News

Chilean processor goes live on Way4 platform

May 31, 2016

Chilean credit card processor Nexus is now live with prepaid processing on the Way4 platform from OpenWay. Nexus implemented the platform and associated business processes following the decision last year to expand its service offering.

According to a press release, Nexus already boasts a portfolio of nearly 10 million credit cards, and processes more than 65 percent of credit cards transactions in Chile, including Visa, MasterCard and Amex-branded cards. The company serves banks, local and international financial institutions, and private-label retail schemes.

'We have chosen WAY4, convinced that we are going to deliver the most complete and functional solution to the market — both efficient and flexible — which is going to be the base of our new value added offer," Nexus CEO Gabriel Cifuentes said in the release. "Obviously, we do have high expectation on the impact that this new offering will have a strong repositioning of our services.

"The WAY4 platform is easy and cost-effective to customize for new products, which was a real plus-point for use in selecting the solution. Since implementation, we’ve also undergone a 'mindset reset' within our organization. Instead of having to fit our requirements onto a 16-year-old legacy system, we can now innovate and develop products in a new way, knowing that our underlying systems architecture makes so much more possible."

Nexus plans a phased migration of its entire credit card processing business to WAY4, beginning with a first wave of pilot banks in the second quarter 2017.

"Nexus is a market-leader in Chile and has proved this once again by recognizing the opportunity of prepaid card servicing and processing," said Dmitry Yatskaer of OpenWay. "It is OpenWay’s first client in Chile and we are looking forward to building out their credit processing platform and a long-term future together."