‹New feature, separately licensed›
Way4 now supports a new issuing product – a multi-currency debit card that stores its funds outside of Way4 in an external Core Banking System (CBS). As its key benefit, this product relies on configurable routing scenarios to ensure faster transaction processing and avoidance of unnecessary FX fees.
These debit cards require additional transaction routing steps to determine which core banking account should be used and to perform a currency conversion. Now issuers can create versatile rules for Way4 to use a specific CBS account depending on the transaction or settlement currency, or account type. The currency on the CBS side can be the same as the transaction or settlement currency, or be another currency. The card can access a savings, checking or credit account in CBS, according to the issuer’s settings.
Also, the issuer can indicate a default CBS account in the event of an unsuccessful mapping by currency or account type. For example, a cardholder is travelling in the Caribbean and paying in Dominican pesos, but he has no core banking account in this currency. Way4 will post this payment to whatever account the issuer has predefined – whether it is a checking account in euros or a savings account in US dollars.
Configuration of multi-currency debit cards with CBS routing is handled by the OpenWay delivery team and requires a new license.