Tieto and Touch bank team up for payment card

Source: Tieto

Tieto in co-operation with Touch Bank, the online retail bank of the international financial group OTP, have implemented an innovative solution enabling Touch Bank customers to use a single payment card to pay for goods and services, taking into consideration the best card-related offers of other banks.

"Launching a service which is completely unique in the market and has never been offered before is always exciting. Touch Bank's Multicard is a result of a thorough analysis of cardholders' needs and expectations and the product of a successful collaboration. I am confident that the multifunctionality of Touch Bank's Multicard service will definitely find favour with our customers," said Andrei Kozliar, Touch Bank’s CEO.

The efforts by experts based in Silicon Valley to develop a smart plastic card that would manage a customer's accounts with multiple banks, culminated in several start-up launches a couple of years ago. As a result, unique technology based on a small reader that clones data from cards of other issuing banks, was invented. The solution now implemented by Touch Bank utilizes this technology and drives a significant change in the customer experience of card usage.

"Using the latest advantages in card technology such as contactless payments and electronic wallets, Tieto together with the bank has created an innovative solution which allows using a one payment card by Touch Bank as a universal payment tool. A cardholder makes own decision regarding management of the payment cards he or she holds. In addition, the Bank’ s customer can participate in all loyalty schemes offered by merchants, as well as in loyalty programs of those banks whose cards they own," says Maris Ozolins, Director of Cards, Tieto.

Touch Bank’s customers, holding several cards issued by different banks in Russia, needs to link those cards to a single card by Touch Bank via internet bank or mobile application. At the same time customer also sets transaction management rules to define which cards to be charged for different category purchases. Any bonuses or discounts earned under card-based loyalty programmes will be added to that card in the regular manner. 

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