Search icon
18 October 2018, thursday

The Migration to the WAY4 Card Management System is Underway

The Migration to the WAY4 Card Management System is Underway
The Migration to the WAY4 Card Management System is Underway
The Migration to the WAY4 Card Management System is Underway
The Migration to the WAY4 Card Management System is Underway
The Migration to the WAY4 Card Management System is Underway
The Migration to the WAY4 Card Management System is Underway
The Migration to the WAY4 Card Management System is Underway
The Migration to the WAY4 Card Management System is Underway
The Migration to the WAY4 Card Management System is Underway
The Migration to the WAY4 Card Management System is Underway
The Migration to the WAY4 Card Management System is Underway
The Migration to the WAY4 Card Management System is Underway

BORICA gathered nearly 100 client representatives from the Bulgarian banking sector together for a seminar dedicated to the BORICA New Generation program. This project to implement a new, modern platform for card authorization, processing and real-time fraud prevention started at the beginning of 2018 and is expected to be completed by the middle of 2020. The WAY4 software solution is developed by the leading software supplier, OpenWay. Its card management, terminal and fraud prevention technology provides reliability, security, flexibility and a high degree of parameterization to support rapid deployment of new products and services.


"There is a real job of work to do with the migration of banks to the new payment platform, including ATM, POS and merchant migration, 3D Secure and card products. From now on, banks have to plan and budget for the migration within their organizations. The process itself includes participation by both banks and BORICA and a number of subcontractors, which requires a high degree of consistency in mutual work," said Miroslav Vichev, CEO of BORICA.

The WAY4 card solution is available on a SaaS basis.


"It is complex and multifunctional and also includes modern fraud prevention and risk analysis functionality, which offers much greater possibilities than that we have had so far," explains Radoslav Dimitrov, director of cards and terminals, BORICA.

WAY4 also helps with the implementation and marketing of new products and services within a short timeframe, streamlines processes, services and functionalities and ensures a high level of service availability. "The system is duplicated in two separate locations, each of which has standby capacity," he added.


"We chose the WAY4 CMS (card management system) because of its rich functionality. The ability to parameterize products and services enables banks and users of the system to quickly achieve their business goals," explained Anna Angelova, director of payment services at BORICA. "The system is offered on a cloud service basis, which allows customers to save money and gives them a high degree of flexibility when launching new products and services," she added.

The migration process also involves transferring participants with their own authorization systems to the newly-built National Switch, plus the migration of ATMs, POS terminals and 3D Secure to WAY4."The ATM network management and monitoring system will be offered as a service and can be used by all banks in Bulgaria, not only those in the BORICA card model," said Anton Borikin, head of ATM payment acceptance and POS, BORICA. The bank's payment levels will depend on the functionality of the bank, he added.

The WAY4 system also has strong functionality to prevent card fraud with high speed and reduced response times.

"In practice, fraud monitoring is integrated with the card management system, which includes risk levels and scenarios that trigger automatic alerts," said Yassen Yanev, head of card fraud protection at BORICA.

"The migration schedule of each institution, as well as its financial dimensions, depend strongly on the business priorities and the specific resources and time available at the banks," said Katerina Blagoeva, program manager "BORICA New Generation". Balgoeva expressed the readiness of the team to cooperate as efficiently as possible with banks in their transition to the WAY4 system.

Other News

beginner-training-internship
24 March 2025, monday

BORICA introduces "Verification of Payee" service for more secure and trusted payments

The solution will support financial institutions for seamless compliance with European regulations and enhance customer trust in digital payments...

More
Digitalization in healthcare: one step closer with B-Trust and Webflow Dental
14 March 2025, friday

Digitalization in healthcare: one step closer with B-Trust and Webflow Dental

B-Trust brand authentication services digitize workflows in the healthcare sector...

More
BORICA advances Bulgaria’s Cross-Border Instant Payments Interoperability with Montran’s TIPS Connectivity Module
10 March 2025, monday

BORICA advances Bulgaria’s Cross-Border Instant Payments Interoperability with Montran’s TIPS Connectivity Module

The successful implementation of Montran’s TIPS connectivity module with BORICA, the Bulgarian national payment operator...

More

Contact us

Headquarters

41 Tsar Boris III Blvd.
1612 Sofia
e-mail: office

See all offices



Follow us:

Inquiry

Your inquiry was sent successfully!
You have entered invalid data. Please try again!


* All fields are required