The solution is based on the Way4 digital payment platform. It is designed for CaaS providers who prioritise a digital-first customer payment experience and is powered by a flexible online product and service core with fast time-to-market, real-time processing, and a wide set of data-rich APIs.
Moreover, the solution contributes to sustainability and financial inclusion when more services are bundled with cards issued on the Way4 platform. Among the services already launched are carbon footprint trackers for each cardholder, card-based distribution of social aid to financially vulnerable populations, financial inclusion for unbanked population via cards and wallets, no-plastic digital-only cards via mobile apps, eco-friendly paperless ATM receipts, and more.
By 2030, according to IDC’s recent forecast, 74% of consumer payments will be handled by non-traditional financial service institutions. To attract digital banks, EMIs, retailers, fleet companies, fintech’s and other non-traditional issuers, a CaaS provider needs to help them comply with social, environmental, and governmental frameworks specific to their geography, say company officials. OpenWay supports this agenda by providing multiple innovative services via more than 1,000 APIs. They want their clients to benefit both from the diversity of their digital payment offers and the ability to give new value on top of payment services.
CaaS players on Way4 can provide their issuers with any type of payment product based on cards and wallets: credit, debit, corporate, fleet, instalment, prepaid, virtual, loyalty, and gift. Way4 also supports multiple Buy Now, Pay Later scenarios. Along with BNPL, important competitive advantages are also card programme diversity, carbon footprint trackers, digital card issuance, and push provisioning of cards to wallets.
The Way4 CaaS and WaaS platform comes equipped with standard product configurations, business requirements, implementation manuals, installation guides, and testing plans. This approach helps CaaS providers onboard new clients faster. One CaaS player using Way4 in the cloud has already attracted multiple neobanks by onboarding them and creating their unique card portfolios in just weeks instead of months.
OpenWay is a payment software developer of the Way4 digital payments software platform. It helps clients – financial and non-financial organisations in 83 countries – to make payments more convenient and efficient for people around the globe. Over 500 payment players worldwide run their digital payments businesses on Way4.
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