19 October 2017
visit www.avoka.com

Kenya's Equity selects OpenWay payment processing platform

22 February 2011  |  1530 views  |  0 Source: OpenWay

Equity, the leading bank in Kenya, has migrated to OpenWay's WAY4 payment processing system.

With WAY4, Equity can work as a payment switch and launch new services for retail customers, including acquiring EMV cards and interacting with M-Pesa mobile accounts. Participation in the M-Pesa project has secured the bank's position in the promising micropayments market.

"The new system not only gives Equity a strong competitive advantage in cutting edge technology and card management, but allows speedy and efficient transaction process in real time, and in all currencies," stated James Mwangi, CEO of Equity bank. The bank leverages WAY4 to work as a payment switch and optimise financial interaction of its branches, offices and partner banks in the region. Furthermore, Equity ATMs countrywide allow M-Pesa users to withdraw cash from their mobile accounts.

The M-Pesa system allows mobile payments and transfers without the necessity of opening a bank account. These services are used by ten million people in Kenya, many of whom are unbanked. Thanks to participation in the M-Pesa project, Equity not only expands its business in new directions but also gets the opportunity to offer its retail banking products and services to a large potential customer base.

Equity's success confirms the advantages of the WAY4 processing platform as a powerful new generation switch, or, as it's more often called today, a payment service hub. «We are happy that WAY4 switch functionality helped Equity to transform possible competition into a strategic and profitable partnership. The experience OpenWay has gained from this project will benefit all our clients who set ambitious goals in the area of micropayments», adds Wim Pardon, Managing Director of OpenWay EMEA.

Comments: (0)

Comment on this story (membership required)

Related blogs

Create a blog about this story (membership required)
Register nowvisit www.innotribe.comvisit www.vasco.com

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
15598 views comments | 12 tweets | 4 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
8776 views comments | 16 tweets | 22 linkedin
hands typing furiouslyHow artificial intelligence can deliver a...
8425 views 0 | 8 tweets | 9 linkedin
satelliteGates Foundation backs Ripple collaboratio...
7871 views comments | 13 tweets | 10 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
7011 views comments | 9 tweets | 17 linkedin

Featured job

Competitive base, commission, benefits
London, UK

Find your next job