Leading Chilean processor and OpenWay to power Banco Consorcio’s credit card business
Banco Consorcio has successfully launched a credit card business with Nexus, the major processor in Chile. The Nexus platform is built on WAY4, a top-ranked digital payments software provided by OpenWay.
Banco Consorcio, founded in 2009, specializes in consumer and commercial loans, mortgages, deposits, real estate financing and other services. It is a member of the Chilean financial conglomerate Consorcio Financiero.
To support the conglomerate’s strategy of financial development and expansion, Banco Consorciodecided to launch consumer card issuing. The bank received issuer accreditation for credit and debit Visa cards at the end of 2017 and carefully reviewed possible processing partners to kick-off its new business line. Banco Consorcio chose Nexus thanks to its market leadership, innovative approach to product development and highly flexible card management platform.
Nexus serves more than 60% of the credit card market in Chile. Among its customers are 15 issuers, including banks, local and international financial institutions and private label retail schemes. The company is gradually migrating its card portfolios to the WAY4 system, which helps it to compete more strongly in the Chilean payments market and meet constantly changing customer needs. Nexus can maintain high volumes and customize products in a fast and cost-efficient way on the new system.WAY4 also efficiently processes data to personalize services and ensure a better payment experience for Nexus clients.
Nexus is the leading credit card processing company in Chile and has been in the market since 1997, offering services to almost all banks and retail institutions in the country. The company's main core business areas are: transaction authorization, card management processing, online channels, card personalization, payment security (including fraud prevention) and business intelligence to support issuers’ strategies.
Headquartered in Belgium, OpenWay Group is a global developer of WAY4, an open digital payment software platform covering card issuing, merchant acquiring, payment switching, omni-channel digital banking, digital wallet, e-commerce gateway, loyalty, and fleet cards. WAY4 software solutions are used by tier-1, mid-size and start-up banks, processors, national switches, fleet, oil and telecommunication companies in Europe, the Americas, Asia, the Middle East, and Africa.