Regarded as "The most innovative bank 2010" for "No Coins" technology
At the 12th international competition "Innovation in Banking Technology Awards 2010"
, held by The Banker
magazine, an electronic Coin Management System Liqpay, developed by Ukrainian bank PrivatBank, has been acknowledged as the best innovation in Cash and Treasury Technology. The system has been introduced in all PrivarBank’s branches under "No Coins" brand. This has been reported in the June edition of the magazine
The experts of the world most prestigious ranking on banking innovations say that banks have made a tremendous strides in technology over the past year: from gardening of ATMs to extreme reduction in time and cost of operations with coins.
"For years, pundits and market-watchers have hailed the death of cash as electronic payments in all their guises take over for good, but the long-awaited transition to a cashless society is still to take hold. Ukraine's PrivatBank, however, has devoted its efforts not on eliminating cash but on reducing the often expensive and risky burden of managing large volumes of coins by targeting one of the most coin-intensive parts of the payment process - providing change in a cash transaction"- stressed The Banke
The magazine’s experts notice, that PrivatBank’s Liqpay System On Electronic Coin Management
provides a much-needed bridge between electronic and cash-based payments. "The simplicity of the solution marked out the Liqpay Coin Management project
as the clear winner, providing not only a valuable service to the customer, but reducing the volume of coins managed by merchants that remains an ongoing cost of commerce" - writes The Banker
. Besides, it is open technology - its API can be applied by any bank or merchant
For Innovation in Banking Technology Awards 2010 rating experts examined more than 200 applications from commercial and investment banks, stock companies and clearing agencies worldwide: from Taiwan to South Africa.
The best innovation on a Stock Market became Rehypothecation Program of investment bank JPMorgan
, The Technology Of Virtual Card Account of Citi Global Transaction Services
won the Payments Technology Award. Green ATM Project of State Bank of India
is considered the most Ecological Technology. Project of Spanish Confederation of Savings Banks
, Firma Digitalizada won an Innovation in Information Security Award; ATM Transformation project of BBVA Group
is voted the best New Delivery Channel Technology; HSBC Merchant Services "Continuous Portfolio"
became the best innovation in Marketing Technology. Automated Regulatory Reporting Tool and Access Client Dashboard of JPMorgan
won the Innovation in Data Management Technology Award, experts chose Eurex Clearing
as the best Risk Management Technology and Continuous Linked Settlement Group
got the Clearing and Settlement Technology Award.