Open Way launches WAY4 Multi-Currency Pricing tool to help international e-commerce merchants boost their sales and avoid back-office payment issues.
Globalisation dictates its own pricing rules for businesses. Customers want to purchase globally, and merchants are eager to price locally while avoiding multi-currency reconciliation and multiple overseas acquiring relationships. For an e-commerce gateway provider (acquirer or PSP), offering merchants services that include currency conversion could lead to significant additional revenues. Merchants and PSPs could also benefit through profit-sharing agreements with their acquirers on FX conversion rates.
WAY4 Multi-Currency Pricing is an integrated software solution for acquirers which enables their merchants to price goods and services in a variety of foreign currencies while continuing to receive payments in their home currency. It helps to increase merchant sales, reduce cart abandonment and avoid back-office payment administration headaches.
The WAY4 solution allows acquirers to set up unlimited pricing and settlement currency pairings, manage mark-ups for different FX rates, settle with merchants and PSPs in their chosen currencies, and generate detailed merchant reports.
Merchants with high international sales, such as airlines, global e-commerce retailers, marketplaces and those in the hospitality, gambling and online gaming sectors, are attractive prospects for acquirers. However to service these merchants, acquirers need to be able tooffer multi-currency capabilities as well as 24/7 availability, card-based and alternative payment methods, and advanced tools for online fraud prevention.
WAY4 Multi-Currency Pricing is already deployed by two leading European acquirers. Together with WAY4 DCC this solution enables an acquirer to gain incremental revenue from merchant transactions while providing a user-friendly service to cardholders worldwide. These solutions are part of the WAY4 Acquiring platform developed by OpenWay. With WAY4, acquires can create comprehensive merchant hierarchies, flexible rules for authorisation and settlement in the preferred currencies, real-time risk monitoring, loyalty,dispute management, and high availability. WAY4 is built to meet the requirements of international businesses, including support of multiple currencies, time zones and languages.
OpenWay Group is a global developer and vendor of WAY4, an open digital payment software platform covering issuing, acquiring, switching, omni-channel digital banking, digital wallet, e-commerce gateway, loyalty, and fleet cards. WAY4 software solutions are used by 135 banks, processors, payment switching, telecom and oil companies in Europe, the Americas, Asia, the Middle East, and Africa. We started in 1995 and have grown into a global company with HQ in Belgium and 12 offices around the world.
OpenWay was ranked as The Market Leader in Card and Merchant Management by Gartner (since 2009) and Ovum (2015-2016), and aMarket Leader in Digital Wallets by Ovum (2016).
WAY4 is the choice for companies looking for cost-efficient, real-time payment processing, product and service flexibility, speed-to-market, mobile and cloud innovations, scalability and high performance. Our clients rely on OpenWay’s expertise to migrate smoothly from rigid and expensive legacy systems to the modern WAY4 payment platform.
Our clients are tier-1 giants, mid-size players and ambitious start-ups, such as:
- Equens Worldline, Western Europe – SEPA-acquiring of 0.6 million merchants on WAY4;
• SIX Payment Services, Switzerland – migrated issuing business of 38 financial institutions to WAY4 and launched mobile wallet for P2P money transfers on WAY4
• Sberbank Russia – issuing and acquiring back-office and authorisation switch for 200 million credit and debit cards on WAY4;
• Comdata, USA – corporate prepaid and signature debit cards on WAY4;
• Network International – a Middle Eastern processing giant with over 35 banks to be supported on WAY4;
• B1NK, Kazakshtan – digital-only bank for new generation, serving customers via mobile app, social networks and messengers on WAY4
• Credorax, named the Best Merchant Acquirer at MPE 2015 – a global e-commerce acquiring provider, serving both traditional and e-commerce merchants on WAY4;
• Asbanda, a national switch to connect 26 regional development banks of 34 Indonesian provinces;
• National Processing Switch in Kazakhstan selected WAY4 to connect all banks in the country;
• Finnet, selected WAY4 to serves and connects over 60 financial institutions and 20 billing companies on WAY4 and achieved 150% annual transaction growth in 150%;
• Raiffeisenbank Int., Eastern Europe – a WAY4-based processing centre for 15 banks in different countries;
• Bank Audi, MENA region – over 40 card products on WAY4, including NFC;
• Halyk Bank of Kazakhstan – the innovator who launched the first Visa P2P Mobile Transfers in the world by using WAY4 Issuing, Acquiring, Switch and Omni-Channel solutions;
• Gazpromneft, Eastern Europe – an oil industry giant using WAY4 to support B2B fuel cards with integrated comprehensive loyalty services.
Live WAY4 installations operate to high performance levels, for example issuing and authorising 200 million cards on a single platform and processing 15 million POS/ATM clearing transactions daily by a single acquirer.