Tietoevry Banking finalizes major new payment solution upgrade in Serbia
Tietoevry completes major systems’ upgrade for one of Serbia’s leading payment processors.
(Helsinki, 28 February 2023) Tietoevry has completed a major systems' upgrade for Chip Card, member of Payten, one of the leading payments processors in the Republic of Serbia. With electronic payments becoming more popular in Serbia and adjacent markets, Chip Card worked with Tietoevry to implement an upgraded Card Suite switching & clearing solution, which decreases the execution time of clearing services, eliminates the risk of downtime in the system and reduces operational costs.
As one of the leading processors across several markets in the Balkans, Chip Card acts as a trusted partner for many banks in the region. In recent years, the company has experienced rapid growth in payment cards usage at client banks in all channels, from ATM to POS and online transactions. Card schemes are active in Serbia and do include both domestic players such as Serbia’s Dina Card, as well as major international companies such as VISA, Mastercard and Union Pay International.
In January 2021, Chip Card announced its intention to upgrade its existing card processing infrastructure with Tietoevry to help manage soaring service demand and transaction volumes and prepare its business for futureproof system flexibility, speed and no-downtime expectations. Tietoevry created a best-in-class combination of software and hardware set-up, including Oracle Exadata and Oracle Cloud Multi-Vendor services. Implemented Card Suite solution established a full Active-Active setup for real-time processing environment, which provides 100% system availability, no downtime during release upgrades and high-availability for overall service uptime.
Commenting on the successful implementation of this upgrade, Valdis Janovs, Head of Instant, Retail Payments and Cards at Tietoevry, said:
“Chip Card, member of Payten is developing ambitious plans to expand beyond their existing footprint in the Balkans. From every angle, this system upgrade was an important step in enhancing Chip Card service offering and preparing for future growth. Thanks to the upgraded architecture we have introduced, transactions are faster, the risk of downtime is reduced, and ongoing operational costs are lower. But best of all – Banks are now having highly available uninterrupted service offerings from Chip Card, which is critical in digital payments growing in volume and importance. Looking ahead, we have also introduced the capacity in Chip Card to tokenize payments via VISA’s VTS or Mastercard’s MDES products. We look forward to continuing our work with Chip Card as they develop their business internationally in the years ahead.”
Milan Ognjanovic, Executive Director, of Chip Card, member of Payten said:
“We have trusted Tietoevry Banking solutions for many years now, thanks to the high-quality software. We trust in Tietoevry Banking ability to implement on time and on budget, and, above all, we appreciate our partnership and strategic cooperation. As we work with our clients to deliver the high-quality services they expect, it’s important for us to be able to rely on partners like Tietoevry Banking. This upgrade will enable us to be more competitive in the years ahead as we look to expand our business into the existing and new markets, especially Western Europe and Africa, where we see great payment processing potential.”
For further information, please contact:
Valdis Janovs, Head of Instant, Retail Payments and Cards, +371 26336780, Valdis.Janovs@tietoevry.com
About Tietoevry
Tietoevry creates purposeful technology that reinvents the world for good. We are a leading technology company with a strong Nordic heritage and global capabilities. Based on our core values of openness, trust and diversity, we work with our customers to develop digital futures where businesses, societies, and humanity thrive. Our 24 000 experts globally specialize in cloud, data, and software, serving thousands of enterprise and public-sector customers in more than 90 countries.
Tietoevry’s annual turnover is approximately EUR 3 billion and the company’s shares are listed on the NASDAQ exchange in Helsinki and Stockholm, as well as on Oslo Børs. Tietoevry Banking provides state-of-the-art Cards and Payments platforms and solutions globally. www.tietoevry.com
About Chip Card, member of the Payten group
Chip Card, a member of the Payten group is one of the leading payment card transaction processors in the Republic of Serbia and the region since 2004 and represents a reliable and stable partner to its clients, merchants, and other financial and non-financial organizations. The Chip Card business consists of two business lines: payment card transaction processing operations intended for financial institutions, and payment Institutions, including e-commerce and POS integration, which is intended for merchants. Through Payten d.o.o. Beograd, as a majority shareholder, Chip Card is a member of the Payten group, operating within the broader ASSE group. www.chipcard.rs
