Investbank is the first to issue UnionPay cards in Georgia with help from Compass Plus

9 August 2013

Georgian bank, Investbank, have announced their successful certification in the issuance of magnetic stripe cards for the UnionPay International payment system. This is the first project of its kind in the Georgian market, currently making Investbank the exclusive issuer of UnionPay International cards for the region.

The banks’ partnership with UnionPay International is part of its retail banking business development strategy, which also includes the creation of an in-house processing centre. The implementation of the processing centre is now complete and Investbank is already at the initial testing stage. The next stage of this extensive project is to achieve certification with MasterCard for magnetic stripe and EMV card issuing and acquiring. Investbank aims to complete this project by the end of July and plans to launch its processing centre into full operation in August 2013.

Zurab Gaprindashvili, IT director at Investbank commented: “The decision to build our own processing centre was part of our rather ambitious plans for Investbank in terms of developing the retail banking business and the need to be able to work with a flexible and efficient technological platform, which would enable us to quickly and efficiently launch new products and services to the market. In our opinion, our processing system, built on the TranzWare product suite from Compass Plus, is exactly this kind of platform and has an excellent reputation in Georgia, as well as across the globe. I am certain that with the support of Compass Plus’ experts we will be able to fulfill our plans and will become distinguished amongst the leading Georgian and international banks.”

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