Thanks to the taxit card (installment payment card) implementation this Azerbaijan bank has gained the opportunity to offer to its customers a payment service that is much sought after.
Colvir Software Solutions team have transferred to the production environment the Installment Payment Cards — one of the credit instruments supported by Colvir CBS.
Taxit is a term used to describe a card with a renewable credit line that offers a number of advantages and opportunities. The key one of them is the opportunity to buy goods and services with the help of the card on installment payment basis. Our customers in Kazakhstan, Kyrgyzstan and other countries are more familiar with this product as installment payment cards. The customer pays the amount shown on the price tag in installments, while the Bank makes use of our product to divide the purchase amount by the number of months in the installment plan and effects the requisite payments.
Stanislaw Malinin
Presale Manager Colvir Software Solutions
Installment cards are part of the BNPL services universe (buy now, pay later). This segment is quite actively picking up momentum worldwide: further development of the Buy now, pay later services appears on the list of key fintech-2024 trends. According to a Marqeta poll, 38% of respondents in Great Brittain have made use of BNPL Services over the past year. The BNPL segment growth and introduction of respective service by banks features as a forecast for the Kazakhstan fintech industry development in 2024.
The speed at which the installment card project was implemented has been instrumental in ensuring the fast speed at which the new product was brought to market. The project was completed in 2023, and by now this banking product has been available to Ziraat Bank Azerbaijan customers, and is gaining more and more popularity.
Akhilles Metaxa
Account Manager Colvir Software Solutions
A key strategic objective of Ziraat Bank Azerbaijan is to be an innovative bank and a reliable partner for its customers offering to them quality services and staying ahead of the competition. Each solution implementation complies with the stated goals. For example, the Bank’s migration to the data capture product from Informatica, a partner of Colvir Software Solutions, has allowed the Bank to leverage current versions of ORACLE products and has reduced the data loading time by 25%. And thanks to its launching of installment cards, Ziraat Bank Azerbaijan has gained the opportunity to offer to its customers a state-of-the-art product.
The solution we have implemented is a customized one developed specifically for Ziraat bank Azerbaijan. Its functionality includes customer taxit card opening, transaction processing and posting to business accounting. The product is in high demand by customers.
Sergey Osipov
Programmer Colvir Software Solutions
The taxit cards credit product has been implemented leveraging functionality features of the Credit Lines and Overdrafts modules. One of the key project complexities was the need to run acceptance testing directly in the production environment. Thanks to the concerted effort of the implementation teams representing Colvir and the Bank we managed to overcome all the difficulties and successfully launch the product.
Oleg Fedotov
Implementation Project Manager Colvir Software Solutions
The Colvir Software Solutions team would like to thank their Ziraat Bank Azerbaijan colleagues for their trust, and would like to congratulate the Bank’s customers on the new vistas that have been opened for them. To request a solution demo from Colvir please write to sales@colvir.com.
