Card portfolios of five banks in Finland, Norway and Denmark are already being processed on WAY4 and soon also the migration in Sweden will be completed. For now the payment transactions of more than half (52 percent) of credit cards in circulation in Finland are processed through WAY4. Since the platform adheres to the highest security standards, the processor and the migrated banks were able to pass PCI audits smoothly and in time. More issuers are set to follow as part of the large-scale migration process.

Innovative payment services are in strong demand among an increasingly tech-savvy and mobile Nordic population. In-sourcing portfolio’s from legacy systems to the modern WAY4 platform allows Nets to operate its consumer issuing business cost-efficiently, as well as to attract new banks by offering the latest value propositions in self-service, sales finance and increase the profitability of the banks.

WAY4 card management functionality covers flexible rule-based consumer account management and product pricing, online risk management andcomprehensive accounting. Nets has also implemented additional software modules, such as WAY4 Web-based Workbenches, WAY4 Instalments, and WAY4 Debt Collection.

The OpenWay team enhanced the WAY4’s Datamart solution to support Nordic requirements. Datamart serves to generate statutory reports for government authorities and customized interactive reports for analysis of card business profitability – by products, time periods, financial institutions and other parameters.

The single largest activity on the project was the simultaneous migration of over 1 million cards onto the portfolio.