OpenWay Recognised as Market Leader in White-Label Mobile Wallet Solutions
London, UK, February 2, 2015
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 evaluatedthe 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 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 owns and develops WAY4, an innovative e-payment processing framework. WAY4 software solutions are used by over 130 banks, processors, payment switching, telecom and oil companies in Europe, the Americas, Asia, the Middle East and Africa. We started with headquarters in Belgium in 1995 and have grown into a global company with 10 offices around the world.
Our portfolio consists of WAY4 Card and Merchant Management, ATM and POS Switching, Omni-Channel Banking, Prepaid Cards, E-Commerce, Mobile Payments, Digital Wallet, DCC, Fuel Cards and other solutions. WAY4 covers both front- and back-office processing and omni-channel management.
WAY4 is the choice for companies looking for cost-efficient, real-time payment processing, product and service flexibility, speed-to-market, mobile and cloud innovations, scalability and high performance. Our clients rely on OpenWay’s expertise to migrate smoothly from rigid and expensive legacy systems to the modern WAY4 payment platform.
Our clients are tier-1 giants, mid-size players and ambitious start-ups, such as:
- Equens, Western Europe – SEPA-acquiring of 0.6 million POS-terminals on WAY4;
- Savings Bank of Russia – issuing and acquiring back-office and authorisation switch for 144 million credit and debit cards on WAY4;
- B1NK, Kazakshtan – digital-only bank for new generation, serving customers via mobile app, social networks and messengers on WAY4
- SIX Payment Services, Switzerland – migrated issuing business of 38 financial institutions to WAY4 and launched mobile wallet for P2P money transfers on WAY4
- Comdata, USA – corporate prepaid and signature debit cards on WAY4
- Network International – a Middle Eastern processing giant with over 35 banks supported on WAY4
- Credorax, named the Best Merchant Acquirer at MPE 2015 – a global e-commerce acquiring provider, serving both traditional and e-commerce merchants on WAY4
- Raiffeisenbank Int., Eastern Europe – a WAY4-based processing centre for 15 banks in different countries
- Bank Audi, MENA region – over 40 card products on WAY4, including NFC
- Halyk Bank of Kazakhstan – the innovator who launched the first Visa P2P Mobile Transfers in the world by using WAY4 Issuing, Acquiring, Switch and Omni-Channel solutions
- Lukoil Intercard, Eastern Europe – an oil industry giant using WAY4 to support B2B fuel cards with integrated comprehensive loyalty services.
Live WAY4 installations operate to high performance levels, for example issuing and authorising over 200,000,000 debit and credit cards on a single platform and processing 14.8 million POS/ATM clearing transactions daily by a single acquirer.
WAY4 solutions are certified by MasterCard, Visa, AMEX, Diners Club, JCB, UPI and PCI SSC Council (PA-DSS compliant).
Known for its commitment to long-term relationships, OpenWay serves customers locally and provides global support. Today our team unites approximately 600 payment businesses, digital technologies and security professionals.
Thank you for your interest in this press release. We would be happy to answer additional questions, arrange an interview with our employees, or provide any photographs necessary for publication.
OpenWay Marketing Department