Touch Bank, the online retail bank of the international financial group OTP, has teamed up with Tieto to implement a new multi-application card solution.
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The new Multicard solution has been designed to help the bank’s customers use a single payment card to pay for goods and services, considering the best card-related offers of other banks.
Few years back, Silicon Valley experts worked to develop a new smart plastic card that would manage a customer’s accounts with multiple banks. This led to invention of a unique technology based on a small reader that clones data from cards of other issuing banks. The new solution deployed by Touch Bank leverages this technology.
Customers of the online bank, holding several cards issued by various banks in Russia, now have to link those cards to a single card by Touch Bank through internet bank or mobile app.
In addition, customers will need to set transaction management rules to define which cards to be charged for different category purchases. Bonuses or discounts received under card-based loyalty programmes will be added to that card in the regular way.
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By GlobalDataTieto director of cards Maris Ozolins said: "Using the latest advantages in card technology such as contactless payments and electronic wallets, Tieto together with the bank has created an innovative solution which allows using a one payment card by Touch Bank as a universal payment tool.
"A cardholder makes own decision regarding management of the payment cards he or she holds. In addition, the bank’s customer can participate in all loyalty schemes offered by merchants, as well as in loyalty programs of those banks whose cards they own."
