BORICA joins the Berlin Group

Bulgarian interbank processor BORICA has confirmed its active participation to the Berlin Group. BORICA was established in 1993 by Bulgarian National Bank with the main objective to build a national infrastructure for card payments in the country. BORICA is owned by Bulgarian National Bank and 22 local banks and as a national card payments system operator and the interbank card payments switch it is servicing 26 local banks. The main activity of the company is the authorization of card payments, switching the card payments authorizations between local banks and other card processors abroad, personalization of magstripe and chip cards. BORICA is also functioning as an intermediary for the execution of the final settlement of interbank card transactions between the banks and Bulgarian National Bank and it is a third party processor company for MasterCard, Visa and American Express (for the ATM acquiring) for the banks that are issuing their cards through BORICA.