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July 7, 2008

CyberPlat Company is the founder of the first and the largest Russian electronic payment system CyberPlat®. It offers to banks an innovative product which is intended to increase the efficiency of their retail business. The novel product of the CyberPlat payment system integrates the acceptance of cash payments for the services of various providers and transmission of acquiring bank messages which are related to payment acceptance through the bank cards.

Due to a revolutionary software development of the Cyberplat® payment system it has become possible to combine within trade and service enterprises both cash payment acceptance and acquiring messages transporting in a single device. In this case, a unified secured Internet channel and a unified electronic digital signature mechanism are used which ensures the informational security of transactions.

There developed a paradoxical situation when over 5 thousand POS terminals function in the country and maintain acceptance of cash payments but are not used for accepting bank cards. On the one hand, it can be explained by great popularity of the payment acceptance service and, on the other hand, by the insufficient popularity of payments for goods and services with bank cards.

There are several variants of practical implementation of accepting payments with cash and through plastic cards at the cashiers’ workplaces:

1. If a trade and service enterprise accepts payments for the services of communication and other services providers using a POS-terminal, then it is enough just to sign a contract with the bank for acquiring payment cards. There will be no need to purchase new equipment for 400-500 US dollars
2. If two different POS terminals are used for acceptance of cash payments and acquiring plastic cards, then it is possible to organize acceptance of both payments through one of them. In this case, one saves about 400-500 US dollars (it is the cost of the second POS terminal) and simplifies the cashier’s work.
3. If a computer is used to accept cash payments at the workplace, then it is enough to sign a contract with the acquirer bank for arrangement of non-cash payment acceptance and to purchase a card-reader for 90 US dollars.
4. If a computer is used to accept cash payments at the workplace, plastic cards payments are accepted through a POS terminal and there is a contract with acquirer bank, then is sufficient to replace the POS terminal with a card reader. In this case, the savings will amount to 300-400 US dollars and the cashier will not have to use two different devices (this will level down his training standards as well as reduce the number of mistakes).

A more detailed description of the various variants of technological solutions can be found on the website of the CyberPlat® payment system at: http://www.cyberplat.ru/download/acquiring.ppt.

As part of the proposed product there arises a possibility for the POS terminals to accept a wide range of payments which are available within the CyberPlat electronic payment system. Therefore, operation efficiency of the banking system will be increased due to the increase of profitability because to the ordinary acquiring there accrues a revenue from the cash payment acceptance in favor of several hundred popular operators of mobile and fixed line communication, internet and commercial television providers, companies providing housing and public utilities services, security, air tickets reservation services, and so on.

Utilization of the unique possibilities with the CyberPlat® payment system allows banks to economize on purchasing the specialized equipment. At this point, there arises a possibility to effect two types of payments — non-cash payments with bank cards and cash payments — through a single device. The offered solution is unique and can be implemented on practically any bank equipment — as on the various POS terminal models, so on the main types of intelligent cash registers.

The principally new product allows banks to carry out interaction with their own POS terminal networks by means of utilizing the possibilities of the CyberPlat system, which transmits the transaction information in the closed and secure form thanks to the mandatory use of the parties’ electronic digital signatures.

A principle advantage of the new solution is its flexibility, i.e. a possibility to use the acquiring of any bank and any processing centre. Switching between the central server of the CyberPlat payment system and the bank is performed at the POS terminal level.

The market of retail banking services demonstrates a considerable growth rate, which will only increase in the coming years. The range of the rendered services also grows. The more services are rendered by the bank to individuals, the wider the variety of software tools is to support these services, which means higher expenses for rendering them. Objectively, there escalated a necessity for integration of the technological support of different services in a single environment. Not only it will reduce the costs for the banks but it will increase their financial result due to the synergistic effect from the concurrent offer of various retail products in accordance with the “one stop” principle. The loyalty of customers will also grow and they will enjoy the more convenient bank services. The CyberPlat® payment system offers a new service which allows banks to integrate different products within a single interface and thus increase their operation profit”, — the General Director of CYBERPLAT OJSC, Andrey Gribov, noted.

CYBERPLAT OJSC is the leading Russian Internet company offering its services in the e-commerce segment, including payment processing and secure on-line document interchange. The company’s product CyberPlat®, the universal multibank integrated internet-payment system, is the absolute leader in the payment acceptance market. Currently, the CyberPlat® cash acceptance network consists of over 190 000 points of sale, accepting cash payments for the benefit of leading telecommunication service providers, commercial television and numerous service providers nation-wide, including Beeline, MTS, Megafon, Tele2, NTV-Plus and many others. The total turnover of the system comprised 120.7 billion rubles (or 4.74 billion US dollars) in 2007. The CyberPlat® electronic payment processing system is the member of GSM World Association. BDO Unicom is the official auditor of CyberPlat®.

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