The Aite Matrix: Payment Processing Platforms report showed OpenWay as the only payment solutions vendor to be ranked “best in class” for its high scores, both in the product performance and vendor strength categories.
Aite's analysts evaluated seven short-listed technology vendors who provide software solutions for card issuing and merchant acquiring to retail banks and processors. The evaluation criteria included vendor stability, client strength, product features, and client services. Based on the results of the research, Aite divided companies into three groups: best in class, contenders and incumbent/emerging.
“Best in class,” the group where OpenWay was the only directly named member, serves to indicate leaders in this vendor market. If a company scores as high as “best in class”, as the research confirms, it has strong financials, diverse client bases, and robust product offerings with industry-leading functionality and reliable client service. Essentially, it is the player that everyone else has to chase.
The “contenders” group in the report lists five vendors. Despite their stable businesses and client bases, some of them were reported to struggle at times to identify the next big market trend or product features, while others failed to update overall performance and infrastructure due to inconsistent R&D or IT investment. Finally, another vendor was placed in the “incumbent/emerging” group, which, according to Aite Group, is reserved for “players with a large potential for future growth or established vendors with stagnating offerings".
OpenWay is the global developer and vendor of Way4, the digital payment software platform covering every aspect of the payments business from card issuing and merchant acquiring to transaction switching, digital wallets, and fleet cards. Way4 software solutions are used all over the world by Tier-1 and startup bankcard issuers and merchant acquirers, payment and fleet card processors, fintechs, national payment schemes, oil and telecommunication companies. The platform may be installed and run on premises or in the cloud, comes with rich APIs to support payment ecosystems, and provides real-time payment data analytics for a better customer experience.
“Banks need to invest in payments modernization to stay competitive and generate new revenue. Selecting the right payments software platform is essential to achieve that goal. To inform the market, Aite Group assessed the competitive position of seven global technology vendors that provide card issuing and merchant acquiring platforms. The research showed that the payments software platform market is robust and very competitive, and most vendors were close contenders. Overall, OpenWay obtained the highest score based on the evaluation criteria as well as client feedback, positioning the firm as strong candidate for banks and FIs looking to replace their payments software platform.”
“The in-depth scope and methodology of Aite Matrix is impressive, especially given the complexity of the payments market! It is an honor for OpenWay to be the only vendor clearly named in the “best in class” category by Aite. This recognition would not have been possible without our clients and their trust in our team. What we accomplish together is often exceptional, seen in the quality of new ideas, the efficiency of implementation, and the scale and speed of their business growth. I encourage banks and fintechs to take advantage of new digitalization opportunities and rely on a technology partner who can amplify the success of their new payment projects.”