Home News & events Press Releases 2007 Severnaya Kazna Bank commences direct settlements with VISA payment system

 

bCompassPlusSevernaya Kazna Bank (Yekaterinburg, Russia) with the technological support from Compass Plus has commenced direct settlements with the VISA payment system.

In 2006 Severnaya Kazna Bank was granted Principal Member status in the VISA payment system.This status meant that the Bank had a right to organise a direct connection from its processing centre to VISA. Within several months the Bank has performed all the preliminary work: prepared all required documents, opened the correspondent accounts for the settlements (in rubles and dollars), set up direct connection channels with VISANet centre in London, performed technological configurations of the processing centre, optimised settlement schemes and carried out many tests and certification procedures. As a result of this work the processing center of Severnaya Kazna Bank was switched to direct settlement mode with VISA payment system.

The head of the payment technology department at Severnaya Kazna Bank, Pavel Efremov stated that the switching of the processing centre to the new operation mode will not only enable an increase in the security of the technological scheme by minimizing the possibility of technological malfunctions but it will also improve the effectiveness of cardholder services.

Severnaya Kazna Bank launched its processing centre in 2002 and became the first Compass Plus customer to migrate to the EMV cards by using TranzWare Online, TranzWare CMS, TranzWare Card Factory and TranzWare Fraud Analyzer software products.

Severnaya Kazna Bank is a Principal Member in VISA and an Affiliated Member in MasterCard. The Bank was one of the first in Russia to commence issuing and servicing of VISA chip cards. Based on the main indexes (number of issued cards, turnover and account balances) the Bank is permanently amongst the top 20 card issuing banks in Russia. Based on other financial indexes Severnaya Kazna Bank is currently amongst the top 100 credit organizations in Russia.