Courtesy of BankWise
BankWise Technology, a Saratoga Springs developer of advanced custom programming for banks, announced that it has provided the system development, integration, and support for the nation’s first wearable payment ring launched by the award-winning digital bank Quontic.
The Quontic Pay Ring is an innovative payment technology that allows Quontic customers wearing the ring to conveniently wave their hand near a contactless terminal to make retail purchases. Officials said the process is like tapping a credit or debit card and can be used worldwide at any payment terminal that accepts contactless payments.
The launch of this product required significant development effort to integrate the systems, streamline the operational processes and implement the safeguards necessary to both deliver the rings and to ensure their usefulness once deployed, according to BankWise. It provided the code and systems to manage key components of the product including customer authentication, ring ordering, sizing and fulfillment, ring activation, inventory management, integration with the bank’s core system, and customer communication updates via email or SMS on the pay ring’s order status.
“We are honored to be part of Quontic’s newest and very innovative product launch and for it to be the first of its kind in the U.S.,” said Sergei Morgoslepov, co-president and chief technology officer of BankWise. “We were brought into this complex project to help design, implement, and manage a middleware solution that allows Quontic to offer this payment device to their customers.
“Our team thoroughly reviewed the project’s scope and then designed a middleware solution to address all requirements, from order and inventory management to integration with its core system.”
Quontic’s Chief Technology Officer Felix Todd said his company had been working with BankWise Technology on multiple projects and “knew that they had the technical experience and expertise to help us get this product to market. They have an intimate knowledge of what our projects require, and we knew that their programming skills and knowledge in the banking sector would fit well into this product’s design, development, and rollout.
“We are pleased with this collaboration and to be the first in the U.S. to bring this innovative, wearable payment technology to market.”
To learn more about the Quontic Pay Ring, visit www.quontic.com/pay-ring.