OTP Bank Russia has implemented a Card Suite solution by Nordic IT vendor Tieto, aiming to offer its customers Person-to-Person (P2P) payments as well as utility payments functionalities.

The new Card Suite solution aims to enable "faster transactions, improved access and lower service costs for the cardholders", according OTP.

The Card Suite P2P Transfer service is aimed at enabling customers to transfer funds from one card to another using a variety of channels such as ATMs, in-branch POS terminal, mobile bank, internet bank, and more.

The solution, reportedly, offers a more secure authorisation and processing procedure for internet banking payments. The solution has been integrated with two external systems and all internet bank payments for OTP are now momentarily authorised in an external system, to decrease the risks of overdraft.

According to the lender, transfers using the new Tieto solution will take seconds – for both senders and receivers – and can be performed at any ATM in the country, as well as via internet or mobile banks.

The Card Suite P2P Transfer service can be deployed for domestic operations as well as for international money transfers and it supports Visa and MasterCard requirements.

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For cardholders, the service cost is, reportedly, much lower than using common transfer services.

Evgenij Gulakov, deputy head of programming department of OTP Bank Russia, said:

"Following the decision to implement this project in July 2011, in November 2011 the bank was ready to begin pilot operation of the new features. During this period with the joint efforts of Tieto experts and experts of the bank, a full range of works was done – starting from analysis of the project and development to full functional and integration testing.

"The main goal of the project was not only to provide a new service to customers, but also to make it as easy and convenient as possible before the mass rollout."

Gulakov added OTP is witnessing a "continuous growth in popularity of the new service", as it has reduced commission expenses and time costs of our customers while "increasing the attractiveness of cards and remote services offered by OTP Bank".

Maris Ozolins, director, cards, Tieto, said P2P payments is a "definite advancement to attract and retain customers as well as expand OTP Bank’s service portfolio".

Prior to the Card Suite solution, OTP has deployed a number of technology solutions by Tieto.