WAY4 News

 

Equity moves to WAY4-based online card system

Equity Bank has fully migrated to the WAY4 card management system from OpenWay Group of Belgium that allows M-Pesa account holders to withdraw money from the bank’s 550 Automated Teller Machines countrywide.

January 21, 2010

The WAY4 system, an online card management system, is designed for multi-institution and multi-currency transaction processing and with a capacity of 180,000 transactions per minute.
The system which received high rating by Gartner, which rates software in the world, also provides support for non-card transactions over multiple self service channels.
The new system is set to increase efficiency in Equity Bank Point of Sales outlets and ATMs in the region, the company said in a statement.
Speaking during the signing of the partnership with OpenWay Group, Equity Bank CEO James Mwangi said the system has capacity to host the combined network of Equity Bank branches, subsidiaries and other banks at reduced costs.
“The system not only gives Equity a niche in terms of competitiveness in cutting edge technology and card management, but allows speedy and efficient transaction process in real time, and for all currencies,” Mr Mwangi said. He said Equity was among the the first banks in the region that are able to handle regional inter-switching connectivity.
He added that the new switch system would come in handy with the recently launched partnership between Equity Bank and Safaricom that allows M-Pesa account holders to withdraw money from the bank’s 550 Automated Teller Machines countrywide.
Published in the Daily Nation magazine.
Equity Bank

Equity Bank of Kenya (www.equitybank.co.ke) is the largest and fastest growing bank in Kenya, with 4.5 million client accounts that constitute more than 54% of all client accounts in the entire country. The bank also has branches in Uganda and South Sudan. Equity Bank has a reputation as an innovator in banking and financial services.

http://www.equitybank.co.ke
M-PESA

M-PESA is the first Kenyan commercial mobile payment and transfer system, created in March 2007 by Safaricom with the support of Vodafone. The system was created for people who don’t use bank services. This innovative project turned out to be in high demand on the African market. According to information as of March 2010, M-PESA has over 9.5 million subscribers, served by 17,500 agents.

http://www.safaricom.co.ke
OpenWay Group

OpenWay Group was founded over 15 years ago. We develop WAY4, an innovative e-payment processing framework for banks, payment processors, telcos and petrol companies.

OpenWay was initially headquartered in Brussels, Belgium with one R&D team there and another in St. Petersburg, Russia. Today we are a global company with 10 offices and 130 customers around the world.

Our portfolio consists of WAY4 Card and Merchant Management, Financial Switching, Personalised Channel Banking, Prepaid Cards, E-Commerce, Mobile Payments, Digital Wallet, DCC, Fuel Cards, and other solutions.

Our customers include tier-1 giants, mid-size companies, and ambitious start-ups:

WAY4 live installations consistently demonstrate high performance; for example, 90 million cards issued and authorized on a single platform and 12 million POS/ATM clearing transactions processed daily by a single acquirer.

OpenWay, known for its commitment to long-term relationships, both serves customers locally and provides global support. Today our team unites approximately 500 payment business, digital technology, and security professionals.


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