Leading Processor in Bulgaria Starts Digital Transformation on Way4
Mr. Radoslav Dimitrov, Head of "Cards and Terminals" Division
BORICA AD, a payments processor with a 30-year history in providing specialized solutions for the banking and financial sector, has chosen the Way4 digital payments platform to transform its core business.
The platform is provided by OpenWay, a global software provider ranked a leader in digital payment solutions and white-label digital wallets.
BORICA AD launched its digital transformation project to enhance its existing offerings and provide new value-added services. OpenWay will deliver a full end-to-end card processing solution for both issuing and acquiring, including real-time fraud prevention and detection, e-commerce, mobile wallet and tokenization. This will allow BORICA AD to pursue avenues of future business growth, such as expansion of cross-border services.
Without the new platform, BORICA AD could not have scaled its growing business, nor boosted ROE (Return On Equity). The processorlooked for a solution that would support local, regional and international card payments, ensure uninterrupted business operations, provide automation of backoffice processes, and increase speed to market.
For BORICA AD, the decisive factors behind its choice of OpenWay and its Way4 platform were the platform’s flexibility, the commitmentfrom the OpenWay team to deliver the platform on time, and the broad range of business offerings the platform made possible, including tokenization, digital wallets, new card products, and new institutions.
Radoslav Dimitrov, Head of Cards and Terminals, BORICA
“The project we have named BORICA New Generation will impact significantly the whole card payment environment within the country. The tender included more than 10 leading international card system vendors, and it took nearly two years for us to complete all its stages. OpenWay managed to cover all our requirements for flexibility, security and business expectations. Today, we are confident that this partnership will change the future of card business in Bulgaria.”
Sophocles Ioannou, Regional Manager, OpenWay
“We appreciate that BORICA has entrusted OpenWay with their transformation project. Our team has extensive experience in analyzing the architecture of national and regional switches and delivering reliable solutions. We are ready to share this expertise with the project team”.
About BORICA AD
BORICA AD is a provider and operator of the technological infrastructure of the Bulgarian payment industry. In doing so, the company has been a trusted partner of banks and payment institutions for 30 years. It is committed to providing financial institutions with modern and innovative solutions.
BORICA AD’s services focus on payment and card services, including authorization and terminal driving, fraud prevention services, secured card payments, HCE, mobile payments, Card Management System as a Service; SWIFT Service Bureau; e-signature and e-invoice, and infrastructure services. BORICA AD acts as a third party processor (TPP) for MasterCard and VISA. The company is licensed by the Bulgarian National Bank to operate three payment systems (BORICA Payment System for card payments, BISERA 6 for credit transfers in domestic currency and BISERA 7 for SEPA credit transfers and direct debit in euros).