Banco Estado delighted with OmniPayments implementation

OmniPayments welcomed Banco Estado’s offer to tell their customer side of the story at this years’ annual NonStop TBC event.  Banco Estado is Chile’s third largest bank with the most visible presence across the country.  It operates in every commune of the country across 3,000 kilometers from north to south even having a presence in Antarctica.  Not only do they operate millions of bank accounts and cards, but they have also launched a widespread and nationwide Merchant Acquiring network by the name of ComprAqui (which roughly translates as “buy here”).

According to Luis Chavez of Banco Estado, the bank is clearly delighted with their engagement and partnership with OmniPayments.  In their own words, they made clear their delight with the high levels of availability they enjoy, the flexibility to cutover, settle, and their plan to pay their merchants *same day* using OmniPayments,

Banco Estado also benefit from the Cloud implementations that we call OmniCloudX, with sites across 2 states of the United States (Dallas and San Jose) bound together by OmniReplicator which effectively gives them a 100% uptime single system image for processing transactions.

Banco Estado also benefit from the routing flexibility of OmniSwitch, with OmniCompensation complementing the settlement function, so that all parties are correctly paid their due amounts.

Banco Estado were equally complimentary about the value of the BI component OmniDash, the business dashboards showing them in real time exactly what was taking place inside the switch with valuable and meaningful business data.  The bank can also see visually by what methods transactions are being authorized, EMV, Contactless, 3D Secure online, and even fallback.  Integration is made easy with both JSON and ISO8583 protocols in use to support interaction with ComprAqui.

Banco Estado can see transaction approvals happening in real-time, they can see transaction decline rates also, plus they can also see if the internal fraud engine has successfully prevented a fraudulent transaction.  “All this is valuable information to us” said Luis.

The pandemic saw an increase of some 98% in digital transaction customer interaction with the bank.   OmniPayments they also were able to help the bank to open over 2000 new CajaVecinas or small neighborhood bank branches where customers could transact face to face.

Banco Estado has also embraced QR Code technology to simplify and streamline the merchant/customer interaction, with the result that ComprAqui as a service is growing rapidly across the country.

The processing and switching of Card Payment transactions sits within a broader infrastructure to enable businesses to make the most of the valuable data that they process.  The monetization of our behavior as consumers is a growing trend amongst data providers.

It’s no longer enough to simply extract data at the end of the business day.  We need to share and feed the aggregation of data on Business Intelligence (BI) platforms so that business users can not only see the broader picture of what is going on in their business, but also to market this aggregated data to others.

Businesses deploy a wide range of enterprise database infrastructure from Oracle, Teradata and Hadoop, together with Machine Learning engines like Kafka where clients need an event streaming platform for messaging, storage, processing, and integration at scale in real-time with zero downtime and zero data loss.

OmniPayments will be introducing the innovative adapters that we launching to meet such needs.

Meanwhile the core competences of a payment switch are still important and valid whether on-premise or in the cloud based on the OmniPayments OmniCloudX solution.  Consumers want choice of payment options and OmniPayments is delivering it through its cloud-based solution.  Merchants who want to expand their payment choices can now deploy flexibly with OmniPayments.

OmniPayments offers the dynamism of a true real time card processing system, one that can both create a virtual card record entry in real time, capture enough of the customer’s details and associate that purchase with that same card record, and be ready to generate communication with the clients to remind of the due payment and options for payment.

OmniPayments includes a wide choice of payments options to consumers while enabling Card Switching, Card Authorisation, Card Issuing, Transaction aggregation Loyalty, and Fraud Management Portfolio.  We also help organizations to modernize their own existing switches.

For more information on how we can help you integrate OmniPayments into your internet payment gateway, please see our illuminating YouTube videos (https://www.youtube.com/watch?v=jHioqS1ZXOA),

follow us on Twitter “@omnipayments”  or

visit www.OmniPayments.com for further information.