OpenWay, a world supplier of digital cost software program, has supported the launch of Visa Flex Credential at Asia Industrial Financial institution (ACB) in Vietnam.
This marks the primary implementation of the answer in Southeast Asia.
The brand new function permits ACB clients to change between debit and credit score cost choices utilizing a single card, offering them with higher management over their spending and a extra versatile cost expertise.
For ACB, the introduction of Visa Flex Credential is predicted to encourage quicker card activation and elevated utilization, whereas additionally offering deeper insights into buyer behaviour.
These insights may help allow extra tailor-made provides and cut back dormant accounts, contributing to stronger general portfolio efficiency.
The know-how underpinning this improvement is OpenWay’s Way4 issuing and buying platform.
Nguyen Tam Khoa, Deputy Head of Shopper Division at ACB, commented:
“Right here in Vietnam, debit stays the dominant type of card cost, and we see vital potential and room for progress in credit score and versatile cost merchandise like Visa Flex Credential. Due to our 10-year collaboration with OpenWay and their Way4 platform, ACB has pioneered a number of market-firsts, together with Visa Flex Credential, Apple Pay tokenisation, QR-code ATM deposits through cell, and extra. We’re proud that our clients are the primary within the area to take pleasure in progressive, handy, real-time, personalised funds.”
Ha Nguyen Manh, Basic Director of OpenWay Vietnam, added:
“At present ACB is likely one of the first banks globally to help Visa Flex Credential. With our Way4 platform as their basis, they’re well-positioned to develop this providing additional, for instance, by including instalment or loyalty accounts to the choice, in step with the financial institution’s insights into evolving buyer expectations.”
The venture concerned a number of enhancements to ACB’s current methods.
These included upgrades to Way4’s interfaces with Visa and the ACB One cell app to help the up to date transaction logic, modifications to the cardboard system database and workflows to accommodate tokenisation, and the implementation of good routing capabilities in coordination with Visa’s Flex Credential portal.
The answer acquired Visa certification and was dropped at market inside just a few months.
ACB’s implementation of Visa Flex Credential illustrates the strategic position of the Way4 platform, which is utilized by monetary establishments worldwide to ship complicated tasks and help enterprise progress.
OpenWay has beforehand supported initiatives such because the world’s first cell Visa peer-to-peer transfers and the primary central financial institution digital foreign money playing cards in Eurasia.
Extra rollouts of Visa Flex Credential powered by Way4 are presently in progress in different areas.
Featured picture credit score: OpenWay
