A credit card player within the Vietnamese market, JIVF is a member of Japan-based consumer finance firm JACCS (Japan Consumer Credit Service). The collaboration with OpenWay is set to enable the company to become a leader in the Vietnamese consumer finance market by delivering credit programmes in cooperation with local and global brands.
OpenWay’s Way4 digital payment software platform brings forth solutions for card issuing, merchant acquiring and transaction switching, which are relied on by banks, processing companies, and fintechs alike. The collaboration with JIVF comes as a result of the company’s successful projects launched in Asia, which include the BNPL solution with LOTTE Finance, and SmartPay, a financial inclusion wallet that has more than 650,000 merchants and 40 million users.
As per the information detailed in the press release, JIVF’s migration to Way4 is expected to be completed in a matter of months, and Way4 is set to assist the company with the delivery of individual and corporate credit card products, BNPL services, the launch of a digital wallet, and the assurance of an improved digital-first customer experience within consumer finance.
Being a modular and highly configurable platform, Way4 enables clients to build personalised credit products with flexible implementation, be that on-premise, in the cloud, or as a dedicated SaaS. The payment software is used globally and can be deployed on major cloud platforms such as AWS, Microsoft Azure, and Oracle Cloud (OCI), as well as in private clouds, and the Way4 platform for JIVF marks the first OpenWay installation in Oracle Cloud in Southeast Asia.
Based on the announcement details, Way4 is an end-to-end-solution with a unique online core, account and events management, dynamic pricing, automated workflows, card issuing and wallet management, merchant management, omnichannel, authorisation and settlement, modern APIs, and IPS interfaces. These capabilities are believed to help JIVF with managing the complete lifecycle of their payment products and with providing an improved online customer experience.
OpenWay offers JIVF varied options for the optimisation of its operational costs, including managed services and end-to-end technical operations. Both companies’ agile teams are set to cooperate towards the creation of competitive products and co-branded credit programmes with personalised rewards and instalments. By leveraging the Way4 platform, JIVF will be enabled to launch ‘innovative’ card products, create new partnership campaigns, and address the continuously increased demand for consumer credit.
Commenting on the collaboration, Mr Taniguchi Noboru, General Director, JIVF advised that as OpenWay has demonstrated technical knowledge and expertise, JIVF believes it will be enabled to scale its credit finance business and respond to the demand for credit products from Vietnam-based customers.
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