Chase Bank Kenya and OpenWay Challenge the Digital Payments Market
Chase Bank Kenya, an innovative and fast-growing bank with an ambitious strategy across Africa, has successfully migrated its full card portfolio to the WAY4 payment software platform from Electra Card System.
March 16, 2016
The new card management system enables Chase Bank Kenya to grow its cards business by integrating omni-channel capabilities and enhancing fraud management systems.
The solution is developed by OpenWay, the market leader in software solutions for bank card issuing and acquiring, payment processing and omni-channel services and WAY4 will support the issuance of prepaid, debit and credit cards — under the MasterCard and Visa brands.
The new card management solution will enable Chase Bank Kenya to grow its cards business, gives the bank full control over its new product development process, decreases time-to-market, integrates omni-channel capabilities to enrich the customer experience and enhances fraud management.
“Chase Bank Kenya chose the WAY4 platform because of its security, flexibility, cost-effectiveness, scalability, and high availability. OpenWay also has a long term experience in migrating data from the Electra Card System platform and is well known for its commitment to clients,” Chase Group Director of Information Technology and Operations Raj Singh said.
In line with the huge presence of mobile money in Kenya, Chase Bank launched several innovative card products which combine payment functionality and mobile wallet features, including supermarket loyalty cards, University ID cards with wallet features, and traveller cards with bonuses features, among other prepaid cards products.
“The partnership with OpenWay is in line with Chase Bank’s strategy of developing innovative opportunities of digital banking and omni-payments, which provide the best possible quality of service and financial solutions for clients across the African region. OpenWay is at the forefront of card management solutions in the world and by utilizing the WAY4 platform, the bank is demonstrating that it is a forward-looking business, always on the lookout for new technologies, which will provide our clients with an enhanced customer experience,” Mr. Singh said.
Mr. Raj noted that to be a disrupter in the mobile space and support continuously changing payment trends in Kenya, the bank decided to replace its existing Electra Card System with a new in-house processing solution as the legacy platform the bank was running on had become a barrier to launching new financial products due to the costs of customising it.
“Delivering within the strict project timeframes was really important for Chase Bank Kenya and OpenWay was able to meet these timeframes due to the excellent cooperation between the Chase Bank and OpenWay teams. We believe the platform will help Chase Bank achieve its ambitious goals within a short term,” said Serge Robyns, Head of Pre-Sales EMEA, OpenWay Group.
According to the Central Bank of Kenya and the Communications Authority of Kenya, 76% of the country’s population is registered for mobile money (27.7m). $24 billion worth of funds was transacted through mobile money in 2014 and $101 billion since the introduction of mobile money in Kenya. The majority of adult Kenyans use mobile money for services ranging from P2P-transfers and bill payments, to donations, savings and loans.
Chase Bank Kenya is one of the fastest growing banks in Kenya. With a network of 57 branches and over 1000 agents, the bank has a very dynamic market positioning including its historical performance, both in terms of collecting deposits for granting loans exceeding the local banking industry performance without altering the quality of the assets that remain fundamentally sound. The bank has a keen focus on financing Small and Medium sized Enterprises (SMEs) particularly in the women, youth and agriculture sectors in order to enhance financial inclusion and foster economic development in Kenya.
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.