CIB Bank has new contactless products
Every success story encloses hard work and this is exactly what both the CIB Bank and Mercury Processing Services International teams did during the entire 2018, along with strong determination and excellent co-operation between all of the team members.
The story of success is the one of migration of the credit card portfolio from CIB internal systems to the Mercury Processing Services International platforms.
This process actually started back in 2017 with the insourcing of debit cards, launch of the new contactless products and conversion of contact to contactless products.
Now, at the end of 2018, CIB Bank and Mercury Processing Services International have finished the process of insourcing of the credit card portfolio and launch of new contactless products.
Whilst revolving processing will for the time being still be done by CIB, this major step enables issuing and conversion of contact to contactless products. The migration was successfully completed on 29th October 2018, with the post-production period passed without any issues reported.
The common goal is to continue with the process of Mercury Processing Services International taking on all other CIB Bank’s card processing with the next phase being discussed at the moment.
Hungary in Numbers
Hungary, located in Central Eastern Europe transitioned from a centrally planned economy to a market-based one since 1989. It is a member of the OECD (1996), NATO (1999), the European Union (2004), and the Schengen Zone (2007).
Per capita income is nearly two-thirds that of the EU-28 average. Private sector activity accounts for more than 80% of GDP.
Hungary boasts a strategic location in Europe, access to EU markets, a highly skilled and educated work-force, and a sound infrastructure which have led companies such as GE, Alcoa, Morgan Stanley, National Instruments, Microsoft, IBM and many others to locate facilities in the country, both in manufacturing and services (Export).
Even though Hungarians used to prefer cash, the popularity of card payments continued to increase in 2016 and contactless card purchases proved to be one of the most dynamically growing areas.
Already 66 per cent of the roughly 103 thousand POS terminals and more than 56 per cent of the nearly 9 million payment cards are suitable for contactless payment (Financial Observer).
The Hungarian payment card
system is extremely safe even
by international standards and,
thanks to a consumer-friendly
regulatory background, only
a small percentage of fraud losses
is being recorded.
Now in 2018, Hungary’s payment system has evolved to that extent that their instant payments system is planned to go live soon.