Challenge:
- Accept contactless card payments & provide on-demand services for their clients.
- Need to stay compliant, as secure transactions remain at the top list of priorities for the issuer & acquirer Bank Audi, when innovative payment technologies are emerging.
Solution:
- Openway’s Way4, the highest ranking payment processing platform for on-demand services; a single platform with open architecture that reduces error and promotes the digital banking ecosystem through operating multiple business models.
Results:
- Bank Audi will support the card issuance of prepaid, debit, and credit cards (grow card offerings & improve fraud management).
- Consolidate its card issuance on a single card management system that cuts costs through eliminating outsourcing and cutting operational costs.
- Enabled local acceptance of electronic EMV payments and amongst the first to introduce contactless payment in Lebanon.
I. Company case
Bank Audi has been known for their innovative approach when introducing new payment solutions and added-value services. As a key partner of the international payments system and being present on the board members of the MasterCard MENA, Bank Audi ought to pave the way for innovative payment solutions to be present in the market.
Over the recent years, the banking sector had fragmented the market with differentiated product offerings, were Bank Audi provides 45 products in the payment cards segment; therefore, the next big step to gain competitive advantage was through providing its clients with exceptional new user experience and on-demand services. Implementing Openway’s Way4, meant that Bank Audi is the first in the market to rejoice on in-demand services such as digital banking, mobile banking, e-commerce, contactless technologies.II. Case Cracked
Way4 is a card management system and payment processor, that acts as a one-stop shop that can handle multiple business models on a single platform. It takes away the limit of existing service providers running on legacy systems, and transforms them into the digital payment ecosystem. This allows them to support in-house payment processing, cross-border payment acceptance, and pave the way for a seamless customer experience through enabling digital services and contactless payments.Building Phase:
It took 4 months to implement and complete Bank Audi’s migration into Way4 payment processing platform from October 2012 till February 2013. The team was handling the project with the Electronic & card payment department. Support was given on a technical level, from EMV chip scripts and Way4 solution support.Post Implementation:
- Bank Audi issued co-branded credit cards to be used at ABC shopping center, Lebanon’s most visited mall. The result was issuing 5,000 new contactless credit cards in 4 months, a 10 times increase from the original 500 credit cards available. Later on they were able to extend their product offering to the corporate world with the Mercedes Visa signature.
- Building the acceptance network for acquirers proved most efficient as major accounts came on board with co-branded POS machines, with Tap2Pay stickers and MasterCard logo.
- Enhanced brand image, as Bank Audi maintains its position in the top 20 Arab banks and top 10 issuing Arab bank
- Cutting costs for both the acquirer and Bank Audi, as sales by contactless technologies grew to 50% of cashless payments.
III. Why Choose Infotec Systems?
The dynamics of the payments industry are driven by innovative payment solutions, seamless customer experience, and the need to stay compliant, as security and fraud management remains at the top of concerns.
At Infotec Systems, we are building a digital payments ecosystem that requires collaboration with our valued clients; we provide our valued clients with innovative cashless solutions and offer a comprehensive suite of technical & business support to help you pave the way towards the new banking ecosystem.
Our team is ready to help you on all the aspects of your digital transformation journey.