Tieto and Raiffeisen Bank provide contactless payments in Bosnia and Herzegovina

Tieto has helped Raiffeisen BANK become one of the first banks in Bosnia and Herzegovina to provide contactless payment services for Visa cards. With the Card Suite solution developed by Tieto, Raiffeisen BANK dd Bosna i Hercegovina was able to introduce contactless cards in the market with an additional option of gradual credit repayment. This extra option was implemented through the Tieto’s Card Suite Instalments solution.

This expansion of Bank services provided cardholders with an opportunity of not only making quick payments by merely tapping the terminal, but also gradually repaying the card’s credit. When a purchase amount is less than the set limit, cardholders will not be required to enter their PIN, but if the purchase limit is exceeded, then an additional security measure like PIN entry will be required for successful authorization. Thus, purchasing with a contactless card becomes fast and safe, and requires no physical interaction between a card and a terminal.

- Currently, contactless payments are in the spotlight on the payment cards market. With this extension of bank services, cardholders are able to use contactless card more actively, considering the additional measures provided, which gives cardholders confidence of safety when using a contactless card. We are happy to collaborate with Raiffeisen Bank Bosna i Hercegovina and we believe in the future of our successful cooperation, says Maris Ozolins, Tieto Cards Director.

- We have had a very satisfactory cooperation with Tieto on this project and hope to continue our business relations in the future as well. We are happy that we have improved our service in this business segment, given the fact that payment process has been simplified for our clients, as well as for the merchants. As of the end of the last year, the Bank introduced its first contactless VISA Magic credit card which allows repayment to 36 monthly instalments, says Karlheinz Dobnigg, CEO of Raiffeisen BANK dd Bosna i Hercegovina.

For further information, please contact:

Maris Ozolins, Director of Cards, Tieto Financial Services
phone: +371 67510000

Karlheinz Dobnigg, CEO of Raiffeisen BANK dd Bosna i Hercegovina
phone: +387 33 287 101

Tieto is the largest IT services company in the Nordics providing full lifecycle IT services. We also provide global product development services for companies in the communications and embedded technologies arena. Through industry insight, technology vision, and innovative thinking, Tieto proactively strives to inspire and engage our customers in finding new ways of accelerating their business.

Building on a strong Nordic heritage, Tieto combines global capabilities with local presence. Headquartered in Helsinki, Finland, Tieto has over 13 000 experts in more than 20 countries. Turnover is approximately €1.5 billion. Tieto’s shares are listed on NASDAQ in Helsinki and Stockholm. www.tieto.com

Raiffeisen BANK dd Bosna i Hercegovina is a subsidiary of Raiffeisen Bank International AG, one of a leading banks in Central and Eastern Europe, and Austria.

It has been founded in 1992, and today it is one of a leading banks in Bosnia and Herzegovina. Through its network of 94 branches, over 1.500 of its employees provide services for around 500.000 clients. Many local and international recognitions awarded by renown magazines Global Finance, Euromoney and The Banker, confirm the Bank's successful business. Investments in new technologies, experienced and well-trained staff, individual customer orientation, and introduction of new products and services are the key competitive features of Raiffeisen bank on the BH market.

Raiffeisen Group in Bosna and Hercegovina, in addition to Raiffeisen bank, consists of: Raiffeisen INVEST, Raiffeisen CAPITAL, Raiffeisen LEASING, RL ASSISTANCE, and Raiffeisen SAC.

Over 125 years, Raiffeisen Group combines its financial success with socially responsible business, where economic, ecological and social responsibility make an integral part, following the principles of social solidarity, self-help and sustainability established by Friedrich Wilhelm Raiffeisen. www.raiffeisenbank.ba/eng

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