In the face of competition, many big financial institutions have outdated payment platforms that hinder progress and give rivals an advantage. But with millions of cardholders and thousands of merchants relying on their ship running smoothly, the transition seems risky.
Open WayOpenWay, a vendor of the Way4 digital payments platform, shares their experience explaining why businesses undertake the transition. See how OpenWay ensured a seamless operation for their customers while enabling efficiency, innovation and speed. Additionally, OpenWay offers valuable tips for a successful transition.
A good reason to leave a legacy
1. When cross-border expansion is required
First, Flexibility This is necessary to adapt to changing regulations.
OpenWay client EquensWorldline moved to the Way4 acquiring platform when SEPA was introduced in Europe. The processor found that its platform was too customized to specific domestic markets and limited its cross-border capabilities. The new platform enabled the company to speed up time to market and support new international brands.
Second, it should be possible to process large quantities and scale up.
EquensWorldline was processing more than 20 million transactions daily, but within a year of moving to a more flexible platform, their volume increased many-fold.
2. When businesses want a better customer experience
To improve customer experience, the National Bank of Greece (NBC) Migrating Platforms We moved from Base24 to Way4. Our legacy system was preventing us from optimizing our processes and delivering a unified customer experience.
After successfully launching debit and credit card processing on the new platform, we migrated payments switches. Centralizing our card operations on Way4 has improved our operations, agility, and competitive position in the open banking environment.
3. When integration of different businesses is necessary
Halyk Bank, a leading bank in Central Asia, has consolidated multiple businesses, including switches and CMS, onto Way4, consolidating operations on a single platform covering cards, merchants, switches, loyalty, web, mobile and wallets.
Additionally, the company has launched a platform for 4,400 service providers through an API layer, allowing telecommunications companies, utility companies, and various startups to access its services and generate new revenue.
Halik Bank Expanded acquisition business It goes beyond POS transactions to include e-commerce and QR payments.
4. Managing multiple legacy platforms
Nexi, a leading European processor, needed a single platform to consolidate all of its merchant acquiring portfolio, which it had previously outsourced to various processors. Transition to Way4 They were able to maintain their differentiation and avoid replicating the traditional environment.
This reduced costs, kept profitability high, and improved time to market across all service points, ensuring profitability and rapid implementation.
5. Rapid growth expected
Finaro (formerly Credorax) has achieved a staggering 1000% growth in three years to become a leading e-commerce company. The company was recently acquired by SpaceX partner Shift4 and is expected to contribute $15B in end-to-end transaction volume by 2023.
The move to a flexible, agile platform has enabled rapid expansion for PSPs and quick online onboarding of merchants.
Through Way4, they Omnichannel Acquisition It also offers dynamic, multi-currency pricing, online accounting, other value-added services, and seamless payments via API.
How to make the transition a smooth one
1. Evaluate and select the right platform Enable an early innovation approach based on robustness, scalability, flexibility, and ease of configuration. Ask the vendor to clarify how the new platform fits into the various enterprise architecture layers. Review how data will be utilized by channel applications and the overall data management architecture, as well as how accounting will be handled.
2. Plan your migration process earlyConsider surrounding applications and minimize impact to consumers. Adopt OpenWay’s phased migration approach to ensure a smooth transition without disrupting customer experience.
3. Define clear roles and responsibilities from the beginning. OpenWay Implementation TeamFor example, we guide clients through discovery projects that include MVP, contract review, requirements capture, and end-to-end process definition.
4. Ensure that IT and the business share common goals. Establish a transition strategy that continuously translates your business vision into value and provides clear monetization of your new platform investments.
5. Develop a post-migration maintenance strategy Customize to suit your deployment model.
Consider outsourcing, insourcing, or co-sourcing depending on your needs, and actively work with your vendor to explore your options. For example, Way4 can be deployed on-premise, in the cloud, in a SaaS model, or in a hybrid mode.
In summary, take charge of your migration project by carefully evaluating vendors and selecting platforms.
Minimize consumer impact, define clear roles, align goals, and work with trusted vendors to establish a maintenance strategy for success.
In this way, the transition itself goes unnoticed by those who depend on the organization, and the new platform’s full potential is realized, delivering new levels of flexibility, convenience and service.
