IBOX Bank has officially received the status of a principal participant at Visa international payment system

Private Joint Stock Company «IBOX Bank» informed the audience that it processed the first transaction as a principal participant of the Visa international payment system on April 21.

IBOX Bank received a principal membership at Visa in December 2020. During this time, the bank has made technical preparations for the launch of transactions within its infrastructure, as well as completed the necessary tests and met all the requirements of the international payment system. From now on, the bank’s processing center will process all transactions independently at all levels.

«We have been waiting for our ‘live date’ with Visa for a long time to start full participation as a principal member of the payment system. A whole world of new opportunities has opened for the bank. As a result, we will be able to implement our transactional business strategy more efficiently,» said Dmitry Yakovlev, Head of the Innovation Department at IBOX Bank.

Besides, IBOX Bank reported that it actively follows modern trends and plans to actively work under MCC 7995 using the new status. The bank will cooperate with merchants who have received the appropriate license of the Commission for the Regulation of Gambling and Lotteries of Ukraine.

Last week, IBOX Bank announced its plans to increase the authorized capital to the level of UAH 300 million in the second quarter of 2021. According to the bank’s report, its net profit amounted to UAH 111 million in 2020, which made it one of the most successful banks in the financial group.