Incorporating the world-recognised WAY4 payment processing system by OpenWay, Network One will enhance and accelerate Emirates NBD's ability to create bespoke cutting-edge products for its credit and prepaid card customers based on payment behaviour, giving them a distinct edge over competitors.
Network International's seamless migration of a large-scale portfolio of the leading cards issuer in the market, Emirates NBD, marks an important milestone for the payment solutions company as it looks to consolidate its market leadership in the UAE and strengthen presence across the Middle East and Africa.
"Successfully implementing Network One migration for a large-scale cards player such as Emirates NBD is a solid testament of our expertise and capacity," commented Network International's Group CEO Simon Haslam. "We are delighted to be Emirates NBD's partner of choice in this critical project as we mark new ground as the unrivalled regional leader in card issuing."
Added Matt Sinclair, Group Chief Information Officer of Network International, "This project underlines Network International's core purpose of enabling clients to strengthen their capabilities to grow and maintain market leadership. Our well-coordinated approach helped deliver a seamless solution to Emirates NBD, migrating the entire cards portfolio seamlessly. We now look forward to lending our expertise to other banks in the region looking to upgrade their proposition with value-added payment services".
Network One is based on a framework that allows innovative payment and card products to be created by monitoring the behaviour and attributes of a payment. It also fully supports the implementation of value-added services such as loyalty programmes, mobile payments, loans and fraud management.
Suvo Sarkar, Senior Executive Vice President & Head - Retail Banking & Wealth Management commented: "The Network One platform offers us enhanced speed and scalability, and will allow us to provide more customized and innovative banking and payment solutions for our customers, helping us to remain their bank of choice."
Network International has previously successfully migrated 15 other banks across the Middle East and Africa to Network One. Network International is currently the exclusive partner and reseller of OpenWay's licensed solutions within the Middle East and African markets.
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.
Nexus, Chile’s largest credit card processor diversifies into prepaid cards and for greater credit market share.
Being a leader Nexus already has 10 million credit cards portfolio and processes more than 65% of credit cards brand transactions in Chile. WAY4 is the innovative e-processing framework from OpenWay, a recognized leader in software for bankcard issuing and acquiring, payment switching, digital banking services and omni-channel payments.
Nexus, Chile’s leading credit card processor, is now live with prepaid processing on the WAY4 platform from OpenWay. Nexus implemented its brand-new processing platform and the associated business processes, following the strategic decision to expand its service offering last year.
Nexus already has almost 10 million credit cards portfolio and processes more than 65% of credit cards transactions in Chile, including Visa, MasterCard and Amex-branded cards. There are more than 18 customers including banks, local and international financial institutions, and private-label retail schemes. The decision to diversify into prepaid card authorization and processing business, has a significant potential to increase the dynamics of the Chilean card market.
“We have chosen WAY4, convinced that we are going to deliver the most complete and functional solution to the market – both efficient and flexible – which is going to be the base of our new value added offer. Obviously we do have high expectation on the impact that this new offering will have a strong repositioning of our services”, Gabriel Cifuentes, Nexus CEO said in a statement.
Nexus is planning a phased migration of their entire credit card processing to WAY4, beginning with the first wave of pilot banks in the second quarter 2017.
“The WAY4 platform is easy and cost-effective to customize for new products, which was a real plus-point for use in selecting the solution. Since implementation, we’ve also undergone a ‘mindset re-set’ within our organization. Instead of having to fit our requirements on to a 16-year-old legacy system, we can now innovate and develop products in a new way, knowing that our underlying systems architecture makes so much more possible. We have ambitious plans for the future, in order to offer top quality services to our customers together with the best time to market”, continued Gabriel Cifuentes.
“Nexus is a market-leader in Chile and has proved this once again by recognizing the opportunity of prepaid card servicing and processing. It is OpenWay’s first client in Chile and we are looking forward to building out their credit processing platform and a long-term future together,” said Dmitry Yatskaer, OpenWay.