BankWise Technology Helps Power Quontic Bank’s Wearable Pay Ring

BankWise Technology, a Saratoga Springs developer of  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 digital bank, Quontic.”

The Quontic Pay Ring is described as “an innovative payment technology that allows Quontic customers wearing the ring to conveniently wave their hand near a contactless terminal to make retail purchases.”

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.”

BankWise 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.”

Regarding the launch of this exciting new product, Co-President and Chief Technology Officer of BankWise Technology, Sergei Morgoslepov said:

“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. 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 is excited to be able to deploy this new innovative technology for Quontic and said this about the collaboration:

“We have 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.”

As noted in the update, BankWise Technology is “a financial services software and data integration company serving community banks, regional banks, and credit unions throughout the United States.”

Collectively, the BankWise team “has 60+ years in bank technical positions, and 80+ years in the IT and software fields.” BankWise specializes in “developing and writing applications for data warehousing services, RPA, API, custom development, data integration, consulting, and other digital banking operations.”

BankWise solutions are “used in a variety of areas like operations, compliance, retail and commercial banking, lending, digital banking, wealth management and insurance. BankWise Technology is headquartered in Saratoga Springs, NY.”

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