e-commerce acquiring

Leading Processor in Bulgaria Starts Digital Transformation on WAY4

 Mr. Radoslav Dimitrov, Head of "Cards and Terminals" Division

Mr. Radoslav Dimitrov, Head of "Cards and Terminals" Division

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

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).

http://https://www.borica.bg/en

OpenWay Group

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.

Acquirers on WAY4 Platform Now Can Serve Marketplaces

 Source: Stichting Nationaal Museum van Wereldculturen 

Source: Stichting Nationaal Museum van Wereldculturen 

OpenWay, a WAY4 platform developer and recognized leader in software for bankcard acquiring and issuing, digital banking, omni-channel payments and e-commerce gateways, has enhanced its acquiring solution to enable customers to attract and serve merchant aggregators and marketplaces.

According to the study Rise of the Global Market Places study, prepared by the E-commerce Foundation and Nyenrode Business University, marketplaces will control 39% of the world’s entire e-commerce market by 2020. For acquirers and PSPs, serving marketplaces promises attractive profits, but also requires tailored solutions to meet the specific needs of marketplaces. 

This includes setup of complex merchant hierarchies and fee sharing schemes, seamless merchant onboarding, and smooth settlement among multiple parties. Additionally, there are special requirements around authorization and clearing processes, as a single order may often comprise goods purchased from single or different merchants. This means that different parts of the order may be shipped and delivered separately. At checkout, the processing system should be able to generate a single authorization for the total order, but also later process a separate clearing transaction for each shipment. 

With recent enhancements, the WAY4 platform meets the needs of marketplaces, which in turn opens up new acquiring opportunities for OpenWay’s customers worldwide.

On top of these business specifics, marketplaces want to offer their customers local and global payment methods, as any other e-commerce business with cross-border reach. They want to process payments in multiple currencies in 24/7 online mode, complete sales in a quick and secure way, and access payment information via a convenient online portal. This functionality is already considered a must-have in our digital era, so OpenWay has gone further. We allow our acquirer customers to design and deploy new business models together with their merchants. This includes value-added services such as wallets, loyalty schemes, dynamic currency pricing, and many more. 

WAY4 Acquiring is an end-to-end solution for acquirers, PSPs, PISPs, and payment processors that provides both merchant management and e-commerce gateway functionality. The solution powers 14% of acquiring transactions in Europe and helps payment providers to onboard and serve any type of e-commerce or brick and mortar merchant. 

Online back-office on WAY4 supports accounting, comprehensive fee structures, flexible merchant hierarchies, unlimited pricing and settlement currency pairings, chargeback management, and advanced tools for online fraud prevention. WAY4 E-commerce Gateway is built to accept both card and non-card payment methods in an omni-channel environment and accommodate flexible authorization scenarios. The solution supports the up-coming 3-D Secure 2.0 standard and strong customer authentication requirements outlined by PSD2. It is proven to work online 24/7 with high transaction volumes.

OpenWay Launches Multi-Currency Pricing Solution for Global Acquirers

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OpenWay, a recognised leader in software for bankcard acquiring and issuing, digital banking, omni-channel payments and e-commerce gateways, has launched a multi-currency pricing software solution to help acquirers attract and service international e-commerce merchants.

Globalisation dictates its own pricing rules for businesses. Customers want to purchase globally, and merchants are eager to price locally while avoiding multi-currency reconciliation and multiple overseas acquiring relationships. For an e-commerce gateway provider (acquirer or PSP), offering merchants services that include currency conversion could lead to significant additional revenues. Merchants and PSPs could also benefit through profit-sharing agreements with their acquirers on FX conversion rates etc.

WAY4 Multi-Currency Pricing is an integrated software solution for acquirers which enables their merchants to price goods and services in a variety of foreign currencies while continuing to receive payments in their home currency. It helps to increase merchant sales, reduce cart abandonment and avoid back-office payment administration headaches.

The WAY4 solution allows acquirers to set up unlimited pricing and settlement currency pairings, manage mark-ups for different FX rates, settle with merchants and PSPs in their chosen currencies, and generate detailed merchant reports.

Merchants with high international sales, such as airlines, global e-commerce retailers, marketplaces and those in the hospitality, gambling and online gaming sectors, are attractive prospects for acquirers. However to service these merchants, acquirers need to be able to offer multi-currency capabilities as well as 24/7 availability, card-based and alternative payment methods, and advanced tools for online fraud prevention.

WAY4 Multi-Currency Pricing is already deployed by two leading European acquirers. Together with WAY4 DCC this solution enables an acquirer to gain incremental revenue from merchant transactions while providing a user-friendly service to cardholders worldwide. These solutions are part of the WAY4 Acquiring platform developed by OpenWay. With WAY4, acquires can create comprehensive merchant hierarchies, flexible rules for authorisation and settlement in the preferred currencies, real-time risk monitoring, loyalty, dispute management, and high availability. WAY4 is built to meet the requirements of international businesses, including support of multiple currencies, time zones and languages.