OpenWay's WAY4 solution has been chosen for the creation of a single payment space providing online routing of authorisation requests and clearing and settlement between "Universal Electronic Card" (UEK) project member banks.
OpenWay, a recognized leader in payment processing software for issuing, acquiring, payment processing, remote banking service and routing under the WAY4™ trademark, provided the technological support to build an interface between member banks.
Currently 15 Russian banks are participating in the UEK project, some of which are OpenWay clients. According to an RBC rating, together they service more than 90 million active bankcards in Russia*. OpenWay's client banks use the WAY4™ technological platform for processing financial transactions for all card types and for a large range of other services.
"This national-scale project first and foremost requires the vendor's reliability and ability to work with huge data volumes. It is necessary to connect new participants to the UEK project easily and quickly, and WAY4™ manages this successfully. Any member bank, regardless of the processing it uses, gains access to the payment area for settlements through our universal interface", comments Sergey Lebedev, deputy director of development at OpenWay.
Universal electronic cards are issued in all 83 districts of the Russian Federation. At the present time, more than 73,000 cards have already been prepared and more than 100,000 applications have been made for UEKs.