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

27 November 2018

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.

For additional information, please contact:
Valdis Janovs, Head of Retail Payments and Cards, Financial Services, Tieto. Phone: +37126336780, e-mail: valdis.janovs (at) tieto.com

About OTP Bank Group

Hungary's OTP Bank has been named the "Best Bank" in both Hungary and the CEE region in 2018 by the business and finance magazine Euromoney. The bank provides full range of banking services for private individuals and corporate clients. A customer base of 18 million enables the bank to properly understand and serve the needs of its customers.OTP Bank develops convenient and modern services that are easier and faster to access, to meet the challenges of the digital age and the expectations of customers. The bank is serving clients in nine countries, namely Hungary, Slovakia, Bulgaria, Serbia, Romania, Croatia, Ukraine, Montenegro and Russia. www.otpbank.hu  

About Tieto:

Tieto is the leading IT company in the Nordics with more than 25 years of experience in retail and card payments. More than 500 financial institutions in over 30 countries globally run their retail payment businesses on our software solutions. Tieto aims to capture the significant opportunities of the data-driven world and turn them into lifelong value for people, business and society. We aim to be customers’ first choice for business renewal by combining our software and services capabilities with a strong drive for co-innovation and ecosystems. www.tieto.com

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