telecom

Finnet telco – 34% Annual Growth in Transaction Flow on WAY4 Switch

OpenWay Group has been supporting the Indonesian payment leader ever since Finnet migrated to the WAY4 Switch platform nearly a decade ago. 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.png

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.

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.

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

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.”

Industry: Payment switching, Telecommunications

Project: National/regional payment switching

Solutions: WAY4 Switch & Channel Banking

Project Implementer: OpenWay Group

Being the Core of the National Payment Ecosystem

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

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

finnet_ecosystem.png

Migration to WAY4 Switch – Reasons and Outcomes

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

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

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

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

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

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

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

A Promising Future

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

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

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

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

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

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

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.”

OpenWay’s WAY4 Processes AIS Mobile Top-up Transactions

OpenWay, a global provider of payment processing solutions for banks, telcos, processors and government agencies, announces the successful migration of Advanced Info Service Plc. (AIS) “Refill-On-Mobile” solution to WAY4.

Today, WAY4™ manages all prepaid phone mobile-refills and bulk purchases for AIS.

The OpenWay team replaced AIS's legacy system with WAY4™, establishing greater PIN security and offering an enhanced multi-level agent-based USSD top-up together with a host of other pioneering features, asserting OpenWay’s leadership in providing secure and high-performance transaction processing solutions. 

“WAY4™'s ability to process AIS’s high volume top-up transactions with built-in fault tolerance affirms WAY4™ as the industry's most compelling technological proposition for mission-critical, high-performance systems requiring exceptional reliability, " said Wim Pardon, Director of OpenWay Belgium. “This deployment by one of Asia’s largest mobile services providers demonstrates the outstanding value OpenWay provides through our market-leading combination of quality engineering and advanced technology.”

In addition to the benefit of enhancing the existing top-up features, WAY4™’s solution framework presents a string of business possibilities which allow AIS to innovate and bring new features to the market quickly. 

"WAY4™ is an excellent illustration of how AIS brings together the best of breed enterprise solutions to deliver new levels of service experience to our business partners and mobile subscribers. We leveraged on OpenWay’s experience in secure payment transactions and WAY4™’s flexible solution framework to enhance our mobile refill system and to cater to the dynamic and rapidly growing business. Since then the transaction volume has increased by more than 30% and AIS agents have doubled." says Tay Yeow Lian, Vice President, Product Development, AIS.

What is WAY4™ Mobile Top-up?

WAY4™ Mobile Top-up is a mobile refill transaction processing solution from OpenWay. It has been designed to work with mobile solutions to process high-volume transactions and provide the necessary transactional and system security and reliability. Rich and proven in functionality, WAY4™ Mobile Top-up is best qualified to meet the needs of telcos in transaction management and to support innovation in mobile services.

Advanced Info Services Plc. Thailand (AIS)

Advanced Info Service Public Company Limited (AIS), a subsidiary of Shin Corporation PCL., is the established leader in Thailand’s wireless communications industry after more than 15 years of services with its market share more than 50%. To date, AIS service network covers 795 districts (Amphur) throughout Thailand, plus international roaming across in six continents. AIS has continuously enhanced and expanded its network in order to respond to the market and technological advances, whilst keeping abreast of consumers’ growing demands and needs. It continues to integrate the latest in advanced technology and deliver more than just voice communication, with GPRS and EDGE technology. AIS strongly believe that wireless communications bring changes to the way Thai people live their life, regardless of who they are and what they do. With endless communications possibilities, the quality of life is better.