Representatives of the top banks from Western and Middle Asia attended a seminar hosted by BS/2, ASHBURN International, and SUNMI.
The event, which took place on October 28 in Almaty, was focused on transactional business and merchant acquiring. Non-cash payment technologies are in demand in the region because they enable businesses to offer better customer service and, as a result, to be more competitive. Bankers from Azerbaijan, Georgia, Kazakhstan, Kyrgyzstan, and Uzbekistan came to learn about modern solutions.
The Deputy Director for Strategic Development at BS/2, Kirill Ovsiannikov, spoke about current trends in the area at hand.
From the usual-minded point of view, the process seems simple. A client attaches the card to the reader, receives a receipt, and the bank transfers the funds from the user’s card to the account of the end beneficiary (point of sale, courier service, medical center). However, in order to make sure that such a procedure is sustainable and to prevent disruptions, additional equipment is required. These include hardware-software complexes, systems of constant contact with a bank, solutions for the immediate processing of information, and keeping financial records.
At the seminar, the newest tools for creating an effective acquiring bank business model and solutions for the implementation of popular functionality for merchants and end clients were presented. In particular, the TransLink.iQ software platform for managing the network of POS terminals and transaction processing is in demand. The solution is aimed at increasing operational efficiency and optimizing the costs associated with maintaining equipment
Giorgi Simoniani, TBC Bank Payment Channels Chapter Lead, spoke about his experience using BS/2 products. Smart payment devices SUNMI Android were developed and adapted for the needs of the Georgian bank. These POS terminals have the benefit of enabling both noncash settlement operations and cash transactions with check printing functions. In this case, fiscal data are delivered in real time. The possibility to digitize client data to estimate the cost of attracting a new merchant was another benefit of working with BS/2
TBC Bank also makes use of Cash Management.iQ, a BS/2 optimization of the cash circulation solution. Since local markets have become more competitive recently, the speaker pointed out, even the most traditional banks are looking towards fintech and introducing cutting-edge software products
The key speakers were SUNMI CIS/Mongolia Sales Director Andrey Kuznetsov, who presented a report on modern technology platforms for merchants, and Ashburn International CEO Žoržas Šarafanovičius, who presented a report on acquiring network outsourcing
The event was concluded with a round table where leading financial institution representatives talked about the challenges they were facing and potential solutions. The discussion was attended by Žoržas Šarafanovičius (Ashburn International, Lithuania), Davit Meskhidze (Liberty Bank, Georgia), Denis Kokhaev (Kapitalbank, Uzbekistan), Temurbek Bakhramov (Xalq Bank, Uzbekistan), Anar Gasimov (Azer Turk Bank, Azerbaijan
The following are the key benefits of trade acquiring for merchants:
- Increasing the number of clients. Users prefer a cashless settlement since it is quick (they don’t have to waste time searching for the proper coins in their wallets and waiting for a change) and secure (in case of theft, the card can be blocked). According to one of the Belarusian commercial banks, cashless payment requires 1.5 times less time than cash.
- Increasing the average check. It’s simpler to part with virtual money than real cash. Additionally, a client may not have enough cash on hand for major transactions if it is stored on a card or left at home, so “plastic” gives him the option to not only pay a high cost but also to get a discount or cashback.
Over the course of more than 25 years, BS/2 has provided hardware, software, and outsourcing services to acquiring networks in 80 different countries
ASHBURN International, which together with BS/2 is part of the Penki Kontinentai group of companies, develops and implements the TransLink.iQ software platform, the solution for POS network management and transaction routing
SUNMI Technology produces payment terminals based on Android. The subsidiaries of Penki Kontinentai, which include ASHBURN International and BS/2, provide these terminals to their customers and ensure their quality maintenance
Visit this link to get the seminar recording and product materials.