Aite's analysts evaluated seven short-listed technology vendors who provide software solutions for card issuing and merchant acquiring to retail banks and processors. The evaluation criteria included vendor stability, client strength, product features, and client services. Based on the results of the research, Aite divided companies into three groups: best in class, contenders and incumbent/emerging.
“Best in class,” the group where OpenWay was the only directly named member, serves to indicate leaders in this vendor market. If a company scores as high as “best in class”, as the research confirms, it has strong financials, diverse client bases, and robust product offerings with industry-leading functionality and reliable client service. Essentially, it is the player that everyone else has to chase.
The “contenders” group in the report lists five vendors. Despite their stable businesses and client bases, some of them were reported to struggle at times to identify the next big market trend or product features, while others failed to update overall performance and infrastructure due to inconsistent R&D or IT investment. Finally, another vendor was placed in the “incumbent/emerging” group, which, according to Aite Group(now Datos Insights), is reserved for “players with a large potential for future growth or established vendors with stagnating offerings".
OpenWay is the global developer and vendor of Way4, the digital payment software platform covering every aspect of the payments business from card issuing and merchant acquiring to transaction switching, digital wallets, and fleet cards. Way4 software solutions are used all over the world by Tier-1 and startup bankcard issuers and merchant acquirers, payment and fleet card processors, fintechs, national payment schemes, oil and telecommunication companies. The platform may be installed and run on premises or in the cloud, comes with rich APIs to support payment ecosystems, and provides real-time payment data analytics for a better customer experience.
“Banks need to invest in payments modernization to stay competitive and generate new revenue. Selecting the right payments software platform is essential to achieve that goal. To inform the market, Aite Group assessed the competitive position of seven global technology vendors that provide card issuing and merchant acquiring platforms. The research showed that the payments software platform market is robust and very competitive, and most vendors were close contenders. Overall, OpenWay obtained the highest score based on the evaluation criteria as well as client feedback, positioning the firm as strong candidate for banks and FIs looking to replace their payments software platform.”
“The in-depth scope and methodology of Aite Matrix is impressive, especially given the complexity of the payments market! It is an honor for OpenWay to be the only vendor clearly named in the “best in class” category by Aite. This recognition would not have been possible without our clients and their trust in our team. What we accomplish together is often exceptional, seen in the quality of new ideas, the efficiency of implementation, and the scale and speed of their business growth. I encourage banks and fintechs to take advantage of new digitalization opportunities and rely on a technology partner who can amplify the success of their new payment projects.”
About Aite Matrix
The Aite Matrix is a comprehensive proprietary vendor evaluation process designed to provide a holistic analysis of participating vendors and identify market leaders in each evaluated vendor market. By incorporating many aspects of a vendor’s essential characteristics for success and growth, including financial and client stability, product features, and customer service, the Aite Matrix provides an actionable guide for market participants looking for viable third-party vendor solutions and services.
About Aite Group
Aite Group (now Datos Insights) is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, Aite guides financial institutions, technology providers, and consulting firms worldwide. It partners with its clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger.
OpenWay is the only best-in-class provider of digital payment software solutions, and the best cloud payment systems provider as rated by Aite and PayTech. OpenWay is a strategic partner of tier 1/2 banks and processors, fintech startups, and other leading payment players around the globe. Among them are Network Int. and Equity Bank Group in MENA, Lotte and JACCS in Asia, Nexi and Finaro in Europe, Comdata and Banesco in Americas, and Ampol in Australia.
