Sunday, 16 June 2024

Cooperative CS Ahorro y Crédito partners with OpenWay to launch a new e-commerce acquiring service

5 min read

CS Ahorro y Crédito, formerly known as Coopeservidores, is a financial cooperative with a people-centric innovation strategy aimed at creating financial solutions that enhance the quality of life. In 2023, the company introduced a new e-commerce acquiring service on OpenWay's Way4 digital payment platform. This cutting-edge tool, stored in the cloud, is managed by an OpenWay partner specializing in SaaS who is also a PCI DSS-certified service provider for Mastercard and Visa, catering to both acquiring and issuing members.

Additionally, as part of its digital transformation strategy initiated in 2022 with a rebranding of the company, CS Ahorro y Crédito seeks to unlock fresh opportunities in the digital payment value chain, fostering growth in the expanding e-commerce sector. According to projections from the statistics portal Statista, the retail sector in Latin America is expected to generate a minimum of $307 billion annually by 2027 with over 380 million digital shoppers. This credit union is poised to leverage these opportunities, capitalizing on the advantages offered by its new platform.

"At CS Ahorro y Crédito, our commitment is to continually enhance the lives of our members and the wider community by offering a range of improved tools. Recognizing the necessity to broaden our role within the payments ecosystem, we strive to deliver a comprehensive value proposition tailored to the diverse needs of various economic sectors. This involves the implementation of unique and innovative payment solutions aimed at providing convenience, security, and efficiency. Thanks to the Way4 solution, we can deliver comprehensive payment acceptance for e-commerce merchants, and make it even more attractive with value-added services for both domestic and cross-border acquiring," emphasized Adriana Gentilini, Manager of Payment Methods at CS Ahorro y Crédito.

OpenWay's Way4 platform enables the rapid launch of unique products and merchant strategies that can be easily configured according to customer requirements. In addition, Way4 solutions span the entire payments landscape, including issuing, acquiring, digital wallets, transaction switching, BNPL (Buy Now Pay Later), instant payments, account-to-account payments and QR codes, tokenization, and more. 

Ricardo Contreras Arcos, OpenWay Sales Representative for Latin America, states: "CS Ahorro y Crédito is expanding into the Latin American payments ecosystem, and OpenWay is joining them as a strategic partner. To ensure the success of the project, our team takes into account regional nuances, provides global expertise and focuses on the client's unique technical requirements and business objectives."

OpenWay is a global leader in digital payment software with over 10 years of experience in Latin America, guaranteeing its clients early access to innovations, leveraging its collaboration with payment industry players around the world. Its advantages include unique, cutting-edge technology and a project management approach centered on customer needs. Adriana Gentilini concludes: "The approach adopted by OpenWay during the sales and delivery process was very collaborative and flexible, which allowed us to achieve excellent results and facilitate agile practices."

CS Ahorro y Crédito boasts 66 years of experience in the Costa Rican market and is part of the Grupo CS conglomerate alongside its sister companies: CS Corredora de Seguros, the Innovation Center, Nova Hub and Innovalex, which specializes in legal services.

Re-disseminated by The Asian Banker

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