Icelandic credit card pioneer turns to OpenWay

17 April 2012

Borgun, the first issuer and acquirer of credit cards in Iceland whose business today comprises over 200.000 cards and 10,000 merchants, has turned to OpenWay’s WAY4 all-in-one software platform to manage issuing, acquiring, e-commerce and loyalty programmes for its total portfolio.

Haukur Oddson, CEO of Borgun, said, “Card usage in Iceland is among the highest in the world so we needed to have advantage over the competition. Borgun is known for innovative solutions when it comes to servicing merchants and we needed a processing platform that could react and adapt to our changing requirements. Of vital importance to us was that full functionality scope including e-commerce, acquiring and issuing, could be supported while we centralised processing for all our businesses. We chose WAY4 all-in-one solution because it ticked all the boxes including providing an interface with our existing platforms and Payments associations, could run loyalty programmes, integrate with our issuing client banks and be able to acquire for all Payment schemes.”

Wim Pardon, Managing Director of OpenWay EMEA added, "We are very pleased to be working with Borgun, an innovative company operating in one of the most developed and thus challenging card markets. Our WAY4 solution is especially suitable for projects where the client needs a single transaction processing platform with proven issuing, acquiring and switching capabilities together with rich e-commerce and loyalty functionality. Borgun was one of the pioneers in the market and we believe WAY4 will help Borgun to continue to lead the market supported by increased flexibility, faster speed to market, and improved efficiency."

In the near future, OpenWay will carry out step-by-step migration to WAY4 from Oschadbank's scattered IT systems and will provide remote access to a single centralized system in the bank's branch network. "The role of technological facilities is highly important to the dynamic development of card business and acquiring. The fact that Oschadbank will now work on a single processing platform makes it possible to significantly increase its efficiency. Oschadbank's new processing centre will make it possible to implement modern technologies; in the future, the bank plans to introduce banking self-service channels and loyalty programs based on the WAY4 platform" comments Evgeni Drachko-Yermolenko, Oschadbank's deputy chairman of the board.

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