OpenWay’s New Solution Accelerates Payment Innovation for Banks and Fintechs Across the Americas

MONT-SAINT-GUILBERT, Belgium, Oct. 22, 2024 /PRNewswire/ — OpenWay, the global vendor of the Way4 platform top-rated by Aite (Datos Insights) and Juniper Research, is launching an innovative payment software solution for issuing, acquiring, payment switching, and digital wallets in North and Latin America. With Way4, banks, credit unions, processors, and fintechs can overcome the limitations of legacy payment processing systems. They can roll out unique personalized payment offerings in record time, accelerated by Way4’s composable architecture of both software, deployment options, and managed services. This covers both mainstream payment products and services, and innovations based on real-time payments, BNPL, embedded finance, and CBDC cards. Ambitious players can foster strategic partnerships in the Americas’ broadening payment ecosystem by relying on Way4’s rich APIs, proven support of large processing volumes, high availability, and compliance with PCI security standards.

OpenWay is introducing a new level of flexibility in the delivery and servicing of digital payments software platforms. Unlike most platforms in North and Latin America, which are offered only for on-premises or shared-SaaS use, Way4 can be delivered in various modes tailored to the client’s requirements. In these markets, OpenWay is witnessing an emerging pattern where a financial institution prefers to install Way4 in the cloud of its choice, whether private or public, and bundle it with a custom-tailored combination of managed services from the vendor. Another option gaining popularity is the deployment of Way4 in the dedicated SaaS environment, where the client retains greater control over product and service configuration and time-to-market, as opposed to shared SaaS. The composable nature of OpenWay’s newly launched service models enables banks and fintechs to easily integrate Way4 with their existing technology ecosystems and lower the TCO.

OpenWay is also introducing a unique approach that, according to Forbes, “can increase your chances of success when delivering complex digital transformation projects in fast-changing environments.” It proved successful when OpenWay launched a centralized acquiring platform for 1 million merchants of the biggest European acquirer in just nine months during the pandemic. After replacing disparate legacy systems with Way4, this company expanded its portfolio to 2 million merchants and increased its income by 3.5 times. Another notable success was with an innovative Card-as-a-Service provider, which launched Way4 in AWS in under a year and became one of the world’s first cloud-only card issuing processors.

The success of OpenWay’s projects is also driven by the combination of its international expertise and the local insights of its regional teams and partners. OpenWay has extensive experience collaborating with system integrators with a strong presence in the Americas, including Accenture, Capgemini, Deloitte, EY, and Infosys. It also participates in the Mastercard Network Enablement Provider and Visa Business Partner programs.

With any combination of Way4 modules, deployment options and managed services, OpenWay clients leverage a unified back and front office, an online financial core, real-time front-to-back reconciliation, and online accounting. This architecture enables them to launch personalized, data-driven payment offerings, contributing to their market leadership and exponential growth. Within just three years after its launch on Way4, a digital wallet in Asia grew its portfolio from zero to 700,000 merchants and 40,000,000 users. After migrating to Way4, a global e-commerce acquirer onboarded key customers such as Kiwi, Xsolla, and Wolt (owned by DoorDash) and sustained a remarkable 40% year-on-year compound annual growth rate for several years. In 2023, this acquirer merged with Shift4 in a deal valued at $575 million.

For more information about OpenWay and Way4, please visit openwaygroup.com  

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