payment processing

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.

Indonesia Goes Chip With OpenWay

 Bank Muamalat Indonesia (BMI) is now fully compliant with the National Standard Indonesian Chip Card Specification (NCICCS) on both the issuing and acquiring side with the support of OpenWay.

Bank Muamalat Indonesia (BMI) is now fully compliant with the National Standard Indonesian Chip Card Specification (NCICCS) on both the issuing and acquiring side with the support of OpenWay.

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. 

BMI

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).

http://www.bankmuamalat.co.id/en

Leading Chilean Processor Nexus Roll Out WAY4 for Prepaid Cards

prepaid-cards-chili-openway-club-nexus.jpg

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.