Oschadbank and OpenWay Certify payWave and PayPass Contactless Acquiring in Record Time
One of Ukraine's largest banks, the State Savings Bank of Ukraine (Oschadbank), with the active assistance of OpenWay, has successfully completed certification of acquiring for new contactless payWave and PayPass functions.
August 23, 2012 - Kiev, Ukraine
OpenWay, a leading international developer of software solutions for issuing and processing payment cards and electronic money, and Oschadbank, one of Ukraine's largest banks, have successfully completed a project to certify Visa payWave and MasterCard PayPass contactless card acquiring. The project was completed in record time; the Visa payWave case was accomplished in less than one calendar month in the spring of 2012. Following this, the MasterCard international payment system also confirmed Oschadbank's full compliance with the requirements of PayPass technology.
During the entire certification period, OpenWay provided Oschadbank technical and consulting support.
"We are gradually moving away from the image of an old-fashioned bank. We are now focusing on offering our clients high-tech services. Oschadbank is definitely interested in the innovative development of cashless payments in Ukraine and is constantly working in this direction. Thanks to the certification of new contactless payWave and PayPass acquiring functions, our clients get access to a European level of services distinguished by high quality, convenience and security," comments Anton Tyutyun, Oschadbank's deputy chairman of the board.
"We began to work with Oschadbank quite recently, but in each new project the bank has demonstrated creativity, flexibility and agility rare for a large financial organisation. We are very optimistic about the further development of Oschadbank's card business," says Mikhail Alexeev, the director of business development in Eastern Europe and Central Asia, OpenWay.
At the present time, the bank is actively expanding the contactless payment acceptance network across the entire Ukraine.
According to Anton Tyutyun, "2012 was extremely important for us in terms of developing our card business. In March, the bank opened its own processing centre based on WAY4, which significantly increases our opportunities to offer new quality products and services. From 2012-2015, Oschadbank intends to more than double its payment card issuing volume – from 1.8 million to 5 million, as well as to significantly expand the POS terminal network."
In 2012, Oschadbank plans to begin a project for issuing contactless cards on the basis of WAY4.
The Public Joint-Stock Company “State Savings Bank of Ukraine” is one of the largest financial institutions in Ukraine, having the most extensive branch network in the country. Oschadbank is the only Ukrainian bank that enjoys the unique state guarantee on all retail deposits. JSC “Oschadbank” is the most reliable bank according to the “Korrespondent” magazine and the investment company “Dragon Capital” and also holds its leadership in deposit reliability rating according to the Internet-magazine “Real economy”.
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.