WAY4 Switch selected for Organisation of Settlements between Universal Electronic Card Member Banks
OpenWay’s WAY4 Switch software solution has been chosen for the creation of a single payment space providing online routing of authorisation requests and clearing and settlement between “Universal Electronic Card” (UEK) project member banks.
October 9, 2013
OpenWay, a recognized leader in payment processing software for issuing, acquiring, payment processing, remote banking service and routing under the WAY4™ trademark, provided the technological support to build an interface between member banks.
Currently 15 Russian banks are participating in the UEK project, some of which are OpenWay clients. According to an RBC rating, together they service more than 90 million active bankcards in Russia*. OpenWay’s client banks use the WAY4™ technological platform for processing financial transactions for all card types and for a large range of other services.
“This national-scale project first and foremost requires the vendor's reliability and ability to work with huge data volumes. It is necessary to connect new participants to the UEK project easily and quickly, and WAY4™ manages this successfully. Any member bank, regardless of the processing it uses, gains access to the payment area for settlements through our universal interface”, comments Sergey Lebedev, deputy director of development at OpenWay.
Universal electronic cards are issued in all 83 districts of the Russian Federation. At the present time, more than 73,000 cards have already been prepared and more than 100,000 applications have been made for UEKs.
* Russian Business Consulting. Bank rating by number of plastic cards: Results for 2012
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:
- Equens, Western Europe (SEPA-acquiring of 0.5 million merchants on WAY4)
- Savings Bank of Russia (issuing and acquiring back-office, and authorization switch for 140 million credit and debit cards on WAY4)
- SIX Group, a leading European payment company processing over 4,000,000 cards and migrated over 30 banks to WAY4 within 15 months
- Comdata, USA (commercial cards on WAY4)
- Network International, the Middle East (a processing center with approximately 60 banks on WAY4)
- Raiffeisenbank Int., Eastern Europe (a processing center for 15 banks and countries on WAY4)
- Bank Audi, MENA region (more than 40 card products on WAY4 including NFC)
- Halyk Bank of Kazakhstan (the first bank to launch Visa P2P Mobile Transfers)
- Lukoil Intercard, Eastern Europe (B2B fuel cards with comprehensive loyalty services on WAY4)
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.