switch

Transform your card business: meet OpenWay at the 11th Global Banking Innovation Forum

Prague_Banner.png

Ready to transform your card issuing and merchant acquiring business? 

OpenWay, a top-ranked digital payment software vendor, invites you to visit its stand at the 11th Global Banking Innovation Forum & Expo. Come watch our demos and learn about how WAY4 solutions can kick-start the digitalization of your card business. 

Visit us and get exclusive insights from our experts on:

  • Omni-channel merchant acquiring 

  • New card issuing services

  • Digital wallets 

  • PSD2 compliance

  • Cross-border payments 

 Come to the panel discussion!

  • On April 11 at 11.20am OpenWay will lead the discussion on Technological Disruption & Innovation in Banking among the experts of the European payments industry

We are looking forward to seeing you there!

Your Digital Payment Strategy in the Middle East Deserves a Great Platform. Meet us at #SeamlessME2019!

SeamlessME_Banners_2019.png

10-11 April 2019

Seamless Middle East, Dubai International Convention & Exhibition Centre, Sheikh Saeed Hall 2, stand #E60

OpenWay, a top-ranked digital payment software vendor, invites you to visit its stand (#E60) at Seamless Middle East, the biggest event in the region focusing on payments. 

Watch demos of our solutions and gain valuable insights on where the payment world is heading. What kind of technology should be backing up your digital payment strategy? How can you tell if it is agile enough to support future growth?

We present WAY4, an open payment processing platform, that leading financial institutions in the Middle East and across the globe use to run their processing business. 

Come meet our OpenWay experts if:

  • Your company is running an RFI / RFP process for card and merchant management system, transaction switch, e-commerce gateway, or wallet 

  • You are searching for new ways to keep consumers and merchants engaged though targeted products and services delivered on time, with flexible pricing based on transaction context

  • Your want to find solutions to increase revenue streams in card issuing, acquiring, and payment processing. 

We looking forward to seeing you there!

BORICA: The Migration to the WAY4 Card Management System is Underway

BORICA_new_generation.jpg

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

2018-10-17-Borica3.jpg

Acquirers on WAY4 Platform to Benefit from NEXO/ISO 20022 Deployment

Brussels, 9 October 2018

OpenWay, a recognized leader in digital payments software, has implemented the nexo Acquirer protocol on the WAY4 platform. Now acquirers who run their payment processing business on WAY4 can use ISO 20022 to enhance their payment acceptance interfaces with extended transaction data and improved interoperability across their acquiring networks.  

The rapid development of new payment acceptance technologies, next-generation terminals, and new collaborative models in the payment market have driven the adoption of ISO 20022. Compared to ISO 8583, the incumbent standard for card payments, ISO 20022 enables greater security and flexibility. This is important for easier customization and supporting value-added services based on transaction data. The protocol caters for growing diversity in the payment industry while maintaining standardization and interoperability.       

“Open and technology-neutral, the nexo Acquirer protocol strikes market players by its business-oriented nature and great potential for cross-border growth. Our customers can leverage it to reach a new level of financial services personalization thanks to the XML-based format which significantly enriches transaction data. WAY4 users can reduce maintenance costs when growing acquiring network as the protocol is completely independent in terms of terminal manufacturers, hardware and acceptance technology,”- comments Dmitry Yatskaer, CTO at OpenWay.   

Acquirers on WAY4 can deploy the nexo Acquirer protocol to connect merchants directly or via any intermediary, such as payment facilitators or service providers. The protocol can be used to connect any types of payment acceptance devices, such as POS and mPOS, including smart Android-based terminals. The protocol handles all industry standard transaction types, while ensuring reconciliation among the different parties involved in the transaction processing. 

The WAY4 system is intuitively built to analyze the transaction information in real time, including level-3 data. It supports a variety of value-added services such as tokenization, dynamic currency conversion, loyalty and coupons based on customer behavior analysis. 

nexo standards is an international association dedicated to enabling fast, interoperable and borderless payments acceptance by standardizing the exchange of payment acceptance data between merchants, acquirers, PSPs and other payment market stakeholders. nexo’s messaging protocols and specifications adhere to ISO20022 standards. Being a member of nexo standards, OpenWay is able to support new protocols quicker and help its customers on WAY4 to deliver a better payment experience.

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.

ACB Wallet.png

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.

payment_processing_partner

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.

Wallet.png

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.

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

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

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

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

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

National Bank of Greece Strengthens Market Leadership with WAY4

  • National Bank of Greece has been awarded for the best Card Management System (CMS) Project at the Bite Awards 2018 held on the 13th of June. During the ceremony the bank has appreciated OpenWay and Accenture companies that helped National Bank of Greece to successfully transform its business on the WAY4 CMS solution.

  • National Bank of Greece, the country’s leading banking institution, has successfully completed the migration of its debit card portfolio to the WAY4 card management system provided by OpenWay, a top-ranked digital payments software provider. Investment in the new platform supports the bank’s vision to enhance its leading position in Greece and further accelerate business growth.    

National Bank of Greece has replaced its legacy mainframe systems with a modern, future-proofed platform from OpenWay. WAY4 will support increasing transaction volumes and accelerate the development of new products and services. WAY4 from OpenWay is an open, all-in-one platform that enables different types of digital payment: card and account issuing, merchant acquiring, transaction switching, omni-channel digital banking, digital wallets and an e-commerce gateway. It offers product and service flexibility, scalability and high performance – which are the crucial requirements for dynamic business growth.

National Bank of Greece will reduce the total cost of ownership of its IT infrastructure by consolidating its card business on a single platform. It will also cut costs by eliminating outsourcing and certain internal operational costs.  More than 4 million debit cards, the majority of which were recently upgraded to contactless, have been migrated to WAY4. National Bank of Greece is now in the process of migrating its credit and prepaid card portfolios and its POS and ATM acquiring business to WAY4; it will also replace its Base24 switch to the payment schemes.

“Delivering an amazing customer service experience is a top priority for us and the centralization of card business on WAY4 enable us to operate more efficiently, react to new market trends quickly, and be more competitive in the open banking environment” - notes Pericles Papaspyropoulos, Sector Head, Cards Division, NBG.

“We are proud to be a strategic partner for National Bank of Greece and support them in the implementation of their ambitious digital payments strategy. Reliance on a technically excellent platform, strong partnership between all involved parties and the commitment to the project from the bank’s top management, brought us to this big success. We would like to thank our partner, OpenWay, for this excellent collaboration” – says George Pallioudis, Accenture Greece Payments Practice Lead.

“WAY4 technology supports end-to-end customer engagement: from seamless digital acquisition to flexible products management via omni-channel to smart data-driven services,” says Sophocles Ioannou, Regional Manager at OpenWay. “We are honored that National Bank of Greece has selected WAY4 as key element of their digital transformation project. We now look forward to further supporting them in delivering innovative services and products to the Greek market,” he adds.

About National Bank of Greece

National Bank of Greece was established in 1841 and was the first bank to be set up in the Modern Greek State, going on to play a key role in the economy of Greece throughout its 176-year history. Today NBG heads one of the largest financial groups in Greece, playing a key role in the efforts to support the Greek economy and the economic and social transformation of the country.

NBG offers a wide range of financial products and services that meet the ever-evolving needs of private and business customers.

The Bank rightly considers itself to be the preferred bank of families in Greece, as it controls 25% of the retail banking market. Its leading position in savings deposits reflects the trust of its customers who in essence comprise NBG's driving force.

With an extensive branch and ATM network comprising over 542 branches and 1,466 ATMs, NBG covers the entire geographical area of Greece, while it has also developed state-of-the-art e-channels, including Mobile and Internet Banking. Today, NBG's international network includes 93 units, while the Group employs some 11,500 employees (as at 31 March 2018).

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

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).

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.

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

OpenWay Recognised as Global Market Leader in Card Management Software Solutions

OpenWay, a global provider of WAY4 software solutions for bankcard issuing and acquiring, transaction switching and omni-channel payments, has been recognized as ‘Market Leader’ by Ovum, an independent research firm, in its recent report “Ovum Decision Matrix: Selecting a Card Management System Platform, 2015–2016”.

Ovum shortlisted 13 well-known CMS solutions from different international vendors, and classified them in three categories: Market Followers, Market Challengers and Market Leaders. OpenWay was classified as Market Leader and, moreover, achieved the highest scores for the majority of assessment criteria. 

“With its strong focus on open architecture and flexible modular design, OpenWay Group has grown rapidly in its 20 years of operation to become a major player in the card management systems space. With an impressive client list, and a proven track record of large-scale deployments, the WAY4 platform has proven itself capable of meeting the needs of most payment providers for issuing, acquiring, and commodity processing services,” the Ovum analysts conclude in the report.

The research further rates the WAY4 platform particularly strongly against competitive systems. OpenWay emerges with the highest level of overall market impact and technology scores. The market impact is mainly attributed to the breadth and scale of OpenWay's high-profile clients while the technology score is being ascribed to the platform architecture, broad core functionality and its multi-regional support capability. 

OpenWay’s recognition by Ovum follows the notable recognition of the company by Gartner in 2009 and 2010. In Gartner’s “MarketScope for Multiregional Card Management Software” OpenWay received the highest ‘strong positive rating’.

WAY4 CMS is a fault-tolerant open-platform software solution. Because of smart flexibility, customers can configure their own products and services based on WAY4’s business rules that cover customer experience, accounting, fraud prevention rules, personalisation, currencies, and other parameters. There are no technical limits in WAY4 in terms of the number of cards, accounts, terminals, cardholders and merchants, currencies, FX rates and languages. It is the only payment processing platform where the front and back office are integrated online. It gives OpenWay’s customers migrating to a digital banking architecture an opportunity to launch comprehensive online products and services, omni-channel, transaction switching, and payment hubs.

Maria Vinogradova, Marketing Director, OpenWay, noted: “We are proud that WAY4 software solutions gain persistent market recognition. We believe that the secret lies in the efforts of our experienced and committed team and in our clients that motivate us all the time to go the extra mile.” 

Ms Vinogradova explains that the market is changing, with classical banking being replaced by digital payments delivered at lower cost, better customer experience and value-added services based on customer lifestyle. “Many of new services, such as NFC (HCE), digital wallet and m-commerce, have been implemented in WAY4 and used by our clients while others are included in the WAY4 roadmap. Our goal is to support our clients to make them the first to benefit from the latest innovations,” she says.

To learn more please download the full report here.

OpenWay and Finnet Celebrated 10 Years of Partnership

In spring 2015, OpenWay, a recognized leader in software solutions for bankcard issuing and acquiring, payment processing, and omni-channel, and Finnet, one of the leading electronic payment platform and online payment solutions company in Indonesia, celebrated 10-year anniversary of the successful partnership.

finnet.jpg

10-years history of the partnership was marked by some significant results. Now Finnet uses the WAY4 platform for transaction switching between more than 60 banks and 20 billing companies. The WAY4 Switch has already replaced one switching platform in Finnet and been selected to replace two switching platforms more. WAY4 is to support 120,000,000 transactions in 2015. Finnet plans to grow significantly in transaction flow on WAY4 further.

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

Erman Suherman, Operation, IT & Innovation Director, Finnet, said: “We are completely satisfied with OpenWay as a partner and its innovative product WAY4 as a switching solution. We chose WAY4 for its flexibility, modularity, and cost-efficiency. During these years OpenWay proved to be a reliable and supportive partner”.

As a part of this partnership OpenWay and its partner Metro Asia Pacific organised an anniversary workshop for the Finnet team. During this workshop the participants shared the latest trends of the world payment industry and discussed the opportunities in the Indonesian market. OpenWay presented the WAY4 product roadmap, and its innovative products - WAY4 HCE, WAY4 Wallets, WAY4 Shop, and WAY4 High Availability.

New Generation of WAY4 Switch is Fully Compliant with PA-DSS

At the beginning of 2015, new generation of the switching solution developed by OpenWay, a recognized leader in software for bankcard issuing and acquiring, payment processing, financial transaction routing, and omni-channel, successfully passed a payment solution security audit (PA-DSS).

The new WAY4 Switch is based on a Java messaging platform allowing OpenWay clients to customize their host-to-host interfaces and routing rules easily using new industry-standard scripting languages. Certification confirms new switching solution compliance with PA-DSS requirements. The entire WAY4 platform including WAY4 CMS & Switch is successfully certified. Past years the WAY4 CMS and Switch components of the WAY4 platform regularly passed PA-DSS audits. A PA-DSS certificate is proof that the WAY4 software platform guarantees banks and processing companies secure processing of card data and makes it possible to implement these solutions in PCI DSS-compliant IT infrastructure.

WAY4 is the only processing platform in the world with an integrated front and back office. This unique structure allows OpenWay clients to run smart online services that consider a product's business logic and client and channel specifications. Services can be launched quickly based on unified business objects and flexible rules. Working with WAY4, the bank does not bear the risks and expenses linked with integrating the processing system's back and front offices. This is because all card and client data is available in real time on a single platform. The WAY4 processing platform thereby enables financial organisations to innovate and cut costs.

The PA-DSS audit covers all of the WAY4 platform components for issuing, acquiring, switching, e-commerce, loyalty programmes, business analysis, risk management, dispute management, workbenches, merchant portal, SMS banking, and others. The full list of certified solutions on the WAY4 platform is available on the official PCI DSS website. 

Alain Vansnick, Sales Director EMEA and Americas, at OpenWay says: "We are regularly certified and believe that PA-DSS compliance of a vendor's payment solutions is mandatory in our business. Only by offering a product that complies with all security requirements can we ensure that it will enable the client to profit and compete in the market".

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.”

A New Generation Bank Launches its Card Business with OpenWay

Bank of Astana, which operates in five regions of Kazakhstan, has announced the launch of its card business on OpenWay's WAY4 platform. OpenWay is a recognized leader in software for bankcard issuing and acquiring, payment processing, remote banking services and financial transaction routing.

  • New launch of the card business on WAY4 in Central Asia
  • Three months is a new record for in-house implementation

The joint OpenWay and Bank of Astana team was faced with the challenge of launching the bank's own processing centre in record time. This was due to the sharp growth in the bank's business. The team implemented the solution in just three months.

As part of the project, OpenWay provided the bank with a processing solution for issuing and acquiring debit products, including contactless MasterCard PayPass cards. The project also plans for integration with a partner bank's ATM network. In the near future, Bank of Astana plans to start issuing credit cards and installment loans on the WAY4 platform and to launch a WAY4-based online system for monitoring transaction risks.

Yulia Kim, Deputy Chairman of the Board, Bank of Astana, commented: "Bank of Astana has positioned itself a new generation bank. It's our goal to provide financial services of exceptional quality that even surpasses our clients' expectations. OpenWay's solution makes it possible for our bank to offer retail clients modern and innovative card products”.
Dmitry Dovgal, OpenWay's deputy director of business development, noted: "The card market in Kazakhstan is dynamic, so it's important to be able to react quickly and modify business according to trends and changes in technology. The WAY4 platform chosen by Bank Astana provides for flexible configuration of products and ensures system scalability and reliability".

Bank of Astana

Bank of Astana began activity in 2008, and from the start of 2014 under a new brand name "Bank of Astana" has offered a full range of bank services to individuals and business partners. At the beginning of 2013, the well- known Kazakh investor Kenes Rakishev became a shareholder in Bank of Astana, as did Olzhas Tokhtarov, the chairman of the board of "SAT&Co". From their first day at work, the new shareholders and the Board began developing a strategy for a “new generation” bank together with Oliver Wyman, a leading western consulting company. According to financial statements for 2013, audited by KPMG, Bank of Astana's assets were 79.6 billion tenge, equity was 12 billion tenge, and loan profile was 43 billion tenge.

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.

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.

2038629594.jpg

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.

WAY4 Platform Powers the National Payment Switch of Bangladesh

WAY4 software from OpenWay Group is chosen as a solid technical foundation for the National Payment Switch of Bangladesh. Early in 2012 Infotech Global Pte ltd., OpenWay’s partner in Asia signed the contract with Bangladesh Bank to carry out the implementation of the new infrastructure. The project has received funding and support from the World Bank.

“Infotech is proud to contribute to the modernization of Bangladesh payment industry and to apply the industry’s best practices to this project. At the moment our team is connecting the WAY4-based switching system to several banks and international payment schemes - VISA, MasterCard, and Amex,” says Suresh Agarwal, Managing Director of Infotech Global Pte Ltd.

The National Payment Switch (NPS) of Bangladesh is a part of the World Bank's “Central Bank Strengthening Project”. Such projects serve to increase the transparency of internal and cross-border electronic payments, optimize all regulatory and supervisory procedures, and reduce related costs. Commercial banks having an ATM/POS/e-Payment Gateways/Mobile payment switches or being connected to any other shared switch network will be able to send inter-bank payment instructions to the NPS for clearing and settlement purpose.

Bangladesh Bank

Bangladesh Bank, the central bank and apex regulatory body for the country's monetary and financial system, was established in Dhaka as a body corporate vide the Bangladesh Bank Order, 1972 (P.O. No. 127 of 1972) with effect from 16th December 1971. At present it has nine offices located at Motijheel, Sadarghat, Chittagong, Khulna, Bogra, Rajshahi, Sylhet, Barisal, and Rangpur in Bangladesh; total manpower stood at 4926 (officials 3910, subordinate staff 1016) as on December 31, 2011. BB performs all the core functions of a typical monetary and financial sector regulator, and a number of other non-core functions.

Infotech Global Pte. Ltd.

Infotech Global Pte. Ltd., is a leading consulting firm and systems integrator of IT infrastructure for governments and enterprises in emerging economies. Their core expertise and extensive experience lies in the financial sector, as well as providing capital market solutions and eGovernment solutions. Within the capital markets space, Infotech has provided trading solutions, brokerage solutions as well as asset management solutions. They work extensively with projects funded by the World Bank, IDA, and ADM, and have successfully delivered solutions for projects such as Ghana Stock Exchange, Ghana Securities and Exchange, Bhutan Stock Exchange and eRegistration for the Registrar General‘s Department in Ghana. Infotech is focused on being a boutique systems integration company renowned for solutions that are tailored to their customers' requirements. In order to deliver the best possible solution and support to their clients and to be able to able to cover a wider touch point, they have offices in Singapore, Dubai, Ghana and Pakistan