SARATOGA SPRINGS — BankWise Technology, a Saratoga Springs-based developer of advanced custom programming for banks, has announced it has provided system development, integration, and support for the nation’s first wearable payment ring launched by digital bank Quontic, according to a press release.
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,” the release says. It is a similar process to tapping a credit or debit card and can be used worldwide at any payment terminal that accepts contactless payment.
BankWise provided the code and systems to manage key components of the product such as customer authentication, ring ordering, sizing and fulfillment, ring activation, inventory management, integration with the bank’s core system, and customer communication updates.
“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 BankWise co-president and chief technology officer Sergei Morgoslepov in the release. “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 chief technology officer Felix Todd also said he was excited to deploy the Pay Ring.
“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,” said Todd in the release. “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 innovate, wearable payment technology to market.”
