JACCS International Vietnam Finance Company Ltd. (JIVF), a prominent Japanese name in Vietnam’s credit finance sector listed among the Top 20 of “Vietnam’s Leading Famous Brands”, has announced a strategic fintech transformation in partnership with OpenWay. JIVF completed the transition of its credit portfolio, migrating to OpenWay’s Way4 digital payment software platform. This step solidifies the company’s quest for leadership in the market and emphasizes its firm commitment to quickly launching unique payment services and ensuring a digital-first customer experience.
Mr Taniguchi Noboru, General Director of JIVF, shared, “Our partnership with OpenWay has transformed our business. The new JIVF payment system built on the highly configurable Way4 platform with its integrated online back- and front-office operations, ensures a digital-first customer experience. We’re now equipped to offer more options faster for our customers.“
Rudy Gunawan, Managing Director of OpenWay Asia, added, “At OpenWay, our clients’ needs always come first. We truly appreciate our collaboration with the JIVF team and are proud of the work we achieved together, especially during the challenging migration of three billing credit card cycles and the handling of unstructured data within a tight timeframe. Our commitment goes beyond providing advanced technology; we ensure local support backed by global expertise through our hubs in Vietnam, Asia, and all over the world.“
JIVF’s migration to the modern Way4-based payment platform represents a significant milestone, facilitating the rapid launch of customized credit products and seamless cross-border payment solutions. This transformation opens up new avenues for innovation, adaptation, and scalability, allowing JIVF to swiftly introduce a range of distinctive services around payment cards, digital wallets, and Buy Now, Pay Later (BNPL) options.
OpenWay is renowned for its exceptional software solutions in card issuing, merchant acquiring, and payment switching, scalable across any geography. It stands as a trusted global partner for tier 1/2 financial institutions and ambitious startups. Companies who have transitioned to Way4 find themselves at the forefront of innovative digital payments with accelerated product launches and a substantial surge in transaction volumes. Way4, functioning as a genuine online payment platform, delivers a fully end-to-end, digital-first customer experience. Its unique payment core ensures seamless online accounting and the high availability of JIVF’s systems.
BNPL (Buy Now, Pay Later) wallets are no longer positioned as an invincible challenge to international card schemes. Even the most successful BNPL app providers have opted to collaborate with supposed rivals. Afterpay, for instance, has introduced the Afterpay Plus card, a contactless Mastercard product, and Klarna extended its popular “Pay in 4” service into a physical Visa card format.
An emerging trend is to launch BNPL products on card rails, mostly for greater cost efficiency in onboarding retail partners. Visa and Mastercard have already enabled the acceptance of BNPL cards as a standard feature. Besides, card payments offer the advantage of predictable compliance, unlike non-card BNPL offerings, which have raised regulatory concerns. According to Deloitte, legislators in Singapore, Malaysia, Hong Kong, and Australia are taking actions to impose stricter regulations on BNPL providers, with similar developments expected in the US and UK.
To leverage the reliability of card industry standards and the latest innovations in embedded lending, several major BNPL providers have implemented diverse BNPL business models on OpenWay’s top-rated Way4 software platform. They include JACCS (Japan), LOTTE (South Korea), Nets (European payment processor within Nexi Group), and Procco Financial Services (Bahrain).
OpenWay’s recent case study summarizes the best practices followed by these and other payment industry players, while highlighting key technology that helps companies avoid the pitfalls encountered in implementing BNPL solutions. Read our in-depth article for insights on:
Link to the case study:https://www.openwaygroup.com/new-blog/2023/9/26/bnpl-technology-connecting-the-dots