Leading Ukranian bank announced WAY4-based strategy
The WAY4 card management and transaction switching software from OpenWay makes it possible for Oschadbank to discontinue outsourcing in favor of its own processing. This significantly increases the competitive advantage of the bank's retail business and decreases its expenditure.
The State Savings Bank of Ukraine (Oschadbank), one of Ukraine's largest retail banks has launched its own processing based on the WAY4 software from OpenWay, the leading multiregional card management, and channel banking software vendor. Until the present time, the bank had been using a third-party processor through outsourcing. Moreover, it took four different IT systems to process every transaction. Back office operations were accompanied by several additional software products.
According to their development strategy for 2012-2015, Oschadbank plans to migrate to modern banking technology for long-term stable development. In particular, the bank intends to more than double its card issuing volume from 1,8 million to 5 million cards and expand its POS terminal network.
"To be successful in retail banking in Ukraine, it's not enough to use standardized or "rented" products and services. You have to be able to quickly create new in-demand products and services and bring them to market, actively increase issuing and acquiring volume. WAY4's new-generation technological platform not only addresses our current tasks but can be the basis for the development of new business directions for our bank that has been trusted by private clients and legal entities for 20 years", comments Anton Tyutyun, Oschadbank's deputy chairman of the board.
Mikhail Alexeyev, the director of business development, OpenWay Eastern Europe, and Central Asia notes: "At the end of 2011, we completed the main phase of implementing WAY4 at Oschadbank, including certification in the Visa and MasterCard international payment schemes. We are now configuring a whole line of new retail products and services, including contactless payments and we are already planning new projects".
In the near future, OpenWay will carry out step-by-step migration to WAY4 from Oschadbank's scattered IT systems and will provide remote access to a single centralized system in the bank's branch network. "The role of technological facilities is highly important to the dynamic development of card business and acquiring. The fact that Oschadbank will now work on a single processing platform makes it possible to significantly increase its efficiency. Oschadbank's new processing center will make it possible to implement modern technologies; in the future, the bank plans to introduce banking self-service channels and loyalty programs based on the WAY4 platform" comments Evgeni Drachko-Yermolenko, Oschadbank's deputy chairman of the board.
The Public Joint-Stock Company “State Savings Bank of Ukraine” is one of the largest financial institutions in Ukraine, having the most extensive branch network in the country. Oschadbank is the only Ukrainian bank that enjoys the unique state guarantee on all retail deposits. JSC “Oschadbank” is the most reliable bank according to the “Korrespondent” magazine and the investment company “Dragon Capital” and also holds its leadership in deposit reliability rating according to the Internet-magazine “Real economy”.