OpenWay announced a collaboration with Visa to help banks, processors and fintech firms in Asia Pacific bring new payment products to market faster by supporting selected Visa payment products on OpenWay's Way4 platform.
PARTNERSHIP SCOPE
The arrangement covered the integration of selected Visa payment products into the Way4 platform, which OpenWay marketed for card issuing, digital wallets, merchant acquiring, real-time payments and other payment services. OpenWay said the collaboration builds on recent Visa product initiatives supported on Way4, including Visa Flexible Credential and Visa Fleet 2.0, and that additional Visa products were expected to follow.
OpenWay describes Way4 as a single real-time platform used by banks, processors and fintechs globally, which can run on premises, in the cloud, as dedicated SaaS or in hybrid deployment models. Earlier coordination between Visa and OpenWay on selected product requirements and implementation frameworks helps simplify implementation and shorten deployment timelines, OpenWay said.
MARKET CONTEXT
For banks and processors across Asia Pacific, the collaboration sought to shorten time to market for new payment propositions. OpenWay said banks across Asia Pacific are under increasing pressure to launch new payment experiences more quickly while managing integration complexity, operational resilience and evolving customer expectations.
"Our collaboration with Visa strengthens our ability to support financial institutions with faster implementation of new payment capabilities on Way4," said Rudy Gunawan, Managing Director of OpenWay Asia.