A national payment switch has been in production in Serbia to drive the use of electronic payments on a domestic and international front. Â This initiative follows a partnership between the Serbian commercial banks and the National Bank of Serbia, using NOMAD Software, a leading provider of front end switch and card management solutions.
Based around NOMADâs CORTEX product suite and built on an Oracle platform, the solution integrates Serbiaâs card based payments offering. The new national payment card, DinaCard, has been issued by 32 banks. It is the leading card in Serbia with a total of 1.5 million DinaCard cards issued by member banks in just 18 months. Â
This flexible DinaCard offering gives customers the freedom to withdraw money from more than 500 ATMs and to use the card in more than 20,000 retail outlets throughout Serbia. Â The debit, credit and business card solutions have been developed to encourage consumer acceptance of card payments within Serbia and lead to greater payment card usage on a domestic and, eventually international scale. Â All transactions must be authorised electronically, providing security of payments to the consumers, merchants and the banks.
Plans are in place to extend the offering and introduce a new payment by mobile phone service for card holders. Â The aim is to widen the possibility of payment cards usage in places which are not part of the acquiring network.Â This includes public parking, garages, taxi companies, newspaper kiosks and vending machines. Â In this respect, Serbia will become one of the first countries in the world with an open system of mobile payments, easily accessible to all banks.
John Yeomans, CEO of NOMAD Software commented, "The national switch has provided a real breakthrough in terms of unifying the payment infrastructure in the Serbian retail banking world. Consumers from different banks are, for the first time, able to use their national payment cards at any ATM in Serbia. Â They also have more outlets from which to access their cash, greater flexibility and financial freedom. Â As well as being a payment card, the DinaCard provides the infrastructure platform for future consumer applications such as mobile top-up."
Milan Pavlov, Head of Technology and Development at the National Card Centre commented, "This solution marks a huge step forward for the payment card business and the consumers in Serbia. Â The switch project has been well received amongst the banking community, resulting in six independent processors and 37 (or 95%) of banks in Serbia becoming members. Â The security, flexibility and freedom afforded by card payments is already being widely embraced by the consumer, and will accelerate the growth and expansion of retail banking in Serbia."
He concluded: "We chose to partner with NOMAD Software after careful evaluation of a number of leading switch solution providers. Â NOMAD has worked with a number of leading financial institutions through-out Europe. Â It has a clear track record of delivery and in-depth experience, which was very appealing."