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”.
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 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.