CIS

Promsvyazbank to Start Accepting Alipay Payments in Russia

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Promsvyazbank has announced the launch of a pilot to accept Alipay.

Promsvyazbank is now offering its merchants the ability to accept payments via Alipay without the need for additional devices or applications. The new functionality is available via the existing point-of-sale infrastructure, and funds for Alipay sales are transferred daily.

Promsvyazbank was supported in the launch by OpenWay, a software provider and developer.

"This project is first and foremost about helping our merchant customers develop their businesses. This new functionality will enable Promsvyazbank merchants to potentially increase turnover and revenues at a favorable MSC rate," commented Mark Baranov, head of acquiring department at Promsvyazbank.

The Alipay application is used by 520 million customers, and its annual turnover in 2016 exceeded total cash turnover in China. Alipay is the most popular mobile payment system in China with a market share of 54%.

Consumers use Alipay most often to purchase jewelry, cosmetics and perfumes, premium brands, food products in supermarkets, souvenirs and air tickets.

About Promsvyazbank

Promsvyazbank is a top-3 private bank in Russia and is universal commercial bank, whose history totals 20 years. “The Banker” magazine includes Promsvyazbank in 500 largest banks of the world by the size of own capital. PSB total assets exceed 1,2 trillion rubles and was recognized as one of 10 Systemically important financial institutions by Central Bank of Russia.

URALSIB Launches Cloud-Based Digital Banking Platform

BANK URALSIB has presented a new cloud-based digital banking platform based on the WAY4 Digital Banking solution.

BANK URALSIB has presented a new cloud-based digital banking platform based on the WAY4 Digital Banking solution.

BANK URALSIB has presented a new cloud-based digital banking platform. It allows the partner banks to launch full-fledged mobile and Internet banking services within a matter of weeks. The event was held on December 8, 2017.

The bank presented new capabilities of its processing center, showed functional features of the new digital banking cloud platform, share the product roadmap and spoke of global trends in digital banking.

URALSIB Processing Centre is one of two large processing centers in Russia that provide cloud digital banking platform to its partner banks as a white label solution, meaning that a bank can offer all services under its own brand and customize them in line with its corporate style. Solution has an imbedded marketing campaigns management module, chat functionality and integration with the bank’s own payment system CITY+. 

The solution is based on the WAY4 Digital Banking platform developed by OpenWay (the URALSIB’s technological partner on developing the Processing Centre). 

When it comes to a digital banking solution, speed to market and optimal cost of maintenance are the most important requirements. Using the new solution, a bank can get access to the full-fledged digital banking service for its cardholders within weeks at an acceptable price. 

‘Today, convenient mobile banking is an anchor product for client retention. The primary marketing goal for a bank is to be on the smartphone of its customers. The second goal is to become a go-to financial provider, accumulating all its customers’ financial transactions. These goals are fulfilled with broad system functionality, the ability to communicate easily with customers and integrate with loyalty programs and other popular options delivered by the digital banking solution we propose,’ says Igor Demichev, Vice President, Head of Bank Partnership Management, BANK URALSIB. 

‘The digital platform for Internet and Mobile banking from OpenWay has great growth potential, particularly when it is integrated with the accounting systems of a partner bank. Based on the URALSIB Bank’s experience in developing its own digital banking systems, we have chosen the solution vendor, who ensures reliability, quick implementation, small end-cost of ownership and maintenance for a partner bank. I believe that we have fulfilled the task and our banks and their clients will appreciate the product benefits,’ comments Maksim Belousov, Deputy Chairman of Board on IT, BANK URALSIB.

Sberbank of Russia Processes 140,000,000 Cards Online on the WAY4 Digital Payment Platform

Sberbank of Russia, the largest retail bank in Central and Eastern Europe, is using the WAY4 processing platform to increase its issuing volumes by 200% every five years.

As of 2014, Sberbank was the largest bank in Russia and Eastern Europe, and the third largest in Europe, ranked 33rd in the world and first in central and Eastern Europe in The Banker's Top 1000 World Banks ranking.

In 2009 the bank issued more than 30 million cards. That is double the number of cards issued five years ago when the bank migrated from a legacy processing system to WAY4.

Today, Sberbank has three processing centres that serve 120,000,000 debit and credit cards, over 200,000,000 online accounts, and 20,000 branches across 11 time zones. WAY4 takes care of accounting and product management; EMV smart card issuing; acquiring and personalisation; transaction routing and card authorisation; and multi-level real-time risk management. It handles inter-office and inter-bank payment and clearing operations as well as automated dispute resolution. Time-to-market for the bank’s comprehensive card products and services has significantly decreased.

The bank offers digital banking services, debit and credit cards - EMV and virtual, MasterCard, Visa and local cards. Working with Russia’s largest airline, the bank has introduces the “Visa Aeroflot” card, which allows cardholders to accrue and redeem air miles. In addition to loyalty programmes, the bank has also launched several card-based charity and social projects.

Recently, Savings Bank of Russia became the first bank in the country to connect to Apple Pay. The project was implemented on the basis of the WAY4 Digital Wallet software solution by OpenWay.

OpenWay and Priorbank (Raiffeisenbank Group) Introduce HCE Technology

Now customers of Priorbank, a leading commercial bank in Belarus and a member of Raiffeisen Bank International group, can use their phones as a universal payment tool. The service supports MasterCard cards and will be expanded to Visa cards later this year. This is the first time Host Card Emulation (HCE) technology for issuing cards in a smartphone has been used in Belarus. The solution was developed on the WAY4 platform by OpenWay, a recognised leader in software for bankcard issuing and acquiring, payment processing, remote banking services and financial transaction routing.

To start using the service, Priorbank customers download a special app to their phones and create mobile version of their bankcard in two clicks. The card in the phone can be used for payment in shops, restaurants and anywhere POS terminals supporting contactless payment technology are installed. Each transaction over 200,000 Belarusian rubles (about $10) is confirmed by PIN. Access to cards in the phone is protected by the app's password. The bank plans to implement the mobile issuing service for both debit and credit cards. 

The WAY4 HCE solution allows issuers to independently issue virtual cards to client mobile phones and store encrypted card data on bank servers. The technology ensures a high level of security for storing financial information according to international standards. The service can be used anyone who has a phone with NFC support, running under Android KitKat 4.4 and higher. 

"With the launch of this project, Belarus joins the ranks of progressive markets with the most innovative technology in the financial sphere. The solution we introduced today is one of the newest in the area of contactless mobile payments, used by the world's leading banks. − notes Sergei Shishov, vice president of the board of Priorbank. – The technology (HCE) we chose to implement in this project offers great opportunities. Consumers get a convenient, fast, and reliable payment tool. We are certain this technology is not only significant for us, but for the market as a whole. Priorbank plans to actively work on implementing and promoting contactless payment technology in Belarus, assist in raising the financial literacy of the population and developing cashless payments in the Republic of Belarus".

In many countries, contactless payment is already helping to solve the problem of lines. It speeds up service in shops and fast food restaurants, on public transportation and at public events. The ability to provide mobile services is becoming another way to attract and retain clients. Mobile tokenisation is becoming one of the main ways to protect card data. 
Despite international technology giants such as Apple Pay, Android Pay, Samsung Pay entering the payments market, processing companies and banks are also interested in developing their own mobile applications for tokenisation and contactless payment. This helps them to maintain their brand and direct contact with clients. The WAY4 HCE solution offers many advantages for issuers, allowing them to expand their line of innovative card products, save on plastic card fulfilment costs, and quickly and securely bring new services to market. Not only does the solution make it possible to issue a mobile version of a client's existing card, virtual prepaid card can also be offered to new customers. These cards can be issued instantly at mobile sales points or during public events as a ticket and means of payment.

"We see our clients are interested in the WAY4 HCE solution and are already implementing several pilot projects in Europe and Central Asia. In the near future, we plan to support international payment system protocols — MDES and VDEP, which will make it possible for banks to provide contactless payments with MasterCard and Visa cards using payment system tokenisation services", - notes Dmitry Dovgal, deputy director of business development at OpenWay. 

The WAY4 HCE solution was developed to be compatible with any processing system. Moreover, OpenWay has created a set of developer tools, WAY4 HCE SDK, so banks can build WAY4 HCE into their own mobile applications (for example, mobile banking apps operating on WAY4 or another platform).

According to National bank data, in Belarus more than 10% of all payment terminals installed support contactless payment.

Priorbank

Priorbank is one of the largest banks in Belarus, and is a member of the Austrian banking group Raiffeisen Bank International AG (RZB). Founded in 1989, the bank has firmly established itself as a market leader in financial innovations. It is one of the founders of the "Belkart" national card system, and is an initiator of the newest developments in the area of cashless payment and remote banking systems in the Belarus banking sphere. The bank was the first to issue Visa and MasterCard plastic cards in Belarus. Priorbank is a multiple winner of the "Bank of the Year" title according to The Banker, Euromoney, and EMEA Finance magazines. Priorbank is the only bank in Belarus with western European capital, offering clients European quality services.

http://www.priorbank.by

OpenWay Group

OpenWay Group was founded over 15 years ago. We develop WAY4, an innovative e-payment processing framework for banks, payment processors, telcos and petrol companies.

OpenWay was initially headquartered in Brussels, Belgium with one R&D team there and another in St. Petersburg, Russia. Today we are a global company with 10 offices and 130 customers around the world.

Our portfolio consists of WAY4 Card and Merchant Management, Financial Switching, Personalised Channel Banking, Prepaid Cards, E-Commerce, Mobile Payments, Digital Wallet, DCC, Fuel Cards, and other solutions.

Our customers include tier-1 giants, mid-size companies, and ambitious start-ups:

  • Equens, Western Europe (SEPA-acquiring of 0.5 million merchants on WAY4)
  • Savings Bank of Russia (issuing and acquiring back-office, and authorization switch for 140 million credit and debit cards on WAY4)
  • SIX Group, a leading European payment company processing over 4,000,000 cards and migrated over 30 banks to WAY4 within 15 months
  • Comdata, USA (commercial cards on WAY4)
  • Network International, the Middle East (a processing center with approximately 60 banks on WAY4)
  • Raiffeisenbank Int., Eastern Europe (a processing center for 15 banks and countries on WAY4)
  • Bank Audi, MENA region (more than 40 card products on WAY4 including NFC)
  • Halyk Bank of Kazakhstan (the first bank to launch Visa P2P Mobile Transfers)
  • Lukoil Intercard, Eastern Europe (B2B fuel cards with comprehensive loyalty services on WAY4)
  • WAY4 live installations consistently demonstrate high performance; for example, 90 million cards issued and authorized on a single platform and 12 million POS/ATM clearing transactions processed daily by a single acquirer.

OpenWay, known for its commitment to long-term relationships, both serves customers locally and provides global support. Today our team unites approximately 500 payment business, digital technology, and security professionals.

Cardless Cash Money Transfers at ATM are Now Available in Moldova

Moldindconbank, one of Moldova's largest and most innovative banks, has launched WAY4 Cash by Code. This service, developed by OpenWay, makes it possible to receive cash money transfers at ATMs without the need for a plastic card. Moldinconbank is Moldova's best bank according to the American magazine Global Finance in 2015. OpenWay is a recognised leader in software for bankcard issuing and acquiring, payment processing, remote banking services and financial transaction routing.

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Moldindconbank and OpenWay have completed implementation of WAY4 Cash By Code technology. The new ATM service allows bank customers to use an ATM to transfer funds from their card accounts to another individual who needs no card to receive the transferred cash at another ATM. 

A sender specifies the transfer amount, the currency and the recipient's mobile telephone number. WAY4 automatically generates a code consisting of two parts: the first is printed on the ATM receipt and the second is delivered by SMS message to the transfer recipient. The cardholder shares their part of the code with the recipient. 

Before the recipient receives the transfer in cash they must enter both parts of the code, the expected amount, and the transfer currency at any Moldindconbank ATM. After the data has been verified, WAY4 authorises the cash withdrawal. To increase security the validation period is strictly limited: if the amount is not withdrawn within 24 hours, the money is automatically returned to the sender's card account. 

More than 170 Moldindconbank ATMs across Moldova support cardless cash withdrawals thanks to WAY4 technology.

"WAY4 Cash By Code technology is already being used successfully by our clients in other parts of the world – active users include cardholders of the financial institutions in Azerbaijan and Kenya. The technology is popular as it is easy and transparent for customers, and it also provides the required level of security," comments Dmitry Dovgal, Deputy Director of Business Development, OpenWay.

"Over the past few years, Moldindconbank, with the support of our partner OpenWay, has been implementing innovative issuing, acquiring and self-service channel solutions. The WAY4 platform's flexible architecture allows our bank to work with client profiles and quickly implement innovative services in the omni-channel model. We expect a high degree of interest in this new and convenient service that is unique for our market," – Dmitry Nikolaev, Director of the Bankcard Department, Moldindconbank.

About Moldindconbank

Moldindconbank is one of the oldest and largest banks in Moldova.

In the bank's recent history, the last few years are especially notable. This has been a highly productive and successful period for Moldindconbank, which has gained a clearly defined strategy of development, a professional team of managers and, most importantly, has increased the number of clients loyal to the bank. The bank's internal strategy was aimed at increasing efficiency by searching for additional reserves and improving from within, while externally expanding the client base, range of services and constantly increasing its market presence.

Today Moldindconbank is one of the largest strategic banks in the Republic of Moldova with a well-developed infrastructure in the Republic, established business relationships and a strong reputation on the international financial market. The bank currently offers the maximum possible range of financial services on the local market through its large network of branches and representative offices all over Moldova. Its strong international reputation is reflected in support of correspondence relations with major world banks and in collaboration to attract long-term resources from international financial institutions such as the International Financial Corporation, World Bank, and other funds for international development.

In the future, Moldindconbank plans to continue its development as a universal bank offering corporate products (including loans to small and medium businesses) and retail directions. The bank's strategic priorities are to maintain a sufficient level of liquidity, increase its market presence and promote new products for small and medium businesses and for individuals.

Bank and Vendor: Dependency or Partnership?

OpenWay and AK BARS Bank, one of the top 20 banks in Russia and general partner of the 2013 Universiade in Kazan, Russia have recently implemented a number of innovative projects together. The results have been amazing: in a short time, the bank has attained a new level of payment service based on contactless technologies and new delivery channels. The director of “AK BARS” Bank’s processing centre, Artur Khabibrakhmanov, shares the secrets of a successful partnership between bank and vendor.

«AK BARS» Bank is the largest bank in the Republic of Tatarstan, one of the most developed regions of Russia, and it was the leading bank services’ provider during the Universiade 2013 that recently took place in Tatarstan. What innovative products were prepared and how will they fare in the future?

The bank had a complex task to create a payment infrastructure for the Universiade’s participants and guests, and the bank’s team began work on this long before the event itself. In addition to ATMs, payment terminals, transaction kiosks and standard card types, a number of innovative issuing and acquiring products were developed. For example, we developed a number of issuing products based on multiservice cards including both contact and contactless bank products, transportation offers and a loyalty programme, as well as an identification application that served as an entry pass to Universiade sites and a ticket to competitions, all on one physical medium. 

I would say the most interesting product created for the Universiade is a contactless “wallet”, the first to be implemented in Russia. Physically it consists of a Watch2Pay wristwatch and two renewable prepaid MasterCard cards with a limit of up to 15,000 rubles. The first card, with a magnetic stripe, is used to replenish the account, and the second, a chip card, is for the watch; both are linked to the same account. Contactless payment is made with MasterCard PayPass technology at merchants, restaurants and cafes, filling stations and terminals with payment services. We set up several thousand such locations in Kazan and there are several million worldwide. 

The second product is NFC sets that we issue jointly with mobile operators. The set includes a telephone supporting NFC technology and a SIM card linked to a bank card. The linking is done in WAY4 processing system used by “AK BARS”. Payment is made using a mobile phone.

Of course, we also offered guests non-renewable prepaid cards that can be given as gifts. Among these, I’d like to single out the “Guest of Kazan” card. This card for 1 or 2 people could be used to obtain discounts at museums; they also contained a transportation application that guests of our city could use to pay for public transportation. 

Meal cards for volunteers are also noteworthy: 20,000 Universiade volunteers could use them for lunch at “McDonald’s”. This international chain has specific and strict requirements and its own acquirer. Nevertheless, we were able to provide a payment service using the WAY4 platform issuing programme, ensuring compliance with requirements for service time, points of service and meal costs. 

The entire payment infrastructure was built based on the widespread use of contactless technologies. Now, after the Universiade, this infrastructure continues to work for the Bank’s clients and guests of Kazan. Accreditation cards that were part of the accreditation badge at the Universiade can be used as regular bank cards (and retain their multiservice functionality). The majority of almost 200,000 cards issued for the Universiade can be further used by Bank clients, and the same is true for devices installed by the Bank for the Universiade. Our developments will continue to grow (many of them will be put to market in the near future), and of course, we hope to use them in upcoming large events such as the world aquatics championships in 2015 and the FIFA World Cup in 2018.

AK Bars Bank Watch with NFC technology and a SIM card linked to a bank card - special issue for the Universiade in Kazan

AK Bars Bank Watch with NFC technology and a SIM card linked to a bank card - special issue for the Universiade in Kazan

You mentioned WAY4. How long has the Bank been using WAY4? How you build a relationship with the vendor? 

I came to the Bank in 2004, and at that time a processing configuration was implemented in which the OpenWay solution was one of the elements (authorisation and back office), and a different company supplied the front office solution. At that time such a configuration was warranted by limitations on computing capacity and communication channels, which made it possible to separate processes of device management and settlements. But as client demand developed and grew, it became clear that tighter integration between front and back office processing was necessary. Clients were requiring more complex bank products, to obtain account statements and make various payments. This all leads to breakdowns in the business logic between the systems, making it difficult for the bank to work efficiently in creating new products and services. It was decided to move to a single system that would unite everything - both acquiring and issuing - in one core. OpenWay’s WAY4 solution was chosen as this system.

The OpenWay solution supports a large number of transaction types: both those that are made directly through payment systems and those that are not regulated by payment systems, and which are the majority in the Bank’s business. Moreover, OpenWay is tried and true on the Russian market and we often use the experience of other banks when implementing – this guarantees reliability and quality client service. Also, WAY4 is scalable, which is very important to us, as a fast-developing bank. 

How would you assess the technological partnership between the Bank and the vendor? What does its success depend on?

In Russian banks, technology to implement new functionality and offer new products is developing rapidly in order to retain existing clients and attract new ones. This means that OpenWay, like any other successful vendor, is often a trailblazer in innovation and this involves a high workload. In implementing new functionality for the demands of business, OpenWay does not always have the necessary experience, but we also don’t always have this experience in something new either. However, the bank's practice of implementing innovations jointly with the solution vendor in past years has shown that together we can carry out even the most complex projects. Of course, this creates a dependency of the Bank on the vendor. And this dependency is present in our Bank also. 

At the same time, we have quite broad capabilities provided by the solution vendor. For example, we independently created all issuing products for the Universiade, using OpenWay tools. We practically didn’t contact the developer, basic consultation was enough. For example, the WAY4 Product Inspector allowed us to build credit product portfolios on our own.

I think each party should do what it does best: the vendor should create good software, the bank should offer clients services based on these products. This kind of relationship promotes our common business.

How do you see the development of processing as a whole? Until recently, the concept of an Internet or mobile banking didn’t even exist. Do you think “classic” banking on its way out?

It’s true, several years ago, there was only one standard for cards. But now the boundaries of card use are really fuzzy: there are virtual cards, NFC, and watches, for example. It’s easy for a card to simultaneously be a wallet and an ID card and a transportation pass. That said, the core and the platform on which relations between the bank and client are built remain the same. And consequently, the solutions offered by the vendor will continue to work. Processing is being modernized, new products are being created. But, of course, remote channels are coming into their own. People are essentially lazy and if they can stay on the couch, they will. I think that the next popular tendency in remote banking service will be automatic payments. They make it possible to manage but not to trace basic expenses – housing, phone, petrol… This will all be paid automatically and all cardholders have to do is create templates, or have someone do it for them. As far as I can see, the client is interested in remote banking services becoming a system for financial management.

On the topic of processing modernization, you probably mean technological migrations. Have you undergone migrations with your vendor?

The very first and longest migration was to EMV processing. At that time, in addition to modernization of the core and software, we had to replace and modernize the terminal network and this process included certifying the solutions of vendors supplying devices and software for these solutions. 

Next, in preparation for the Universiade, we migrated the ATM controller to WAY4 since we needed to support additional functionality for a significant number of ATMs in Kazan. And now we are completing the migration of the remaining devices and fully going over to the WAY4 single platform. Moreover, together with OpenWay, we are significantly expanding our Web banking capabilities: for all intents and purposes, we’ve built a new one, only taking best practices connected with client preferences from the old one. 

What is the “old” Web banking? 

We used the Web banking of one of the most widespread vendors in Russia and were totally satisfied with it, but we began to find we were missing existing tools that are widely available in OpenWay. We are talking about various additional balances, statement types, work with limiters, templates and much more requiring significant integration expenses if a third-party solution is used, but are easily resolved when using OpenWay Internet banking. On the basis of Web banking, we also plan to develop mobile banking: we will definitely release a client application. 

We’ll be honest: all vendors are interested in the further penetration of their products in the bank. What may be the next step?

I’ve already noted automatic payments, for which there may already be mass demand in the near future. It’s possible that the resources of large integrators may start to be used, which would allow information about client payment requirements to be united in one place. For example, today many payments are processed separately: some companies process utility payments, others, communications services, and possibly, the bank will need an integration pool for a specific client. This will assist both parties: the bank in collecting all the client’s payments and balances and the client, in managing his financial history. Gradually the need to physically come to the bank will disappear, but the financial institution will remain in the life of the client. 

One way or another, the majority of consumer activity is connected with money – planning vacation, purchases, payments and more. And in the battle for the client, the bank that can perceptibly save not only the client's money but time, will win. 

In conclusion:

When I’m asked what the card business should expect in the future, the communication service business comes to mind. The first time I came to a telephone exchange, there were all sorts of wires going from the exchange in different directions, telecommunications racks taking up entire buildings. Not much time has passed, but there is no longer any need for these huge buildings: the exchanges themselves use relatively small facilities and communications providers offer clients more than just voice communication services. 

The card business is similar – it’s not only a service for withdrawing cash at ATMs but also a myriad of other financial services based on remote channels. And, possibly, the big buildings occupied by banks today won’t be needed any more, and a client going into a bank office of the future won’t see any people there: remote services offered by the banks will be sufficient.

AK Bars thanks OpenWay for its great contribution to the banks’ success

We appreciate the feedback of our client, AK Bars Bank, for our cooperation and success in preparation for the 27th Universiade that was held in Kazan, Russia, on 6-17 July 2013.

Watch2Pay - part of the payment ecosystem created for Universiade in Kazan by AK Bars Bank and OpenWay

Watch2Pay - part of the payment ecosystem created for Universiade in Kazan by AK Bars Bank and OpenWay

“Allow us to express our deepest thanks to you and your company’s staff for your great contribution to the success of Universiade 2013 in Kazan. Together with the Bank, OpenWay Service implemented innovative bank products used during Universiade 2013, such as prepaid cards, volunteer cards, accreditation cards, guest cards, Pay2Watch watches, and NFC via SIM. Also, ATMs, POS terminals and kiosks supporting innovative WAY4-based banking technologies were deployed and launched at Universiade facilities in the shortest possible time.

Some of the products were implemented in Europe and Russia for the first time. Products created together with your company were highly appreciated by visitors and citizens of Kazan, as well as participants of Universiade 2013.

Solutions created by your company demonstrated high reliability and fault tolerance. We hope for further effective cooperation in creation of new innovative bank products, and wish you and your company prosperity, affluence and continuous development for the benefit of your clients and Russia’s financial industry in general.”

M. Dubkov, Director of Information Technologies Department, AK Bars Bank

M. Ganeev, Director of Retail Business Department, AK Bars Bank

Oschadbank Launches Multi-Channel Service on the WAY4 Platform

Implementation of a multi-channel personalised remote banking service system based on the WAY4 platform allows Oschadbank to put the concept of a single payment ecosystem into practice. Soon its clients will have access to remote services such as instant issue of virtual cards, security management, and a wide range of payments and transfers, among others.

Within the framework of its retail business development program, Oschadbank has been consistently implementing innovative services in Internet and mobile banking systems. The WAY4 platform used by the bank to manage these channels makes it possible to create a single payment ecosystem that includes four main components: a single client profile, the same scenarios for working with services on all service channels, a wide selection of services with an open interface for their configuration by the bank and branding that is the same across all channels.

Currently, the WAY4 platform at Oschadbank provides ATM management and client service through the Internet. Self-service functionality is regularly expanded with new capabilities. Not only can Oschadbank clients make a standard set of operations from their personal office, they can make payments to arbitrary requisites, manage restrictions on card use and the so-called "transaction window" providing control over access to card accounts. In the near future, in addition to card services, it will be possible to work with credits and deposits.

The next step in expansion of multi-channel service in the WAY4 system is the launch of mobile banking and self-service terminals that will become a part of the ecosystem. Users of Oschadbank's mobile application will be able to manage payment templates, make payments and transfers, get new offers and interact with the bank. A wide range of new services is planned: from security management and issuing virtual cards to remote opening of accounts. 

"More and more clients today consider remote banking to be an essential condition for working with banks. Using this service, clients get maximum convenience with a minimum of time and effort spent. Of course Oschadbank intends to fully develop this effective channel, adding new functions that will be in demand by our clients", comments Anton Tyutyun, Oschadbank's deputy chair of the board. 
"The solution implemented at Oschadbank responds to the newest trends in remote service – from support of mobile payments to electronic wallets and contactless technologies. For cardholders this means full-fledged remote service anywhere in the world where there's Internet access or a mobile connection, through a convenient and familiar user interface with a wide selection of services and the possibility for interaction with the bank" say Mikhail Alexeev, the director of business development, OpenWay Eastern Europe and Central Asia. 

Oschadbank

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”.

Oschadbank and OpenWay Certify payWave and PayPass Contactless Acquiring in Record Time

One of Ukraine's largest banks, the State Savings Bank of Ukraine (Oschadbank), with the active assistance of OpenWay, has successfully completed certification of acquiring for new contactless payWave and PayPass functions.

OpenWay, a leading international developer of software solutions for issuing and processing payment cards and electronic money, and Oschadbank, one of Ukraine's largest banks, have successfully completed a project to certify Visa payWave and MasterCard PayPass contactless card acquiring. The project was completed in record time; the Visa payWave case was accomplished in less than one calendar month in the spring of 2012. Following this, the MasterCard international payment system also confirmed Oschadbank's full compliance with the requirements of PayPass technology.

During the entire certification period, OpenWay provided Oschadbank technical and consulting support. 

"We are gradually moving away from the image of an old-fashioned bank. We are now focusing on offering our clients high-tech services. Oschadbank is definitely interested in the innovative development of cashless payments in Ukraine and is constantly working in this direction. Thanks to the certification of new contactless payWave and PayPass acquiring functions, our clients get access to a European level of services distinguished by high quality, convenience and security," comments Anton Tyutyun, Oschadbank's deputy chairman of the board.
"We began to work with Oschadbank quite recently, but in each new project the bank has demonstrated creativity, flexibility and agility rare for a large financial organisation. We are very optimistic about the further development of Oschadbank's card business," says Mikhail Alexeev, the director of business development in Eastern Europe and Central Asia, OpenWay.

At the present time, the bank is actively expanding the contactless payment acceptance network across the entire Ukraine. 

According to Anton Tyutyun, "2012 was extremely important for us in terms of developing our card business. In March, the bank opened its own processing centre based on WAY4, which significantly increases our opportunities to offer new quality products and services. From 2012-2015, Oschadbank intends to more than double its payment card issuing volume – from 1.8 million to 5 million, as well as to significantly expand the POS terminal network."

In 2012, Oschadbank plans to begin a project for issuing contactless cards on the basis of WAY4.

Oschadbank

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”.

Ukreximbank's processing on WAY4: 10 years of progress

How is this milestone year going in terms of processing? Have you had time to make a stop, to look back and review the results?

To strike the pause button, to take a look into the past is an unaffordable – though alluring – luxury. It is important for the bank to keep pace with the dynamic beat set by the card and payment market. This is why we celebrated the anniversary, so to speak, on the go. This year, the highest priority for our processing is Visa and MasterCard certification for the launch of contactless payments payWave and PayPass. August, the month of the anniversary, found us on the home straight – Ukreximbank’s contactless POS terminals start operating in retail networks in the autumn, and we are ready to issue the first cards with the contactless interface.

As to preliminary results, 2012 has also been a good year for retail acquiring: the turnover for the period from January to August has exceeded the last year’s figures by 18 percent and has reached 1.98 billion hryvnas. In addition, partnership in the field of e-commerce is rapidly developing. The number of online shops that accept card payments using Ukreximbank’s 3-D Secure antifraud service has doubled since last year.

What processing numbers, technologies, objectives did your bank start with and what are the achievements of the last ten years?

To start with, Ukrexim’s first payment cards were issued in 1996. We first used software from Tieto, but eventually it no longer met our goals and plans for the future. At the end of 2001 a decision to migrate to another processing system was made. We carried out a research, assessing solutions from various vendors by a multitude of parameters. As a result, we chose WAY4, a software solution from OpenWay, which we found the most promising, flexible, and functionally developed.

Implementation and card portfolio migration to WAY4 took four months, from April to July, and we consider 1 August 2002 the beginning of the new life of processing in Ukreximbank. By that time, we had issued about 80,000 cards, all magnetic stripe ones. In the beginning of 2002, acquiring, i.e. about 100 ATMs and approximately 300 POS terminals, was migrated as well.

Over the last ten years, we developed as rapidly as the card, payment and money transfer industry itself. On the new infrastructure, our bank has successfully implemented various technologies to meet ever- increasing demands of the market. Ukreximbank acquires about 1.2 million international Visa and MasterCard cards at the moment. We aim at diversity: clients can choose between debit and credit cards, virtual cards with an unlimited top-up amount, as well as corporate cards. We were one of the first banks to switch to EMV card issuing and acquiring, and today virtually all cards, even salary cards (upon the company’s wishes), can have an EMV chip. This year, we are starting to issue contactless payment tools – Visa’s payWave and MasterCard’s PayPass – as well.

Our ATM network now consists of 738 devices. Using the Google Maps service, cardholders can quickly find the nearest ATM and use its diverse services. In addition to the classical cash withdrawal, our clients also favour P2P transfers within international payment schemes and cash-in with instant card top-up in hryvnas, dollars, or euro.

The number of our POS terminals, including wireless and contactless, is now about 10,000 devices. Ukreximbank works as an acquirer with the largest retailers, best hotels in the Ukraine, filling station networks, and many other merchants. Prior to the Euro 2012 football championship, the bank carried out an interesting project: installing POS terminals in the cabs of a large Kiev taxi service. Also, the bank acquires international payment cards for one of the largest Ukrainian airline carriers: for Ukreximbank, the sky is the limit, literally.

In 2010, American Express chose us as the only acquirer of AmEx cards in the Ukraine. This shows both that Ukreximbank has a high quality of client service and that our processing meets the requirements put forward by American Express. Indeed, accepting AmEx cards is a must for hotels, de luxe restaurants and premium-segment shops, where everything should work smoothly and without fail.

Another achievement of ours is close cooperation with Ukrainian banks, whom Ukreximbank helps work in international payment schemes. Many of them fully rely on us as far as issuing and acquiring are concerned. Banks that have their own card solutions use our resources for routing and authorization in payment schemes. We have 16 partners of this type at the moment.

What does Ukreximbank’s management take into consideration when introducing new products and services to the market? What are your selection criteria for perspective card and payment technologies?

As a rule, the processing development vector is influenced by several factors at once. Being client- oriented is of utmost importance for us. We are a state bank and work with various segments of the population as well as corporations, and try to offer each segment the most usable and relevant payment tool.

For example, Ukreximbank issues Maestro TeenCard cards for the younger people who gradually get acquainted with bank services and get accustomed to cashless payments. We are actually raising our future loyal clients. At the same time, this product allows parents to control how teenagers spend their money: to get a text notification of every transaction or set certain limitations. For these cards’ holders, we organised a campaign called “Summer vacation with TeenCard”, where each participant got a discount card of a sports store network and a chance to win prizes from MasterCard.

For another user segment – which generates quite a few retail transactions – we issue the Visa Lady's Club card. In addition to an attractive design, this card has another nice feature: it allows its holders to get discounts in various boutiques, beauty shops and retail networks. Ukreximbank also prepared for the main sports event of the year – Euro 2012. Specially for football fans, at the beginning of the year the bank issued MasterCard cards with “football” design, including the first in the Ukraine payment card with 3D effect.

As a state bank, we naturally pay a lot of attention to socially important projects. This is why we developed a charity programme “Razom za zhittya” (Together for life) based on Visa Classic cards. These cards’ design was developed by a well-known artist Yevgeniya Gapchinskaya. Holders of these cards make a contribution to the cause of kids with cancer – 75 kopeks from each transaction are transferred to the account of the children’s ward of the National Institute for Cancer. Using Ukreximbank’s Web banking system Enter EXIMTM, clients can also set up regular payments from their account or make charitable donations directly to accounts of medical institutions. Since the launch of the programme, over 6,000 cardholders have joined in, and over 4 million hryvnas have been collected and used to buy special equipment, surgical instruments, and medicine.

Ukreximbank’s products and services are easily adapted to specific requests of the corporate segment. Our portfolio is not limited to salary and T&E plastic cards. For instance, freight companies supply their drivers with special Ukreximbank’s cards for optimised fuel top-up and car service payments. Our processing system also allows each company to receive card funds flow statements in its own custom format, with individual frequency and level of detail.

It is sometimes necessary to select one of several technologies that can be used to implement a new goal. In this case, our team analyses similar projects in other countries and strives to find the reasons and consistent patterns behind other banks’ successes and failures. Our partners with international expertise also help us make such decisions – they share the experience of their clients from around the world and recommend how it can be adapted to Ukreximbank’s objectives.

Yet another drive for card business is, of course, requirements of international payment schemes. With the support of OpenWay, the bank has successfully passed a number of certifications: in 2004, to issue and acquire EMV cards, in 2006, for Internet acquiring under 3-D Secure protocol, in 2009, to comply with PCI DSS security standards.

It must be mentioned that Ukreximbank is one of the few banks in the Ukraine with PCI DSS compliant fully-fledged in-house processing. Now, we annually undergo PCI DSS audit to confirm that our bank operates in strict correspondence with international best practices in the field of security.

What processing projects are scheduled for the remaining part of 2012 and for the next couple of years?

I think that the contactless technology project will remain our highest priority. We expect to have installed up to 500 POS contactless terminals by the end of 2012 and to have issued about 20,000 Visa payWave and MasterCard PayPass cards by the middle of 2013.

We also follow closely the development of the NFC payments and transfers on smartphones. These technologies will probably act as a fillip for further development of our mobile and Web banking.

Ukreximbank’s acquiring of American Express cards has already reached a point where the scales and turnover of this partnership require bringing it to a whole new level. Our plans for the nearest future include implementation of cash withdrawal service in ATMs using AmEx cards and acquiring of AmEx cards on the Web.

It may well be so that there will be other, unscheduled, projects, brought forward by the requirements of the market or of international payment schemes. Not to be caught unaware is exactly the reason why a while ago our bank migrated to a multifunctional and flexible processing system. And now our practices are being adopted by our colleagues. For instance, not long ago we were visited by Raiffeisenbank’s international team. One of the largest banking groups in Europe had chosen WAY4, and its representatives took interest in our in-house processing configurations and successful card projects. This is one of many signs that ten years ago Ukreximbank made a strategically right decision.

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.

Oschadbank

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”.

Sberbank of Russia, OpenWay and HP: 60,000,000 Cards on the WAY4 Platform

The WAY4™ processing system from OpenWay Group, an International payment processing software vendor, has undergone volume testing on the HP platform and has shown an excellent performance with a database of 60 million debit, charge and credit cards. The testing took place in the processing centre of Savings Bank of Russia, the largest retail bank in Central and Eastern Europe. The WAY4 system operated on the platform provided by HP, a worldwide developer and supplier of IT-solutions for end customers and corporate clients.

The testing confirmed WAY4 can handle the high processing volumes of Savings Bank, up to 60,000,000 accounts. This included 50 million debit and charge cards, and 10 million credit cards. The WAY4 installation showed itself capable of processing over 400 authorisation requests per second, and an average time for processing one transaction was 0.14 seconds. Among the simulated transactions, there were cash withdrawals via ATM, purchases in merchant outlets and fund transfers. The processing rules included positive balance authorisation and real-time risk control.

The hardware and software platform used for the volume testing consisted of an HP Superdome Server, with 64 dual-core processors and 512 Gb RAM, HP StorageWorks XP disk array, HP-UX 11i operating system and an Oracle 10g database management system. The storage capacity of the Oracle productive database exceeded 6.5 terabytes.

“We are satisfied with this volume testing conducted by the well-coordinated team of professionals from OpenWay, HP and our bank. The results obtained fully correspond to our expectations and uphold our card issuing strategies”, commented Viktor Orlovsky, Senior Vice-President of Savings Bank of Russia. “In 5 years we intend to serve about 60 million plastic cards, and now we are preparing an advanced technology platform for our business goals”.

“Many banks have to choose between flexible product management and high performance”, says Wim Pardon, Managing Director of OpenWay Belgium. “The WAY4 system eliminates the dilemma, by offering a broad range of products and adapting them quickly to new market requirements. Such a combined approach is very important for Savings Bank of Russia who serves millions of people”.

“The excellent testing results prove that HP and OpenWay offer both a flexible and scalable solution. Our clients may rely on it to build corporate processing systems which handle a colossal number of requests. Such performance is achieved mostly due to a tight cooperation with developers of specialised software solutions”, explains Andrew Kutukov, Deputy Director, Financial Services Industry, HP Russia.

Savings Bank of Russia

 

Savings Bank of the Russian Federation (Sberbank) is the largest bank in Russia and Central and Eastern Europe in terms of Tier I capital and assets. The bank's total assets RUB 2,513,1 billion exceed the combined assets of the next 10 largest Russian banks. The General License of Sberbank allows it to operate as a universal commercial bank in every segment of the financial market, providing its customers with the full range of banking services. Sberbank established about 20 000 branches all over Russian Federation and also has subsidiaries in Ukraine and Kazakhstan.

Hewlett-Packard Development Company

Hewlett-Packard Development Company focuses on simplifying technology experiences for all of its customers from individual consumers to the largest businesses. With a portfolio that spans printing, personal computing, software, services, and IT infrastructure, HP revenue reached $118.4 billion for the four fiscal quarters ended October 31, 2008. The company's corporate headquarters are located in Palo Alto, California, but it is truly a global interest, with 320,000 employees doing business in more than 170 countries around the world.

OpenWay and Halyk Bank Provide Kazakhstan with Access to China Union Pay

Increasing trade with China has prompted a new initiative by Halyk Bank which will see the Kazakhstan bank issuing China Union Pay (CUP) cards to its customers. This has become possible thanks to OpenWay’s innovative WAY4 software which is used in Halyk Bank’s processing centre.

This is the first time that CUP cards will have been issued outside China since the CUP was founded in 2002 as China’s national payment system. Currently, there are more than 959 million CUP cards in circulation.

Halyk Bank is the largest full-service commercial bank in the Republic of Kazakhstan and has issued more than 2.6 million international payment cards. This project allows residents of Kazakhstan to withdraw cash and pay for purchases with their CUP cards while they are in China – through a huge network of more than 500,000 point-of-sale (POS) terminals and 70,000 ATMs. They will also be able to use their cards through Halyk Bank’s network of 2,601 POS terminals, 697 cash withdrawal machines (ATMs) and 547 imprinters across Kazakhstan.

This world-beating initiative has been made possible by OpenWay’s WAY4 software which has enabled full interaction with CUP’s systems. The first stage of the OpenWay/Halyk project was the certification of the CUP acquiring system. Now the project has also achieved certification for CUP issuing.

OpenWay is looking forward to working with Halyk Bank and other WAY4 customers and to expanding CUP issuing and acquiring both in Kazakhstan and other countries in Asia, Europe and Americas that have close trade relationships with the Republic of China.

People's Bank of Kazakhstan (Halyk)

People's Bank of Kazakhstan (halykbank.kz) is one of Kazakhstan's leading financial groups and retail banks with the largest customer base and distribution network in Kazakhstan. The Bank is developing as a universal financial group, offering a broad range of services (banking, insurance, leasing, brokerage, and asset management) to its retail, small and medium enterprises and corporate customers. People's Bank also operates in Russia, Georgia and Kyrgyzstan.

 

Union Pay International

UnionPay International (UPI) is a subsidiary focusing on development and support of UnionPay's international business. Its founder is China UnionPay (pinyin: Zhōngguó Yínlián, CUP) – China's payment system. Founded in 2002 by the country's leading banks, its creation was initiated by the State Council and People's Bank of China. Just two years later, the company began working outside China and currently operates in 142 countries.

 

OpenWay Helps Kazkommertsbank Become the First in Kazakhstan to Acquire Card Transactions on American Express’s New-Generation Network

OpenWay, through its WAY4 payment processing software, has facilitated Kazkommertsbank’s connection to the latest-generation American Express GNS (Global Network Services). This will lead to considerable improvements in the quality of POS and ATM acquiring for American Express (Amex) cards in the bank’s homeland of Kazakhstan.

American Express GNS is a new-generation ISO 8583 network that links Amex processing centres around the world. By connecting to the new network, banks are able to replace legacy Amex processing technology with upgraded, higher-quality Amex services.

The WAY4 software is able to handle the necessary interfaces between the bank’s systems and the American Express GNS. Kazkommertsbank, one of the leading banks in Central Asia, uses WAY4 software solutions for issuing and acquiring international payment card products, managing delivery channels and switching financial transactions.

The project to connect Kazkommertsbank’s retail point-of-sale (POS) network to American Express GNS and allow ATM acquiring for Amex magnetic stripe and chip products, was launched in September 2006. OpenWay introduced new Amex functionality in WAY4 and upgraded Kazkommertsbank’s processing platform. By mid-December 2006, the bank had already been certified by Amex GNS and its customers were receiving new, quality services on POS and ATM terminals for their Amex products.

As a result, Kazkommertsbank has become the first financial institution in Kazakhstan to allow Amex cardholders to withdraw cash from its extensive network of 532 cash machines and obtain the latest high-quality Amex card services both through the ATMs and also at POS terminals.

Kazkommertsbank

Kazkommertsbank is one of the largest commercial banks in Kazakhstan and Central Asia and is the largest by total assets in Kazakhstan. According to data for September 30, 2013, its assets were 2,635.1 billion tenges (equal to USD 17.1 billion). The bank offers a broad range of services through its branch network in 45 cities across Kazakhstan. Kazkommertsbank also has subsidiaries in Kyrgyzstan, Tajikistan and the Russian Federation.

The bank has a reputation as the most technologically advanced bank in the country and is a leader in launching and implementing innovative solutions for products and services, especially in operational banking, the card business and remote service. Kazkommertsbank has the most functional Internet banking in Kazakhstan, including mobile banking, is the exclusive issuer of AMEX cards, and the only bank in the country to offer clients a unique loyalty programme.

The bank is currently focused on expanding cashless payments, developing contactless payment technology and mini POS. Kazkommertsbank was incorporated in 1991, initially specializing in services and financial products for large and medium corporate clients in all sectors of the Kazakh economy. In 2006, the bank launched the KAZKOM trademark for working with retail customers and small and medium-sized enterprises. Global depository receipts (GDR), the basic asset of which is the bank's shares, are listed on the London Stock Exchange (LSE). The bank completed an IPO in GDR form on the LSE in November 2006, the first CIS bank to do so, for a total amount of 845 million USD.

Halyk Bank Launches CUP Acquiring on WAY4

Halyk Bank of Kazakhstan and OpenWay launch WAY4 for acquiring China Union Pay (CUP) cards. This project is expected to further promote trade relations between Kazakhstan and China.

OpenWay's WAY4 solution for acquiring China Union Pay payment cards was implemented in Halyk Savings Bank of Kazakhstan. The solution's implementation and certification were carried out within just three months, sticking closely to Halyk Bank, CUP and OpenWay's initially planned schedule. ATM and POS acquiring of CUP cards were implemented by OpenWay through a new WAY4 CUP Interface module. 

Halyk Bank has been successfully using WAY4 to issue and acquire payment cards for years. Now, CUP's cardholders can pay for goods and services, receive information about their card account balance, and withdraw cash in ATMs through Halyk's payment network in Kazakhstan.

According to Askar Kusainov, Deputy Chairman of JSC Halyk Bank of Kazakhstan, "Successful economic cooperation between Kazakhstan and China requires a developed bank infrastructure that considers the needs of large-scale companies, sole proprietors, and individuals from both countries. We are sure that issuing and acquiring CUP cards in Kazakhstan will promote trade relations based on modern e-commerce, and every market participant will profit from this."

Mr Kevin Francis Wong, CEO of OpenWay Asia, noted: "Implementing projects in Asia is one of OpenWay's top priorities. Kazakhstan's banking market is one of the most technologically developed markets in the world, and we have many years of successful cooperation under our belt. Halyk Bank is one of the market's major participants, and we are proud that Halyk has chosen our WAY4 solutions to develop its retail business. We are sure that the new functionality accessing CUP's "Chinese" cards, which number almost one billion, will guarantee further business development in both Halyk Bank and the Republic of Kazakhstan as a whole".

The next stage of Halyk Bank, CUP and OpenWay's project is a certification for issuing CUP cards. It is going to give Kazakhstan's businessmen and natural persons a convenient means of settlement in China.

Union Pay International

UnionPay International (UPI) is a subsidiary focusing on development and support of UnionPay's international business. Its founder is China UnionPay (pinyin: Zhōngguó Yínlián, CUP) – China's payment system. Founded in 2002 by the country's leading banks, its creation was initiated by the State Council and People's Bank of China. Just two years later, the company began working outside China and currently operates in 142 countries.

 

People's Bank of Kazakhstan (Halyk)

People's Bank of Kazakhstan (halykbank.kz) is one of Kazakhstan's leading financial groups and retail banks with the largest customer base and distribution network in Kazakhstan. The Bank is developing as a universal financial group, offering a broad range of services (banking, insurance, leasing, brokerage, and asset management) to its retail, small and medium enterprises and corporate customers. People's Bank also operates in Russia, Georgia and Kyrgyzstan.