Visa moved PrivatBank’s services and operation to the cloud solution, Visa Cloud Connect
Kyiv, Ukraine, 13 July, 2022 – PrivatBank, Ukraine, has migrated to Visa Cloud Connect, a connectivity platform, and implemented a new way to securely connect to VisaNet through the cloud.
This collaboration marks the first time Visa is enabling secure connectivity from a public cloud-based processing environment in Central and Eastern Europe, the Middle East and Africa (СЕМЕА), since the platform became available in late 2021.
While PrivatBank's team stands for the financial stability of Ukraine and was working to ensure smooth operation of the payment infrastructure, it moved all its operations to the cloud as the war unfolded. The reason for the move was to limit the bank's dependence on hardware located in different regions across Ukraine in case it is destroyed during the Russian unprovoked invasion.
“Our basis is social responsibility. PrivatBank is a very modern and technologically-advanced bank. Information technologies have been and are our highest priority, especially when it comes to data protection and customer funds,” says Deputy Chairman of the Board of PrivatBank Mariusz Kaczmarek. “The transfer of services to the cloud storage, as we see now, provides continuous customers’ access to financial services (cards, digital banking, banking services, cash, etc.) at any time and the financial security of our customers all over the country in general. This is a matter of national security.”
Visa Cloud Connect platform is a cloud-based infrastructure that allows client endpoints to connect from their respective cloud infrastructures to VisaNet for transaction processing. Visa Cloud Connect is designed to help client-banks and partners with existing cloud-based processing infrastructures connect to Visa, eliminating the dependency on telecommunications infrastructure.
It accepts and routes authorizations for all card and transaction types, including non-Visa transactions, to be routed by Visa to the appropriate card association or gateway for processing. In addition, Visa Cloud Connect is capable of sending and receiving batch files to and from VisaNet core processing systems.
“We believe Visa’s approach is the most comprehensive and convenient way for cloud-native clients to connect to a global card network. We are proud that the first launch of Visa Cloud Connect in CEMEA has been implemented for one of Visa's key Ukrainian client banks, PrivatBank. This migration became extremely important for the country after the Russian invasion of Ukraine,” says Vira Platonova, Senior Vice President, Group Country Manager for Visa CISSEE.
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.
PrivatBank is the leader of the banking market of Ukraine. We serve 19.6 million customers, and the digital bank Privat24 is used by 15 million Ukrainians. More information on privatbank.ua.
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