Tieto and Ukrainian Processing Centre launch cross-border acquiring in the EU member states
12 August 2015 | 2381 views | 0
Tieto and Ukrainian Processing Center (UPC) have implemented an end-to-end solution for connecting acquiring banks to the new Card Suite platform.
This solution is designed for providing services to international merchants in the countries of the European Union. The service was launched in Poland, followed by merchants in Austria and Slovakia. Another project is in progress in Croatia.
Also, an additional project called Cross-Border Domestic Interchange Program based on the Card Suite Acquiring Management System was successfully realized in 2014 - 2015. With this end-to-end Card Suite solution, UPC provides the EU banks with an opportunity to offer their customers, large international merchants, a competitive service package in regard to centralized merchant acquiring. The implemented solution is based on Tieto products Card Suite Acquiring Management System and Clearing, and is designed to enable client banks to create various business models with due consideration of individual requirements of distribution networks.
Currently, the services are provided in three countries. In the future, the aim is to add merchants in the rest of the EU countries.
“Tieto’s solution is the innovative platform and it will allow UPC to provide its client banks with competitive benefits in international merchant acquiring. Banks will be able to attract international retail chains by giving them reduced fee rates through the cross-border acquiring system, in compliance with the latest requirements of the card industry and international standards in different countries of the European Union”, said Maris Ozolins, Director of Cards unit at Tieto.
Anton Romanchuk, Chairman of the Board at UPC, stated: “As large international retail networks are looking for acquiring cost saving options based on economies of scale, they will gradually give up on local solutions in favour of centralized solutions that allow using one provider of merchant acquiring for the entire retail network in several countries at a time. Cross-border acquiring allows banks to provide competitive prices for acquiring services to each and every retail chain or country, and allows merchants to launch international loyalty programs and generate reports in compliance with the requirements of different countries”.