OpenWay, a global provider of WAY4 software solutions for bankcard issuing and acquiring, transaction switching and omni-channel payments, has been recognized as ‘Market Leader’ by Ovum, an independent research firm, in its recent report “Ovum Decision Matrix: Selecting a Card Management System Platform, 2015–2016”.
Ovum shortlisted 13 well-known CMS solutions from different international vendors, and classified them in three categories: Market Followers, Market Challengers and Market Leaders. OpenWay was classified as Market Leader and, moreover, achieved the highest scores for the majority of assessment criteria.
“With its strong focus on open architecture and flexible modular design, OpenWay Group has grown rapidly in its 20 years of operation to become a major player in the card management systems space. With an impressive client list, and a proven track record of large-scale deployments, the WAY4 platform has proven itself capable of meeting the needs of most payment providers for issuing, acquiring, and commodity processing services,” the Ovum analysts conclude in the report.
The research further rates the WAY4 platform particularly strongly against competitive systems. OpenWay emerges with the highest level of overall market impact and technology scores. The market impact is mainly attributed to the breadth and scale of OpenWay's high-profile clients while the technology score is being ascribed to the platform architecture, broad core functionality and its multi-regional support capability.
OpenWay’s recognition by Ovum follows the notable recognition of the company by Gartner in 2009 and 2010. In Gartner’s “MarketScope for Multiregional Card Management Software” OpenWay received the highest ‘strong positive’ rating.
WAY4 CMS is a fault-tolerant open-platform software solution. Because of smart flexibility, customers can configure their own products and services based on WAY4’s business rules that cover customer experience, accounting, fraud prevention rules, personalisation, currencies, and other parameters. There are no technical limits in WAY4 in terms of the number of cards, accounts, terminals, cardholders and merchants, currencies, FX rates and languages. It is the only payment processing platform where the front and back office are integrated online. It gives OpenWay’s customers migrating to a digital banking architecture an opportunity to launch comprehensive online products and services, omni-channel, transaction switching, and payment hubs.
Maria Vinogradova, Marketing Director, OpenWay, noted: “We are proud that WAY4 software solutions gain persistent market recognition. We believe that the secret lies in the efforts of our experienced and committed team and in our clients that motivate us all the time to go the extra mile.”
Ms Vinogradova explains that the market is changing, with classical banking being replaced by digital payments delivered at lower cost, better customer experience and value-added services based on customer lifestyle. “Many of new services, such as NFC (HCE), digital wallet and m-commerce, have been implemented in WAY4 and used by our clients while others are included in the WAY4 roadmap. Our goal is to support our clients to make them the first to benefit from the latest innovations,” she says.