Moscow Industrial Bank joins Universal Electronic Card with support from Compass Plus

12 August 2013

With help from Compass Plus, Moscow Industrial Bank (MInB) has been successfully certified with the Unified Payment System “Universal Electronic Card” (UPS UEC). The bank has started issuing the Universal Electronic Cards based on TranzWareproducts.

The UEC provides Russian citizens with access to government, municipal and commercial services in an electronic format and combines the functions of an identity card with a payment card, allowing the cardholder to use it as a personal ID in electronic environments as well as to make payments. The card also contains a banking application which enables the bank’s customers to use it not only as a UEC but as a standard bank card in order to perform financial operations at ATMs and retail outlets. The TranzWare products enable the generation of EMV data for the banking application on the UEC as well as provide transactional and clearing interaction with the UEC’s processing center when performing financial operations using the card’s application.

Moscow Industrial Bank has been a member of UPS UEC since 2011, having joined the system as an issuing and acquiring bank. Around 2,000 Russian citizens have applied for the Universal Electronic Card with the bank’s application on it to date.

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