‹New features, separately licensed›
New pre-configured products in Way4 can speed up the launch of an instant issuing prepaid program. We have bundled together certain card parameters that reflect the global best practices of instant issuing prepaid projects. This bundle requires a new license. It is available to banks, fintechs, processors, CaaS providers and other companies who use Way4 for their issuing business.
An instant issuing prepaid card program allows an issuer to onboard new cardholders remotely, offering them non-personalized plastic cards with immediate activation. Upon request from a card sales location, Way4 personalizes and activates the new card in real time. Once personalized, these cards rely on the same authorization, accounting, anti-fraud, and other workflows as standard pre-personalized, pre-embossed cards. Pricing for instant issuing cards can be identical to or distinct from that of standard cards.
One common business case is selling instant issuing gift cards in a single currency to consumers at retail partner locations.
Another case is offering multi-currency travel cards to customers who need instant card activation before or during travel. This product is a prepaid card with a shared balance. It has multiple linked accounts in different currencies. When the cardholder pays in a selected currency and its balance is insufficient, additional funds are drawn from other currency accounts. Way4 algorithms are used to apply the optimal FX rate at the moment of the transaction.
The issuer can use Way4’s pre-configured instant issuing products with our default settings or quickly adjust them to a specific business model. Mastercard and Visa brands are covered by default. With additional licensing, the solution can also support AMEX, Diners Club, JCB, UnionPay, and closed-loop schemes.