Hungary’s OTP Bank partners with Tieto to modernise payment card systems

Press release – OTP Bank, a significant financial services provider in Central and Eastern Europe, has selected Tieto to replace its legacy card back-office system in Hungary. The modernisation will streamline and improve the bank’s card issuing and merchant management services.

Through a single platform,

Tieto will automate the bank’s new business and card management systems, and enable a faster time to market for launching new payment products and services.

Valdis Janovs, Head of Retail Payments and Cards at Tieto said: “This modernisation will future-proof the bank’s systems and enable faster business development. With the backdrop of an industry being transformed by real-time services, this project will give OTP Bank the ability to improve customer experience.”

Tibor Johancsik, CIO of OTP Bank said:

“We sought a partner with the ability to support our ambitions for growth, and to assist us in providing an outstanding payment experience to our customers in a fast, compliant and efficient way. Tieto’s expertise and its range of services will help us to develop and maintain highly efficient, accurate and secure payment systems.”

The key benefits of the Tieto Financial Services Issuing and Merchant Management and Acquiring platform include:

• The ability to flexibly increase system capabilities over time, both in terms of new configurable payment products and merchant portfolio sustainability;
• Increased automation resulting from a single solution replacing several fragmented applications;
• System scalability to respond to rapidly increasing transaction volumes in line with market growth;
• Support for the set-up of highly complex products and services, allowing the bank to innovate and drive the market;
• Regulatory compliance.

ALMOST 100,000 HUNGARIANS PAY WITH VIRTUAL BANK CARD PHONE APPS

Hungarian banks have nearly 100,000 clients who pay for purchases with their mobile phones, read more HERE.