Tietoevry completes system upgrade for Chip Card

Wednesday 1 March 2023 12:48 CET | News

Tietoevry has completed a systems' upgrade for Chip Card, a member of Payten, a payments processor in the Republic of Serbia.

With electronic payments becoming more popular in Serbia and neighboring markets, Chip Card collaborated with Tietoevry to implement an upgraded Card Suite switching and clearing solution, which reduces clearing service execution time, eliminates the risk of system downtime, and lowers operational costs.

Tietoevry completes a systems' upgrade for Chip Card, a member of Payten, a payments processor in the Republic of Serbia.

Chip Card said in January 2021 that it plans to modernise its existing card processing infrastructure using Tietoevry in order to assist handle skyrocketing service demand and transaction volumes, as well as to prepare its business for future-proof system flexibility, speed, and no-downtime requirements. Tietoevry developed a software and hardware setup that included Oracle Exadata and Oracle Cloud Multi-Vendor services. Card Suite solution implemented developed a comprehensive Active-Active arrangement for a real-time processing environment, providing 100% system availability, no downtime during release upgrades, and high availability for total service uptime.

This system upgrade was a critical step in improving Chip Card service offerings and planning for future expansion. Additionally, the business has also introduced the potential of Chip Card to tokenize payments using Visa's VTS or Mastercard's MDES solutions.

More information about Chip Card

Several banks in the region see Chip Card as a reliable partner. The firm has seen a substantial increase in payment card usage at client banks in all channels, from ATMs to POS and online transactions, in recent years. Card schemes are active in Serbia, with both domestic players such as Serbia's Dina Card and significant international corporations such as Visa, Mastercard, and Union Pay International participating.

Chip Card is a trustworthy and consistent partner to its clients, retailers, and other financial and non-financial organisations. The Chip Card business is divided into two segments: payment card transaction processing operations for banking institutions and payment Institutions, which includes ecommerce and POS integration for merchants.

Visa regional study continues to indicate increased awareness among Serbian individuals about the need to deploy new technology, as well as tremendous room to expand innovative contactless payment solutions on the merchant side.

Serbia’s domestic card scheme

The DinaCard system was established in 2003 as a result of collaboration between the National Bank of Serbia and commercial banks, with the goal of accelerating the growth of non-cash payments, reducing the amount of cash in the money supply, and combating the grey economy.

With the development of a national payment card, a large number of banks that were not members of international payment systems were able to give their clients a payment card that could be utilised in Serbia's entire acquiring network without making large upfront expenditures. Simultaneously, special consideration was given to the accessibility of these cards, as well as the interchange fees, which are determined in accordance with market realities in Serbia.

DinaCard is accepted across Serbia at all ATMs and retail outlets that display a DinaCard logo sticker. Cash may be withdrawn at over 720 ATMs and over 1,200 branches and outlets of all banks participating in the DinaCard system. More than 30,000 merchant establishments provide products and services.

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Keywords: payments , transactions , banks, ATM, POS
Categories: Banking & Fintech
Companies: Tietoevry
Countries: Serbia
This article is part of category

Banking & Fintech


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