Leading Chilean Card Processor Nexus Roll Out WAY4 for Prepaid Cards
Nexus, Chile’s largest credit card processor diversifies into prepaid cards and for greater credit market share. Being a leader Nexus already has 10 million credit cards portfolio and processes more than 65% of credit cards brand transactions in Chile. WAY4 is the innovative e-processing framework from OpenWay, a recognized leader in software for bankcard issuing and acquiring, payment switching, digital banking services and omni-channel payments.
May 26, 2016 - Santiago, Chile
Nexus, Chile’s leading credit card processor, is now live with prepaid processing on the WAY4 platform from OpenWay. Nexus implemented its brand-new processing platform and the associated business processes, following the strategic decision to expand its service offering last year.
Nexus already has almost 10 million credit cards portfolio and processes more than 65% of credit cards transactions in Chile, including Visa, MasterCard and Amex-branded cards. There are more than 18 customers including banks, local and international financial institutions, and private-label retail schemes. The decision to diversify into prepaid card authorization and processing business, has a significant potential to increase the dynamics of the Chilean card market.
“We have chosen WAY4, convinced that we are going to deliver the most complete and functional solution to the market – both efficient and flexible – which is going to be the base of our new value added offer. Obviously we do have high expectation on the impact that this new offering will have a strong repositioning of our services”, Gabriel Cifuentes, Nexus CEO said in a statement.
Nexus is planning a phased migration of their entire credit card processing to WAY4, beginning with the first wave of pilot banks in the second quarter 2017.
“The WAY4 platform is easy and cost-effective to customize for new products, which was a real plus-point for use in selecting the solution. Since implementation, we’ve also undergone a ‘mindset re-set’ within our organization. Instead of having to fit our requirements on to a 16-year-old legacy system, we can now innovate and develop products in a new way, knowing that our underlying systems architecture makes so much more possible. We have ambitious plans for the future, in order to offer top quality services to our customers together with the best time to market”, continued Gabriel Cifuentes.
“Nexus is a market-leader in Chile and has proved this once again by recognizing the opportunity of prepaid card servicing and processing. It is OpenWay’s first client in Chile and we are looking forward to building out their credit processing platform and a long-term future together,” said Dmitry Yatskaer, OpenWay.
Nexus S.A. is a Chilean Bank Service Provider with presence in the local banking market since April 1997, we have established as the main operator of credit cards in Chile, providing a wide range of services designed to meet the needs of our customers with high level of operability.
Nexus works with international brands MasterCard, Visa and American Express and major local and international banks, financial institutions and retailers private label with presence in Chile.
Nexus participate in a very competitive business banking market, offering multiple services with a strong focus on security, efficiency and operative excellence, of which stand out; Credit Card Processing Accounts, Authorization Transactions, Prevention & Fraud Management, Personalization, Printing Contractual Documentation, Delivery and Distribution of Billing Statements.
Nexus is a company with high-level professionals they have developed an internal culture focused on providing a customer oriented service experience, in order to manage and support relations within the payment market contributing with innovative ways of doing business.
Nexus measures, controls and reports risk operations from all its processes of its business, integrating periodically the best practices the market has to offer, according to the Basilea II agreement (Australian Standard for Risk Management), ISO 31000, COSO II.
Nexus solutions are certified by MasterCard, Visa, AMEX and PCI.
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.