OTP Bank accelerates digital transformation with MIA
OTP Bank marked a new success in digital transformation by implementing MIA Instant Payments in record time. Launched nationally on March 12, 2024, the MIA platform represents a significant step in the modernization of the payment system in Moldova. OTP Bank was among the first financial institutions to successfully implement this revolutionary technology.
The implementation of Instant Payments required the integration of OTP Bank’s information system with the National Bank of Moldova’s new MIA database. The previous modernization of the bank's information system simplified this process, requiring the development of only an API for the integration with the NBM solution. The OTP Bank team collaborated closely with CS Tech and Getik – developers of the bank's core solutions. Thus, in just five weeks the partners launched a working API, preparing the ground for future innovations.
Serghei Matcovschii, Head of the Studies and Development Department, OTP Bank: "In 2022, we had a notable success with the launch of a new information system together with CS Tech. This system supports flexible and secure digitalization of operations, which allows us to integrate new functionalities more easily and cost-effectively. This achievement was an important step towards a modern and digital bank, paving the way for the introduction of Instant Payments in record time.”
On March 12 of this year, customers accessed the first MIA functionalities in OTP Internet and Mobile Banking application: Instant Transfer (P2P) and Transfer Request (RTP), operations that can be performed based on the phone number, without entering banking data. The new functionalities were quickly adopted by customers, registering more than 13 thousand active users in the first week after the launch. Customers appreciated the convenience, speed and safety offered by MIA Instant Payments: the money arrives in any bank account in the Republic of Moldova in just a few seconds, with 24/7 availability. Moreover, financial services have become more accessible for OTP Bank customers, with 0% commission for transfers of up to MDL 30,000 per month.
While Instant Payments were becoming one of the most discussed and appreciated innovations on the Moldovan financial market, OTP Bank continued to increase the number of MIA functionalities in its mobile banking app: payments by scanning a QR code, payments by secure link and Me2Me transfers (instant transfers between own accounts with different banks). For four months, the bank's IT team carried out numerous tasks of testing and integrating MIA modules, successfully launching the new functionalities by the national deadline - 31 July 2024.
Tudor Soltan, Project Coordinator, OTP Bank, reflects on the process: "Seeing the result of our work translated into fluid and comfortable functionalities, I am incredibly proud of the team. A transfer can be made 24/7 and reaches recipient in a few seconds, and multiple transfer methods, such as QR code and link, offer more security and convenience than ever. We are happy to be part of the digital payments revolution in Moldova."
"The positive response from our customers provides a clear direction for future innovations. We plan to expand MIA's functionality for individuals by implementing the option to generate QR codes, and develop similar services for corporate customers. We are dedicated to providing modern and efficient payment solutions that meet the needs of our customers," noted Irina Pohilă, Head of Digital Products Department, OTP Bank.
The implementation of MIA Instant Payments at OTP Bank is not only a technological success story, but a testament to the bank's commitment to innovation and excellence. OTP Bank, recently awarded by Euromoney for the implementation of digital solutions, remains perfectly positioned to contribute to the digital transformation of the Moldovan banking sector.
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OTP Bank Moldova, a subsidiary of OTP Group since 2019, is an integrated and universal provider of financial services. With an approach defined by responsibility, commitment and professionalism, OTP Bank understands the needs of customers and the current market context, and is a reliable financial partner in the provision of financial services. OTP Bank ranks third, by assets, among Moldovan banking institutions, according to National Bank of Moldova data.
