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Open Banking in the CONCORD Ecosystem: Entering Global Projects Through High Technologies

This year ConcordBank started working in the В2В2С Open Banking and Processing program, which enables fintech projects to enter the global level of business development.

The details of the program were presented on October 29 by Yuriy Zadoya, Chairman of the Management Board of ConcordBank, at the Global Payments Day 2020 conference, organized by the Ukrainian Interbank Association of Members of EMA Payment Systems.

“ConcordBank is working to create a single window to the world of financial services with an open banking ecosystem in Europe, CIS and Ukraine. We unite business and users, collecting in one place everything that can be paid for as part of daily purchases, we give partners the opportunity to quickly connect to a single financial infrastructure and launch their own fintech products", said Yuri Zadoya.

Among the international projects of ConcordBank in 2020:

  • VCES - in 2020 software was developed for VISA, which works in their loyalty programs: fast-line, baggage packing, VIP services at international airports in Kazakhstan, Serbia and Azerbaijan, Ukraine and Belarus.
  • ELPASO - servicing a card project of an English financial company: issuing and acquiring MPS, MasterCard.
  • Alif Bank - an international project with one of the largest banks in Central Asia Alif Bank (Tajikistan) starts in November 2020: issue and acquiring of MPS, VISA, UnionPay.
  • Beeline.KZ - servicing a card project of a large mobile operator: issuing cards, supporting, ensuring the operation of the company's own digital wallets, as well as Apple Pay and Samsung Pay wallets based on VTS - technology from the IPS VISA.

“We are developing an ecosystem and are open to partnerships, staying ahead of our customers' needs. As soon as the implementation of the 3Ds standard took place, we already had a technology for its use. Open Banking is not just making money on innovations, but also going to the global level, it is needed by everyone who is ready to develop", summed up the Head of the Management Board Yuri Zadoya.

Recall that ConcordBank is one of the first in Europe to connect to 3ds v2.1 for issue and Internet acquiring MasterCard, as well as the first in Ukraine to 3ds v2.1 for issue and Internet acquiring Visa, which confirms the high degree of payment security.

ConcordBank is the first among non-state banks in Ukraine to launch Internet acquiring ConcordPay with options from ApplePay and GooglePay, and also implements many technological joint projects with Visa and MasterCard. Also, ConcordBank was included in the top 10 most successful banks in Ukraine in the categories "Internet banking" and "Mobile banking" at the FINANCIAL CLUB AWARDS 2019.

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