TietoEVRY worked with Chip Card to implement an upgraded Card Suite switching & clearing solution. The upgrade decreases the execution time of clearing services, eliminates the risk of downtime in the system and reduces operational costs.

Electronic payments are becoming more popular in Serbia and adjacent markets. Chip Card manages over 28m monthly transactions and has over 4m cards registered.

The new upgrade comes as Tietoevry publised its annual report, registering $404.25m in adjusted operating profit. According to the report, the company’s total revenue reached $3.1bn in 2022, a slight increase from 2021 ($3.01bn).

In 2021, Bank Norwegian expanded its collaboration with TietoEVRY for access to credit card services in Germany and Spain.

Upgrade will make Chip Card more competitive

Valdis Janovs, Head of Instant, Retail Payments and Cards at Tietoevry, said: “Chip Card, member of Payten is developing ambitious plans to expand beyond their existing footprint in the Balkans. From every angle, this system upgrade was an important step in enhancing Chip Card service offering and preparing for future growth

“Thanks to the upgraded architecture we have introduced, transactions are faster, the risk of downtime is reduced, and ongoing operational costs are lower. But best of all – Banks are now having highly available uninterrupted service offerings from Chip Card, which is critical in digital payments growing in volume and importance”, added Janovs.

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Milan Ognjanovic, CEO at Chip Card, welcomed the upgrade and said his company trusts Tietoevry Banking solutions and its high-quality software.

“As we work with our clients to deliver the high-quality services they expect, it’s important for us to be able to rely on partners like Tietoevry Banking. This upgrade will enable us to be more competitive in the years ahead as we look to expand our business into the existing and new markets, especially Western Europe and Africa, where we see great payment processing potential”, said Ognjanovic.