To simplify integration with external interfaces via REST API and UFX, we have introduced a new entity in Way4 called a payment method. When a customer links a card or non-card financial product to a web/mobile app, Way4 creates a new record – a corresponding payment method ID. Even a multi-currency card with separate internal accounts for different currencies will be assigned just one payment method ID. Thanks to this feature, your frontend developers can spend less time understanding product and account contracts in Way4. Another benefit is reduced exposure of sensitive data, because the host and the app can exchange payment method IDs instead of card PANs and contract numbers.
During the app-originated transaction, Way4 matches the payment method ID with the corresponding card/account contract and proceeds with authorization accordingly. The list of supported on-us transactions includes retail purchases, money transfers, and bill payments.
Issuers and wallet providers need a new license to work with payment methods. As for the payment method-based authorization, it is a non-licensed enhancement of Way4 Transaction Switch.
