing: in a short time, the bank has attained a new level of payment service based on contactless technologies and new delivery channels. The director of “AK BARS” Bank’s processing centre, Artur Khabibrakhmanov, shares the secrets of a successful partnership between bank and vendor.

«AK BARS» Bank is the largest bank in the Republic of Tatarstan, one of the most developed regions of Russia, and it was the leading bank services’ provider during the Universiade 2013 that recently took place in Tatarstan. What innovative products were prepared and how will they fare in the future?

The bank had a complex task to create a payment infrastructure for the Universiade’s participants and guests, and the bank’s team began work on this long before the event itself. In addition to ATMs, payment terminals, transaction kiosks and standard card types, a number of innovative issuing and acquiring products were developed. For example, we developed a number of issuing products based on multiservice cards including both contact and contactless bank products, transportation offers and a loyalty programme, as well as an identification application that served as an entry pass to Universiade sites and a ticket to competitions, all on one physical medium. 

I would say the most interesting product created for the Universiade is a contactless “wallet”, the first to be implemented in Russia. Physically it consists of a Watch2Pay wristwatch and two renewable prepaid MasterCard cards with a limit of up to 15,000 rubles. The first card, with a magnetic stripe, is used to replenish the account, and the second, a chip card, is for the watch; both are linked to the same account. Contactless payment is made with MasterCard PayPass technology at merchants, restaurants and cafes, filling stations and terminals with payment services. We set up several thousand such locations in Kazan and there are several million worldwide. 

The second product is NFC sets that we issue jointly with mobile operators. The set includes a telephone supporting NFC technology and a SIM card linked to a bank card. The linking is done in WAY4 processing system used by “AK BARS”. Payment is made using a mobile phone.

Of course, we also offered guests non-renewable prepaid cards that can be given as gifts. Among these, I’d like to single out the “Guest of Kazan” card. This card for 1 or 2 people could be used to obtain discounts at museums; they also contained a transportation application that guests of our city could use to pay for public transportation. 

Meal cards for volunteers are also noteworthy: 20,000 Universiade volunteers could use them for lunch at “McDonald’s”. This international chain has specific and strict requirements and its own acquirer. Nevertheless, we were able to provide a payment service using the WAY4 platform issuing programme, ensuring compliance with requirements for service time, points of service and meal costs. 

The entire payment infrastructure was built based on the widespread use of contactless technologies. Now, after the Universiade, this infrastructure continues to work for the Bank’s clients and guests of Kazan. Accreditation cards that were part of the accreditation badge at the Universiade can be used as regular bank cards (and retain their multiservice functionality). The majority of almost 200,000 cards issued for the Universiade can be further used by Bank clients, and the same is true for devices installed by the Bank for the Universiade. Our developments will continue to grow (many of them will be put to market in the near future), and of course, we hope to use them in upcoming large events such as the world aquatics championships in 2015 and the FIFA World Cup in 2018.

AK Bars Bank Watch with NFC technology and a SIM card linked to a bank card - special issue for the Universiade in Kazan

AK Bars Bank Watch with NFC technology and a SIM card linked to a bank card - special issue for the Universiade in Kazan

You mentioned WAY4. How long has the Bank been using WAY4? How you build a relationship with the vendor? 

I came to the Bank in 2004, and at that time a processing configuration was implemented in which the OpenWay solution was one of the elements (authorisation and back office), and a different company supplied the front office solution. At that time such a configuration was warranted by limitations on computing capacity and communication channels, which made it possible to separate processes of device management and settlements. But as client demand developed and grew, it became clear that tighter integration between front and back office processing was necessary. Clients were requiring more complex bank products, to obtain account statements and make various payments. This all leads to breakdowns in the business logic between the systems, making it difficult for the bank to work efficiently in creating new products and services. It was decided to move to a single system that would unite everything - both acquiring and issuing - in one core. OpenWay’s WAY4 solution was chosen as this system.

The OpenWay solution supports a large number of transaction types: both those that are made directly through payment systems and those that are not regulated by payment systems, and which are the majority in the Bank’s business. Moreover, OpenWay is tried and true on the Russian market and we often use the experience of other banks when implementing – this guarantees reliability and quality client service. Also, WAY4 is scalable, which is very important to us, as a fast-developing bank. 

How would you assess the technological partnership between the Bank and the vendor? What does its success depend on?

In Russian banks, technology to implement new functionality and offer new products is developing rapidly in order to retain existing clients and attract new ones. This means that OpenWay, like any other successful vendor, is often a trailblazer in innovation and this involves a high workload. In implementing new functionality for the demands of business, OpenWay does not always have the necessary experience, but we also don’t always have this experience in something new either. However, the bank's practice of implementing innovations jointly with the solution vendor in past years has shown that together we can carry out even the most complex projects. Of course, this creates a dependency of the Bank on the vendor. And this dependency is present in our Bank also. 

At the same time, we have quite broad capabilities provided by the solution vendor. For example, we independently created all issuing products for the Universiade, using OpenWay tools. We practically didn’t contact the developer, basic consultation was enough. For example, the WAY4 Product Inspector allowed us to build credit product portfolios on our own.

I think each party should do what it does best: the vendor should create good software, the bank should offer clients services based on these products. This kind of relationship promotes our common business.

How do you see the development of processing as a whole? Until recently, the concept of an Internet or mobile banking didn’t even exist. Do you think “classic” banking on its way out?

It’s true, several years ago, there was only one standard for cards. But now the boundaries of card use are really fuzzy: there are virtual cards, NFC, and watches, for example. It’s easy for a card to simultaneously be a wallet and an ID card and a transportation pass. That said, the core and the platform on which relations between the bank and client are built remain the same. And consequently, the solutions offered by the vendor will continue to work. Processing is being modernized, new products are being created. But, of course, remote channels are coming into their own. People are essentially lazy and if they can stay on the couch, they will. I think that the next popular tendency in remote banking service will be automatic payments. They make it possible to manage but not to trace basic expenses – housing, phone, petrol… This will all be paid automatically and all cardholders have to do is create templates, or have someone do it for them. As far as I can see, the client is interested in remote banking services becoming a system for financial management.

On the topic of processing modernization, you probably mean technological migrations. Have you undergone migrations with your vendor?

The very first and longest migration was to EMV processing. At that time, in addition to modernization of the core and software, we had to replace and modernize the terminal network and this process included certifying the solutions of vendors supplying devices and software for these solutions. 

Next, in preparation for the Universiade, we migrated the ATM controller to WAY4 since we needed to support additional functionality for a significant number of ATMs in Kazan. And now we are completing the migration of the remaining devices and fully going over to the WAY4 single platform. Moreover, together with OpenWay, we are significantly expanding our Web banking capabilities: for all intents and purposes, we’ve built a new one, only taking best practices connected with client preferences from the old one. 

What is the “old” Web banking? 

We used the Web banking of one of the most widespread vendors in Russia and were totally satisfied with it, but we began to find we were missing existing tools that are widely available in OpenWay. We are talking about various additional balances, statement types, work with limiters, templates and much more requiring significant integration expenses if a third-party solution is used, but are easily resolved when using OpenWay Internet banking. On the basis of Web banking, we also plan to develop mobile banking: we will definitely release a client application. 

We’ll be honest: all vendors are interested in the further penetration of their products in the bank. What may be the next step?

I’ve already noted automatic payments, for which there may already be mass demand in the near future. It’s possible that the resources of large integrators may start to be used, which would allow information about client payment requirements to be united in one place. For example, today many payments are processed separately: some companies process utility payments, others, communications services, and possibly, the bank will need an integration pool for a specific client. This will assist both parties: the bank in collecting all the client’s payments and balances and the client, in managing his financial history. Gradually the need to physically come to the bank will disappear, but the financial institution will remain in the life of the client. 

One way or another, the majority of consumer activity is connected with money – planning vacation, purchases, payments and more. And in the battle for the client, the bank that can perceptibly save not only the client's money but time, will win. 

In conclusion:

When I’m asked what the card business should expect in the future, the communication service business comes to mind. The first time I came to a telephone exchange, there were all sorts of wires going from the exchange in different directions, telecommunications racks taking up entire buildings. Not much time has passed, but there is no longer any need for these huge buildings: the exchanges themselves use relatively small facilities and communications providers offer clients more than just voice communication services. 

The card business is similar – it’s not only a service for withdrawing cash at ATMs but also a myriad of other financial services based on remote channels. And, possibly, the big buildings occupied by banks today won’t be needed any more, and a client going into a bank office of the future won’t see any people there: remote services offered by the banks will be sufficient.

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.

AK Bars thanks OpenWay for its great contribution to the banks’ success

We appreciate the feedback of our client, AK Bars Bank, for our cooperation and success in preparation for the 27th Universiade that was held in Kazan, Russia, on 6-17 July 2013.

Watch2Pay - part of the payment ecosystem created for Universiade in Kazan by AK Bars Bank and OpenWay

Watch2Pay - part of the payment ecosystem created for Universiade in Kazan by AK Bars Bank and OpenWay

“Allow us to express our deepest thanks to you and your company’s staff for your great contribution to the success of Universiade 2013 in Kazan. Together with the Bank, OpenWay Service implemented innovative bank products used during Universiade 2013, such as prepaid cards, volunteer cards, accreditation cards, guest cards, Pay2Watch watches, and NFC via SIM. Also, ATMs, POS terminals and kiosks supporting innovative WAY4-based banking technologies were deployed and launched at Universiade facilities in the shortest possible time.

Some of the products were implemented in Europe and Russia for the first time. Products created together with your company were highly appreciated by visitors and citizens of Kazan, as well as participants of Universiade 2013.

Solutions created by your company demonstrated high reliability and fault tolerance. We hope for further effective cooperation in creation of new innovative bank products, and wish you and your company prosperity, affluence and continuous development for the benefit of your clients and Russia’s financial industry in general.”

M. Dubkov, Director of Information Technologies Department, AK Bars Bank

M. Ganeev, Director of Retail Business Department, AK Bars Bank

OpenWay Announces the Arrival of WAY4 Wallet

The WAY4 Wallet solution is aimed at developing financial services in the virtual and e-money environment. This innovative product has strategic value for banks that are putting an emphasis on attracting and servicing clients through the Internet and mobile applications. The product will be presented at the leading international exhibition - CARTES 2012 - in Paris during an OpenWay workshop that will take place on November 6 at 11:15 in room 2.

Mobile and internet channels are becoming more and more popular as the first choice of cardholders for the way they get service. This is a serious reason to re-examine the approach to providing retail banking services. The WAY4 Wallet solution makes it possible for banks to attract other banks' clients and get fee revenue from servicing their cards through mobile phones and the Internet. Client service is possible not only through the bank's Web portal or application on a client's mobile device but through any Internet spaces or social networks. 

Moreover, thanks to WAY4 Wallet, a visitor to the portal or mobile phone owner can become a bank client without even setting foot in a financial institution: this is done online in a matter of minutes while observing a high level of security.

Thanks to the built-in mechanism for target marketing and cross-sales, the bank is able to approach current and potential clients directly, offering them new products and services. In the virtual personal office, clients can manage their cards, make payments and transfers, receive targeted offers from the bank and respond to them, all from a single point of entry. Using state-of-the-art channels - Internet and mobile phone - WAY4 Wallet can acquire any card: prepaid, credit or debit regardless of the issuing bank. 

WAY4 Wallet can be used as a personal office in which cardholders can associate their cards, obtain virtual cards and manage them, make financial operations, create any payment templates and receive personal messages from the bank. 

Wim Pardon, Managing Director of OpenWay EMEA, comments: “When developing solutions for working with new service channels, the first thing we do is analyse the demands and expectations of clients actively using these channels. Our multi-channel solution was initially based on the concept of a payment ecosystem, and this approach has totally lived up to expectations. It is now time to take the next step. This means even new clients can easily be registered online, it means expansion of financial space by servicing all the client's financial instruments and moving into social networks and a lot more that allows companies using WAY4 to be attractive to an audience that is used to good service in the virtual dimension.”