OTP via SMS
In 2000, PrivatBank was the first in the world to couple a plastic card with a mobile phone number authenticated by One Time Passwords (OTP). The combination has made Internet payments extremely safe and completely eradicated fraudulent transactions. In 2009, the technology was further improved by connecting bankcards to the Secure Payment System verified by Visa or MasterCard Secure Code. Privat24, the bank’s mobile application, is now the most popular Internet banking platform in Ukraine and one of the largest in Eastern Europe, servicing clients in Ukraine, Russia, Latvia, Georgia, and several EU countries.
Mini Payment Terminals
In 2010, PrivatBank was a close second to implement mini payment terminals, which accept any payments by Visa or MasterCard via smart phones, tablets, or notebooks. In Ukraine, PrivatBank operates one out of every six terminals with over 17,000 activated in the last six months.
In 2009, PrivatBank implemented electronic change technology to reduce coin turnover costs. The application allows the client to elect for small change to be credited to his or her mobile phone account or in the form of an electronic voucher rather than dispensing coins. The innovation won the 2010 Best Banking Innovation from The Banker.
Recognized in 2011 as one of the best systems in the world, PrivatBank’s online encashment system enabled companies to resolve accounting of revenues before they are delivered to and recounted by the bank. The system is now standard practice for more than 2,500 Ukrainian companies including the major airlines, national retail networks, electric appliance retailers, and fuel station networks.
In 1999, PrivatBank was the first bank in the world to offer SMS banking services to its clients. This enabled cardholders to fully control costs and expenses, replenish mobile phone accounts, and make other payments through simple SMS commands sent through their phones. Today, more than one million transactions are made via SMS each month. PrivatBank was also the first in Ukraine and among the first in the world to introduce a payment application for Android and iOS devices.
In 2000, PrivatBank introduced electronic vouchers to replenish accounts of mobile devices instead of the paper form. This allowed the Bank to sell them via POS terminals and ATMs, critical to the development of the remote banking system revolution. Today, PrivatBank is the largest operator in Ukraine of instant payments on mobile devices, servicing more than 200,000 accounts daily.
In 2003, PrivatBank was one of the first banks in the world to issue instant cards. This saved clients’ time by eliminating the need to wait for replacement cards and rather activate the instant card on any ATM.
ATM Connected Cards
In 2011, PrivatBank introduced the unique Payment Coupling technology, which uses a client’s card as an identifier for all of his or her bankcards and accounts. This gave clients the ability to automatically use available funds from any card rather than not complete the payment due to insufficient funds.
Charity via ATMs
In 2006, PrivatBank introduce large-scale charitable activities via ATMs. This technology allowed clients to transfer contributions of any amount via ATMs to charitable programs on short notice. To date, PrivatBank’s system has distributed over $2.5 million to various charities including payments to victims of terrorist attacks or natural disasters.
P2P Transfers between Cards
In 2003, PrivatBank was the first to transfer funds between Visa cards. Later, in 2006, PrivatBank was the first to introduce Visa Money technology to transfer funds directly via personal computers. Today, millions of clients can instantly transfer and receive money through this innovative technology.