As Mobile Financial Services (MFS) take a quantum leap in the banking and financial industry, customer convenience has taken front seat for good. Gone are the days when banks could rely on interfacing its customer on a regular basis to get things done. We are truly in the age of digital banking and top-notch mobile connectivity.
OPENQR is one such solution from the juggernaut of solutions brought to you by PayGlobal360®™ a product of PayNways. OPENQR aims at faster and secure QR-code based payments. It is a judicious blend of technology, process and service which significantly improves the experience of consumers and merchants while making digital payments.
QR codes a mode for single and bulk payments for consumers and merchant, bringing agility to businesses, service providers and consumer. Eliminates cash handling from the entire life cycle of business ecosystem and bringing various models globally as well as country specific with regulations in implementable state.
A global push towards card-not-present payment methods is evident. It is important that the payments ecosystem provides a consistent and seamless experience for its ever-growing merchants and consumers. With this aim, OPENQR integrates the most widely used digital payment methods both globally acceptable EMV® and Digital Wallets on one hand country specific like CoDi® (Mexico Specific) into one Single Unified Platform.
CoDi® Digital Collections Scheme
CoDi (Cobro Digital) is a real-time digital payments solution. With the CoDi system, Bank of Mexico aims to reach people without a bank account but have a mobile phone with which they can initiate swift payments by scanning a QR code or using NFC enabled devices. A user may not necessarily be face-to-face with a seller to initiate a payment – a user can approve or reject payments on his phone CoDi app, pushed to him by an ecommerce portal or business service providers on his CoDi enabled app. All these payments are processed through the different commercial banks and financial entities, including Bank of Mexico.
EMV® QR Processing
Within EMV standard payment. Two specifications have been developed to address the two dominant QR Code payment use cases: consumer-presented QR Codes and merchant-presented QR Codes.
With the consumer-presented mode, the customer displays the QR Code on their mobile device and the merchant uses an optical scanner to scan the QR Code.
With merchant-presented mode, the merchant displays the QR Code and the consumer uses their mobile device to scan the QR Code.
Digital Wallets
Closed loop wallet system enables secure QR-based payments within closed digital wallets or contactless NFC based. Ideal for businesses and events. New Digital Wallets can be created with our customized features to suit various business requirements.
Scalable to multiple businesses, business entities and business locations at the same time. Rule-based checks and balances and for P2P payment. Can be configured to any payment gateway and the ability to add multiple merchants and financial providers.
Ready-to-deploy for Events, Entertainment, Travel, Retail with endless possibilities.
Business Levers
End to End Value Chain
OpenQR is configurable with any financial institutions, processors, aggregators, and merchants with its high-end, robust technology architecture. It is highly scalable and flexible to be integrated with running system.
It has a strong orchestration with rule-based automation for all aspects of payment processing for any payment type, any channel, currency, or payments network. It provides the ability to easily add new endpoints, process financial transactions across multiple eco-systems for any type of payments processing.
Deliver Real-time, Immediate Payments
Ready for 360 channel launch – without the need to build things from ground zero with an extremely low TCO (total cost of ownership). The system architecture enables payments and transfers, using mobile wallets and QR Codes – and process transactions between them, delivering a state-of-the-art technology platform. Financial institutions and processors need to position their business to address rapidly changing market needs such as real-time, immediate payments and any-to-any payments, much faster and more efficiently.
Consumers expect ease, speed, convenience, and always-on processing for their payment transactions in a secure environment. If these services are not met, the competitive opportunity gap widens, increasing churn and loss of market share. Financial institutions and processors need to shift their entire product and service mindset towards immediate delivery of payments as well as all of their bank offerings.
Technology Levers
Platform independence for lower total cost of ownership
Financial institutions are spending more on infrastructure and platforms every year than ever before which means the platform running are lacking the drivers of future proofs and technological upgrade. The need to reduce dependency on aging systems as well as lower hardware, operating system and maintenance costs has become paramount. OpenQR by leveraging multi-environment, estimate that institutions can reduce technology operating costs by considerable margin while enjoying the same performance, scalability, reliability and high availability. PayGlobal360®™ also operates on HP Unix, IBM Series p and Oracle Sun servers.
Payments In The Cloud
OpenQR is available on premises or in a virtual private cloud environment. PayNways provides world-class, cloud-based payment solutions and is tested on all major industry standards clouds and services is ready to be used by any organizations around the world to reduce time to market and minimize technical, operational, and business risk. Virtual Private Cloud-enabled services help organizations to plan the growth, introduction of various product into market and increase and expand business and customer offerings.
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Harness our expertise and innovative PayGlobal360® platform. Connect with us to kick off your journey.
