#Bulgaria #Sofia #BORICA #OpenWay #PAY360

Celebrating a Milestone in Payment Transformation

In a remarkable achievement, BORICA AD and OpenWay have been honored with the Best Partnership Initiative Award at the PAY360 Awards 2026 held in London. This recognition is a testament to their effective collaboration in modernizing the payment infrastructure in Bulgaria during the strategic transition to the euro currency.

Since 2018, these two entities have worked hand in hand to enhance the national payment processing systems. The project aimed to merge BORICA's extensive experience in handling national payment services with OpenWay's cutting-edge real-time digital payment platform, Way4. The standout feature of this initiative is its impressive scale, seamless continuity, and tangible impact, which were crucial during a critical period when Bulgaria adopted the euro on January 1, 2026.

Foundations of the Partnership

The partnership was grounded in a long-term vision focused on overcoming significant challenges. A critical aspect of their mission was to ensure that there was absolutely no interruption in essential payment services while transitioning the entire national payment system to accommodate the euro. This involved not only modernizing the existing infrastructure but also making provisions for the continuity of daily transactions carried out using cards and ATMs.

Collaborating closely, BORICA and OpenWay were able to unite more than 35 banks, payment service providers, fintech companies, government institutions, and technology partners as part of this ambitious euro adoption initiative. Their collective expertise enabled them to navigate through years of modernization with thorough testing and simulations, culminating in a smooth operational transition.

Successful Transition to the Euro

When the clock struck midnight on January 1, the fruits of their labor became evident. Just 20 seconds into the new year, Bulgaria witnessed its first successful euro withdrawal from an ATM. Within the first 48 hours post-transition, the new system processed more than 930,000 card transactions and ATM operations, totaling nearly 42 million euros—all without any unforeseen interruptions. This achievement underscores the meticulous preparation and strategic execution executed by the partnership.

Miroslav Vichev, CEO of BORICA AD, stated, "Our mutual goal extended far beyond a simple technological transition. We wanted to ensure that such a monumental transformation occurred smoothly without disrupting everyday payment experiences. This required extensive preparation, rigorous execution, and a foundation of mutual trust among our teams as well as across the entire ecosystem."

Similarly, Pavel Gubin, CEO of OpenWay Group, reflected on their unique accomplishment, saying, "The true essence of our success lies not simply in the technology or the project's enormous scale, but in the collaborative prowess of BORICA and OpenWay. Over the years, we’ve established a payment ecosystem designed for scalability while ensuring continuity of service. The euro adoption subjected this model to a real-world test, and the results speak volumes."

Industry Recognition

The PAY360 Awards are prestigious accolades that celebrate excellence in payment innovations and technologies. The recognition for BORICA and OpenWay not only highlights their individual strengths but also showcases what can be achieved when organizations work together towards a shared objective. As they continue on this path, their collaborative effort sets a benchmark for other industries looking to implement substantial changes within their operational frameworks.

In conclusion, the partnership between BORICA and OpenWay stands out as a model of resilience and efficiency within the financial services sector. As they pave the way for further innovations and improvements in payment systems, other countries may look to their example as a roadmap for successful transitions in the future.