BORICA AD, a company with 50-years history and experience in providing specialized solutions for over 30 financial institutions in Bulgaria and neighbouring countries, has chosen the WAY4 digital payment software platform to transform its core business. The platform is licensed by OpenWay, a global software provider ranked a leader in digital payment solutions and white-label digital wallets.
BORICA AD has launched this digital transformation project to enhance its existing and provide new value-added services. OpenWay will supply a full end-to-end card processing solution for both issuing and acquiring including real-time fraud prevention and detection, e-commerce, mobile wallet and tokenization. The new platform shall enable BORICA AD’s future business growth including cross-border services’ expansion.
Without the new platform, BORICA AD would not have been able to scale the growing business and boost ROE. The processor was looking for a solution that would support local, regional and international card payments, ensure uninterrupted business operations, provide automation of back office processes, and increase speed to market.
The decisive factors in choosing OpenWay and the WAY4 platform were its flexibility as well as the commitment to deliver on time and allow BORICA AD to expand its new business services to include tokenization, digital wallet, new card products, new institutions among others.
“The project known as “BORICA New Generation” will impact significantly the whole card payment environment in the country”, says Radoslav Dimitrov, head of “Cards and Terminals” Division at BORICA AD. “The tender procedure has been held among more than 10 leading international card system vendors and completing all its stages took us nearly two years. OpenWay managed to cover all our requirements for flexibility, security and business expectations. Today we are confident that this partnership will change the future of card business in Bulgaria”, he adds.
“We appreciate that BORICA has entrusted the transformation project to OpenWay. We have extensive experience in analyzing the architecture and delivering highly reliable solutions for national and regional switches, and are ready to share this expertise with the project team,” - notes Sophocles Ioannou, Regional Manager at OpenWay.
BORICA AD has developed and nowadays provides and operates the technology infrastructure of the Bulgarian payment industry. In doing so, the company has been a trusted partner of banks and payment institutions for nearly 50 years.
The Company is committed to providing modern and innovative solutions to financial institutions.
Company’s services focus on payment services, card services incl. authorization and terminal driving, fraud prevention services, secured card payments, HCE, mobile payments and Card Management System as a service; SWIFT Service Bureau; e-signature and e-invoice, Infrastructure services. BORICA AD acts as a third party processor (TPP) for MasterCard and VISA. The Company is licensed by the Bulgarian National Bank to operate three payment systems (BORICA Payment system for card payments, BISERA 6 for credit transfers in domestic currency and BISERA 7 for SEPA credit transfers and direct debit in Euro).
OpenWay Group was founded over 15 years ago. We develop WAY4, an innovative e-payment processing framework for banks, payment processors, telcos and petrol companies.
OpenWay was initially headquartered in Brussels, Belgium with one R&D team there and another in St. Petersburg, Russia. Today we are a global company with 10 offices and 130 customers around the world.
Our portfolio consists of WAY4 Card and Merchant Management, Financial Switching, Personalised Channel Banking, Prepaid Cards, E-Commerce, Mobile Payments, Digital Wallet, DCC, Fuel Cards, and other solutions.
Our customers include tier-1 giants, mid-size companies, and ambitious start-ups:
- Equens, Western Europe (SEPA-acquiring of 0.5 million merchants on WAY4)
- Savings Bank of Russia (issuing and acquiring back-office, and authorization switch for 140 million credit and debit cards on WAY4)
- SIX Group, a leading European payment company processing over 4,000,000 cards and migrated over 30 banks to WAY4 within 15 months
- Comdata, USA (commercial cards on WAY4)
- Network International, the Middle East (a processing center with approximately 60 banks on WAY4)
- Raiffeisenbank Int., Eastern Europe (a processing center for 15 banks and countries on WAY4)
- Bank Audi, MENA region (more than 40 card products on WAY4 including NFC)
- Halyk Bank of Kazakhstan (the first bank to launch Visa P2P Mobile Transfers)
- Lukoil Intercard, Eastern Europe (B2B fuel cards with comprehensive loyalty services on WAY4)
WAY4 live installations consistently demonstrate high performance; for example, 90 million cards issued and authorized on a single platform and 12 million POS/ATM clearing transactions processed daily by a single acquirer.
OpenWay, known for its commitment to long-term relationships, both serves customers locally and provides global support. Today our team unites approximately 500 payment business, digital technology, and security professionals.
Are you visiting Seamless Thailand 2018? Looking for the platform to launch QR-code payments, digital banking and wallets, and high volume payment processing? Come to our stand #12 to explore WAY4 digital payment platform and see real-time demos!
OpenWay is showcasing its new WAY4 software solutions:
- QR-code payments, chat bot banking, mobile commerce, tokenisation
- Omni-channel digital banking & wallet solutions for fast customer onboarding and 360-degree banking service
- Highly available & flexible solutions for national and cross-border issuing, acquiring, payment switching & gateway
Willing to obtain the latest Ovum reports on the best CMS and White-Label Mobile Wallet solutions? Just one more reason to visit our stand #12!
We serve 135 banks, processors, payment switching, government agencies, telecom, fleet and oil companies in Asia, Europe, the Americas, the Middle East, and Africa. We are proud to be the trusted vendor for AIS, Asbanda, Finnet, Bank Muamalat Indonesia, Bank Rakyat, Military Bank in Vietnam and other Asia-Pacific payment leaders.
OpenWay holds #1 global ranking in Card Issuing and Merchant Management and top global ranking in White-Label Digital Wallets (according to Gartner and Ovum reports in 2009-2017).
You can meet our team and explore WAY4 demos at time and place most convenient to you. Let's schedule it now!
Incorporating the world-recognised WAY4 payment processing system by OpenWay, Network One will enhance and accelerate Emirates NBD's ability to create bespoke cutting-edge products for its credit and prepaid card customers based on payment behaviour, giving them a distinct edge over competitors.
Network International's seamless migration of a large-scale portfolio of the leading cards issuer in the market, Emirates NBD, marks an important milestone for the payment solutions company as it looks to consolidate its market leadership in the UAE and strengthen presence across the Middle East and Africa.
"Successfully implementing Network One migration for a large-scale cards player such as Emirates NBD is a solid testament of our expertise and capacity," commented Network International's Group CEO Simon Haslam. "We are delighted to be Emirates NBD's partner of choice in this critical project as we mark new ground as the unrivalled regional leader in card issuing."
Added Matt Sinclair, Group Chief Information Officer of Network International, "This project underlines Network International's core purpose of enabling clients to strengthen their capabilities to grow and maintain market leadership. Our well-coordinated approach helped deliver a seamless solution to Emirates NBD, migrating the entire cards portfolio seamlessly. We now look forward to lending our expertise to other banks in the region looking to upgrade their proposition with value-added payment services".
Network One is based on a framework that allows innovative payment and card products to be created by monitoring the behaviour and attributes of a payment. It also fully supports the implementation of value-added services such as loyalty programmes, mobile payments, loans and fraud management.
Suvo Sarkar, Senior Executive Vice President & Head - Retail Banking & Wealth Management commented: "The Network One platform offers us enhanced speed and scalability, and will allow us to provide more customized and innovative banking and payment solutions for our customers, helping us to remain their bank of choice."
Network International has previously successfully migrated 15 other banks across the Middle East and Africa to Network One. Network International is currently the exclusive partner and reseller of OpenWay's licensed solutions within the Middle East and African markets.
Established in 1994, Network International LLC is the largest acquirer in the UAE, and a leading payment solutions provider in the Middle East and Africa region (MEA), servicing more than 70,000 merchants and 200 financial institutions across 55 countries. The company’s service offering comprises a comprehensive range of payment products and services for both the Issuing and Acquiring segments of banks, financial institutions and retail merchants including end-to-end consultancy ranging from planning and designing to developing of new card and consumer finance products and services. In addition, the company offers several value-add products including data analytics, scoring and loyalty solutions. Network International has Operation centers in the UAE, Egypt, Jordan, South Africa and India, with its corporate head office in Dubai. The company recently acquired Emerging Markets Payments Holdings Limited (EMPH) and continues to invest in strategic partnerships that will increasingly see its influence spread across the region.
As the first independent vendor certified by both Visa & MasterCard for card payments in the Middle East, Network International is a Principal Member of Visa International and MasterCard International in the UAE and enjoys extension of its MasterCard License in other key countries. It is also a member of JCB and Union Pay card schemes, and it owns and manages the Diners Club International Franchise in the UAE, Egypt, Lebanon and Jordan. The company also launched a GCC-based domestic scheme, Mercury, and partnered with Discover Financial Services (DFS) to allow global acceptance of Mercury cards on the Discover, Diners Club International and PULSE networks. Network International is a Payment Card Industry Data Security Standard (PCI DSS) certified company.
Bank Muamalat Indonesia (BMI), one of the leading Islamic banking providers in the country, is now fully compliant with the National Standard Indonesian Chip Card Specification (NCICCS) on both the issuing and acquiring side. This is a government requirement to improve card security and the customer payment experience in Indonesia. The project was completed with the support of OpenWay, ranked #1 by Gartner in digital payment software solutions and a leader in digital wallets by Ovum, whose WAY4-branded card processing solutions BMI uses.
Now BMI can offer its customers chip debit and ATM Visa cards. OpenWay helped make this possible by supporting issuance of dual application cards – international VSDC (Visa) and domestic NSICCS – and setup of 6-digital online PIN in the WAY4 processing system. BMI can also service NCICCS-compliant cards across its ATM and POS networks.
“Providing excellent banking services is the number one priority for BMI. We believe that the new card standard enables us to provide a higher level of cardholder protection against fraud, thus improving the customer experience and reducing bank’s losses from unauthorized transactions with stolen or lost cards. The support of the OpenWay team in the NCICCS certification process helped us to overcome technical challenges and complete the project faster”, – Saladin Effendi, Head of IT Division of Bank Muamalat Indonesia
“OpenWay has participated in national projects of different sizes, from enabling compliance with national card standards and connection to domestic payment gateways to developing and implementing end-to-end national and interbank switching platforms. We are always ready to support payment institutions in Indonesia and Asia-Pacific build secure and seamless digital payment ecosystems”, – says Rudy Gunawan, Managing Director, OpenWay Asia.
NSICCS is a national standard for chip cards which Bank Indonesia has nominated as the payment technology benchmark for all ATM and debit card providers in the country. The goal is to upgrade of national payment system to an international level of security and to mitigate fraud risk. Adoption of NSCCS is one of the phases in the implementation of the National Payment Gateway aimed to strengthen the independence of the Indonesian payment system and increase interoperability between all payment instruments and channels in the country.
PT Bank Muamalat Indonesia Tbk (“Bank Muamalat Indonesia”) commenced its journey as the first Sharia bank in Indonesia on November 1, 1991, or Rabi’us Tsani 24, 1412 H. The establishment of Bank Muamalat Indonesia was instigated by Indonesian Council of Ulema (MUI), the Association of Indonesian Moselm Inttelectuals (ICMI) and local moslem businessmen who later gained supports from the Government of Republic of Indonesia. Since it officially began operating on May 1, 1992 or Syawal 27, 1412 H, Bank Muamalat Indonesia keeps on innovating and releasing sharia financial products such as Sharia Insurance (Asuransi Takaful), Muamalat financial institution pension fund (DPLK Muamalat) and sharia multifinance company (Al-Ijarah Indonesia Finance), all of which are breakthroughs in the country. In addition to these, Banl’s product Shar-e launched in 2004 which was also the first instant saving in Indonesia. The Shar-e Gold Debit Visa launched in 2011 obtained an award from the Indonesian Museum of Records (MURI) as the first Sharia Debit Card with the chip technology in Indonesia; as well as a comprehensive e-channel services such as internet banking, mobile banking, ATM and cash management services. All these products are pioneers of sharia products in Indonesia and have become the most significant milestone in sharia banking industry.
As there is more acknowledgment on the Bank’s capacity, Bank Muamalat Indonesia expanded its business by adding more branch offices all over Indonesia. In 2009, the Bank obtained a license to operate a branch office in Kuala Lumpur, Malaysia and become the first and still only bank in Indonesia to expand its business in Malaysia. To date, the Bank has operated 325 offices to serve its customers including 1 (one) branch office in Malaysia. The Bank operation is also supported by a wide service network consisting of 710 unit of Muamalat ATMs, 120,000 ATM Bersama and ATM Prima Networks, and a network of more than 11,000 ATMs in Malaysia through Malaysia Electronic Payment (MEPS).
OpenWay, SIX Payment Services, Nets and Credorax invite you to the workshop “4 case studies of payment transformation” at the Payvolution (Salone Dei Pagamenti) 2017 event in Italy.
Payvolution is expected to become a key payment event in Italy. Main partners are American Express, BNP, Gruppo Banca Sella, Intesa Sanpaolo, MasterCard, Nexi (CartaSi and ICBPI), PosteItaliane, SIA, Unicredit. The target audience are payment players of Italy, mainly banks but also retailers, payment processing companies and others.
Pavel Gubin, Director of Sales, EMEA and Americas, OpenWay
Sophocles Ioannou, Regional Manager - Mediterranean & Levant, OpenWay
Credorax: The future of acquiring
Alon Bigler, Vice President of Business Development & Strategic Solutions, Credorax
What is the next big thing in e-commerce and cross-border acquiring?
Maria Vinogradova, Director of Strategy and Market Intelligence, OpenWay
Nets: digital banking - an issuer point of view
Mikko Rieger, Senior Vice President, CMS Product & Business Development, Nets
Digital Banking in Agile
Michael Popov, Head of Digital Banking R&D Group, OpenWay
SIX: PSD2 and Instant Payments - how to build and benefit from a new ecosystem
Jacqueline Good-Ziltener, Head of Product Management, SIX Payment Services
PSD2 Hub: from threat to new revenue streams
Anton Klimov, Senior Consultant, OpenWay
NFC and QR Wallets on WAY4 use cases: a story in Italy…
Ksenia Shibanova, Product Marketing Specialist, OpenWay
Pavel Gubin, Director of Sales, EMEA and Americas, OpenWay
Sophocles Ioannou, Regional Manager, Mediterranean & Levant, OpenWay
And we continue our dialogue at our stand #M22.
Also, look at the full agenda of all three days of the event.
OpenWay, the top ranked WAY4 digital payment software vendor, is launching the series of events in East Africa in order to expand our footprint and to bring the leading innovations in omni-channel digital payments to the region.
WE ARE HAPPY TO ANNOUNCE OUR 1ST EVENT OF THE SERIES - DIGITAL BANKING LEADERSHIP KENYA 2017!
It is an exclusive networking event devoted to the latest digital and omni-channel strategies, challenges in developing services for the unbanked and extending services for existing clients. We will showcase the best breakthrough payment innovations adapted by the leading financial institutions in Europe, Middle East, and Asia.
WHO WILL BENEFIT?
C-level executives, directors of IT, retail banking, and digital innovations divisions of Kenyan banks, processors and payment providers.
WHAT WILL YOU GAIN?
Gather insight and lessons learnt from top-level business and technical experts from OpenWay and other valuable players of the payment industry who will be happy to share insights on the hot topics, including
COST-EFFECTIVE BRANCHLESS BANKING
Case studies of leading banks using the top-rated WAY4 solutions from around the globe
CHALLENGES OF DIGITAL ERA
- Interoperability of financial services
- Digital identity
- New customer acquisition
- API banking
- Instant payments
BUILDING A FLEXIBLE OMNI-CHANNEL PLATFORM
- Local and cross-border card issuing
- Agent banking
- Merchant acquiring
- Digital wallets (P2P, P2C, B2C, B2B, G2C, C2G)
- National payment switching
- e-Commerce payment gateway
- Messenger banking
- Mobile money
- Security in mobile payments and e-commerce
- 3-D Secure 2.0
The knowledge-sharing session will be followed by a networking cocktail reception.
Nexus, Chile’s largest credit card processor diversifies into prepaid cards and for greater credit market share.
Being a leader Nexus already has 10 million credit cards portfolio and processes more than 65% of credit cards brand transactions in Chile. WAY4 is the innovative e-processing framework from OpenWay, a recognized leader in software for bankcard issuing and acquiring, payment switching, digital banking services and omni-channel payments.
Nexus, Chile’s leading credit card processor, is now live with prepaid processing on the WAY4 platform from OpenWay. Nexus implemented its brand-new processing platform and the associated business processes, following the strategic decision to expand its service offering last year.
Nexus already has almost 10 million credit cards portfolio and processes more than 65% of credit cards transactions in Chile, including Visa, MasterCard and Amex-branded cards. There are more than 18 customers including banks, local and international financial institutions, and private-label retail schemes. The decision to diversify into prepaid card authorization and processing business, has a significant potential to increase the dynamics of the Chilean card market.
“We have chosen WAY4, convinced that we are going to deliver the most complete and functional solution to the market – both efficient and flexible – which is going to be the base of our new value added offer. Obviously we do have high expectation on the impact that this new offering will have a strong repositioning of our services”, Gabriel Cifuentes, Nexus CEO said in a statement.
Nexus is planning a phased migration of their entire credit card processing to WAY4, beginning with the first wave of pilot banks in the second quarter 2017.
“The WAY4 platform is easy and cost-effective to customize for new products, which was a real plus-point for use in selecting the solution. Since implementation, we’ve also undergone a ‘mindset re-set’ within our organization. Instead of having to fit our requirements on to a 16-year-old legacy system, we can now innovate and develop products in a new way, knowing that our underlying systems architecture makes so much more possible. We have ambitious plans for the future, in order to offer top quality services to our customers together with the best time to market”, continued Gabriel Cifuentes.
“Nexus is a market-leader in Chile and has proved this once again by recognizing the opportunity of prepaid card servicing and processing. It is OpenWay’s first client in Chile and we are looking forward to building out their credit processing platform and a long-term future together,” said Dmitry Yatskaer, OpenWay.