Dr. Soner Canko, CEO of BKM and Jesus Verde, President and General Manager of Redsys announced that they have signed an agreement confirming their commitment to work together for interoperability of iupay and BKM digital wallets resulting in a mutual benefit.
BKM and Redsys have started a global strategy in order to allow all domestic wallets, which are appearing across Europe, to interoperate among themselves seamlessly, in an effort to leverage the power of digital wallets as a secure, easy to use worldwide payment system in the digital world. The first attempt towards this strategy is the interoperability of their own domestic wallets with the idea of partnership in the short-term, with other wallet players around the world.
In addition to their core services like switching, clearing & settlement, information services, BKM and Redsys provides their own national digital wallet, called BKM Express and iupay respectively, for all cardholders to conduct e-commerce purchases easier and faster in their own market. Thanks to collaboration between BKM and Redsys; Turkish cardholders will be able to conduct e-commerce transactions at iupay merchants (more than 12,000 merchants already accept iupay) by using their BKM Express digital wallet and similarly Spanish cardholders will be able to shop online at BKM Express merchants that cover 40% of e-commerce market in Turkey by using their iupay digital wallet and without sharing any card information.
This cooperation is anticipated to be the first national wallet integration in the world. BKM and Redsys have been at the forefront of new payment technologies since their establishments. With the added leadership role in the emerging digital wallet ecosystem, both companies aim to encourage cross-country cooperation and globalization. Through such cooperation, parties aim to create means that will enable cardholders to shop online internationally with the security, ease and speed of their national wallets.
Redsys began its activity on April 1st 2011 as a processor for financial institutions. It was born from the merger of Sermepa and Redy, the two largest processors in Spain. Redsys is a leading national and international reference in the payment system’s industry with over 30 years of experience, creating a variety of standards and technological-operational solutions for financial institutions and other major industry players, both in Spain, Europe and Latin America.
Redsys is the payment system processor for more than 50 financial institutions among which you can find the main Spanish financial institutions. Redsys issues and processes domestic cards from multiple international schemes. The products and services offered by Redsys cover the total value chain in credit and debit card payments.
iupay is a digital wallet, an initiative of the Spanish financial industry, that enables its users to store all their cards to make on-line purchases (domestic and international).
iupay simplifies payment for its customers, completing the purchase in a swift way, enabling them to make payments more easily and securely. Initially created to respond to domestic transactions, which for the most part is the activity of the merchants, although it is destined to be internationalized.
iupay is backed by the major Spanish financial institutions: Bankia, BBVA, CaixaBank, ING Direct, Banco Popular, Rural Saving Banks associated to Banco Cooperativo, Banco Sabadell and Banco Santander. In addition, iupay has been designed from the very beginning with security in mind, including all security standards from its creation. Redsys carries out the development and performs all of the operational and processing functions.
Established in 1990, the operations of Bankalararası Kart Merkezi (BKM) in the field of card payment systems are:
– Validating interbank transactions and performing clearing;
– Finding solutions to common problems;
– Performing strategic operations throughout the country for card payment systems; and
– Developing the rules and standards for domestic cards.
Considered as a model throughout the world thanks to its productive operations and high transaction volume, with its solid technical hardware, infrastructure and human resources, BKM is continuing on its efforts to provide the best service to its members, retail industry, public and cardholders in the field of card payment systems.
About BKM Express:
BKM Express, developed and launched by BKM (Interbank Card Center of Turkey) with the collaboration of banks and leading companies of e-commerce industry, stores credit cards, debit cards and prepaid cards issued by 15 banks (Akbank, Bank Asya, Denizbank, Finansbank, HSBC, Garanti Bankası, ING Bank, İş Bank, KuveytTürk, Şekerbank, TEB,Türkiye Finans, Vakıfbank, Yapı Kredi Bankası and Ziraat Bank) in a single digital wallet. The cardholder, who becomes a BKM Express member through www.bkmexpress.com.tr, can shop online by using a one-time password from the mobile phone without having to use card information. The cardholder also takes the advantage of the card’s reward, mileage, promotion and installment opportunities. Cardholders are also able to send money via BKM Express mobile application to a card or mobile phone number. BKM Express plays a crucial role in the growth of e-commerce market. As of today BKM Express has reached more than 600 merchants and 255 thousand users.