BORICA

What BORICA does

BORICA AD is Bulgaria's national card and payment infrastructure operator, providing the technological foundation for the country's entire payment ecosystem. Founded in 1991 and headquartered in Sofia, BORICA holds exclusive licenses from the Bulgarian National Bank to operate the BISERA, BISERA7-EUR, and BORICA payment systems, serving all 35+ Bulgarian banks, payment service providers, fintechs, and government institutions through its regulated infrastructure.

The company's technology stack is built on multiple partner platforms: OpenWay's Way4 for card issuance, acceptance, and processing; IBM Safer Payments for real-time AI-driven fraud and AML monitoring (covering 70%+ of domestic card transactions at 4,000+ TPS with sub-10ms latency); IBM API Connect and DataPower for PSD2-compliant XS2A Gateway APIs; and Montran's TIPS connectivity module for ECB's TARGET Instant Payment Settlement. BORICA also operates as a SWIFT Service Bureau, provides trust services through the B-Trust brand (qualified electronic signatures, e-identification with eIDAS High Level of Assurance), and offers fintech platforms including InfoPay multibanking and E-faktura electronic invoicing.

BORICA generates revenue through transaction fees from payment system operations, managed services fees for SWIFT connectivity, subscription-based fees for fraud prevention and AML services, PSD2/open banking services, card services (ATM, POS, card production), trust services (B-Trust), and fintech platforms. Its go-to-market is exclusively B2B/B2G via direct enterprise sales across 25+ office locations throughout Bulgaria, with no consumer-facing channels. The company's most significant recent milestone was leading Bulgaria's national-scale euro adoption transition on January 1, 2026, processing over 930,000 card and ATM transactions worth nearly €42 million in the first 48 hours with zero unplanned downtime, positioning BORICA as a reference model for other national payment infrastructure operators.

Name

BORICA

Legal name

BORICA AD (БОРИКА АД)

Website

https://borica.bg

Company type

Private

Founded year

1991

Operating status

Operating

Headcount range

251–500 employees

Short description

BORICA AD is Bulgaria's national card and payment infrastructure operator, providing licensed payment systems, card processing, real-time fraud prevention, PSD2 open banking APIs, SWIFT connectivity, and trust services to all Bulgarian banks, payment service providers, fintechs, and government institutions.

Ownership category

akta.pro rank

Product category

Payment Infrastructure

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)

SIC

Finance Services (6199)

akta.pro primary industry

A2A Payment Initiation Service Providers (PISPs) (FSAMAFAB)

akta.pro secondary industry

POS, SoftPOS & In-Person Acceptance Infrastructure (FSAGABAO)

Keywords

• Payment infrastructure
• Card processing services
• Open banking APIs
• SWIFT service bureau
• Fraud prevention platform

Headquarters

HQ city

Sofia

HQ country

Bulgaria

HQ region

Europe

Offices11 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Infrastructure, Operations, Marketing or Sales

Revenue model

1. Payment System Operation Fees: BORICA operates regulated payment systems (BISERA, BISERA7-EUR, BORICA payment system) and charges fees to participating financial institutions for transaction processing, clearing, and settlement services. This is a recurring, transaction-volume-driven revenue stream from all 35+ Bulgarian banks and payment service providers.
2. SWIFT Service Bureau Fees: Revenue from SWIFT Service Bureau services including Shared Connection (indirect SWIFTNet connectivity) and Shared Infrastructure (full SWIFT infrastructure outsourcing), charged via service agreements with SLA terms to participating banks.
3. Fraud Prevention and AML Services: Fees for IBM Safer Payments-based fraud monitoring, anti-money laundering controls, BIN attack protection, and AML compliance packages offered to financial institutions through a shared national platform.
4. Trust and Certification Services (B-Trust): Qualified electronic signature, remote identification, and certificate services under the B-Trust brand, offered to businesses and individuals requiring eIDAS-compliant electronic authentication.
5. PSD2/Open Banking Services: Revenue from XS2A Gateway, Consent Management, Smart Multibanking Hub, and Developer Helpdesk services provided to banks as ASPSPs and to TPPs, based on PSD2 compliance requirements.
6. Card Services: Fees for card issuance management, ATM and POS terminal services, software POS, card production and PIN printing, e-commerce and mobile payment services, and card risk management offered to banks and merchants.
7. Fintech Services: Revenue from InfoPay multibanking platform and E-faktura electronic invoicing platform, serving both businesses and consumers with multibanking aggregation and electronic invoice management.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

BORICA operates Bulgaria's national card and payment infrastructure, providing interbank payment processing through the BISERA, BISERA7-EUR, and BORICA payment systems, online card transaction switching (SWITCH), SWIFT Service Bureau connectivity, PSD2-compliant open banking APIs (XS2A Gateway, Smart Multibanking Hub), real-time fraud and AML monitoring via IBM Safer Payments, and qualified electronic signature and eID services under the B-Trust brand. The company also operates fintech platforms including the InfoPay multibanking aggregator, E-faktura electronic invoicing, and the blink instant payment service connected to ECB's TARGET/TIPS.

Product overview

BORICA operates as Bulgaria's national card and payment infrastructure operator providing a comprehensive platform of payment services and fintech solutions. The core infrastructure includes BISERA (national payment system), the Online Card Switching (SWITCH) service, and the BORICA Payment System for domestic payment processing, with blink instant payments enabling 24/7 SEPA transfers via TARGET and TIPS. PSD2-compliant services include the XS2A Gateway for account information and payment initiation APIs, Smart Multibanking Hub, Consent Management, Developers Helpdesk, and Publishing of Additional APIs. Card services span ATM, POS, Software POS, Card Management, Card Production, e-Commerce, Risk Management, and Loyalty Programs. Anti-fraud capabilities use IBM Safer Payments for real-time AI-driven fraud protection covering over 70% of domestic card transactions. Trust services under the B-Trust brand offer electronic signature, e-identification (B-Trust eID and B-Trust Mobile), and certificate services. Fintech offerings include InfoPay multibanking platform, E-faktura electronic invoicing, and Infobank 2. Additional services include SWIFT Service Bureau, software products, infrastructure as a service, and payment institution services.

Differentiator

Problem solved

Functional benefit

Brands

• B-Trust: Electronic identification and trust services brand offering qualified electronic signatures (QES), eID schemes, remote identification, and digital certificate services under EU eIDAS regulation.
• B-Trust Mobile
• InfoPay
• E-faktura
• bcard blink

Products and services

• BISERA National Payment System

Quantifiable outcome

• 930,000+ card and ATM transactions processed worth nearly €42 million within first 48 hours of euro adoption with zero unplanned downtime
• +4 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration10 records

AI capability2 records

Feature9 records

Partnerships

Six partnerships are on record, tiered core and minor.

• IBMcoreTechnology or Integration · 18 February 2026IBM Safer Payments was deployed by BORICA across Bulgaria's financial infrastructure, replacing legacy batch-based fraud systems with real-time AI-driven fraud protection. The platform covers over 70% of domestic card transactions, supporting 16+ banks with >4,000 TPS and <10ms latency. IBM API Connect and IBM DataPower also power the XS2A Gateway for PSD2 services.
• IBS (International Business Solutions)coreImplementation/ SI/ Consulting Partner · 18 February 2026IBS facilitated the deployment of IBM Safer Payments across Bulgaria's national financial infrastructure, serving as the implementation partner for the shared national fraud and AML platform covering over 70% of domestic card transactions.
• OpenWaycoreTechnology or Integration · 1 January 2026OpenWay provided its Way4 payment processing platform supporting BORICA's card issuance, acceptance, and processing operations during Bulgaria's euro adoption on January 1, 2026. The Way4 platform enabled controlled euro migration while maintaining transaction traceability and operational stability under real-time load, processing 930,000+ transactions worth €42 million in 48 hours with zero unplanned downtime.
• MontrancoreTechnology or Integration · 10 March 2025Montran developed the TIPS connectivity module enabling Bulgarian banks to access TARGET Instant Payment Settlement, integrating with BORICA's BISERA system. The solution includes prefunding modules for TIPS (international reachability) and EURO INST (national transfers), with advanced liquidity monitoring and controls interfacing to TIPS, T2, and STEP2 via SWIFT.
• Sirma Group HoldingminorStrategic or Co-development Partner · 25 February 2025Partnership to accelerate the digitalisation of employment records through a joint solution combining Sirma's sHRedy platform with BORICA's B-Trust cloud-based remote identification and qualified electronic signature services. The solution meets all technical and legal requirements including two-factor authentication, electronic registered mail, QES, and qualified electronic timestamp.
• SWIFT (Society for Worldwide Interbank Financial Telecommunication)coreTechnology or IntegrationBORICA is registered under SWIFT's Shared Infrastructure Program as a Service Bureau, certified at Standard Operational Practice level. It provides indirect SWIFTNet connectivity (Shared Connection) and full SWIFT infrastructure outsourcing (Shared Infrastructure) to Bulgarian financial institutions, with 24/7 service availability.

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Others

• OpenWay: Vendor of the Way4 card processing platform that underpins BORICA's card issuance, acceptance, and processing operations. Included as an ecosystem/technology counterpart rather than a competitor, since OpenWay powers BORICA's stack.

Emerging players

• Plaid: Open banking and account-to-account connectivity platform enabling third-party access to bank data and payment initiation. Comparable to BORICA's XS2A Gateway and Smart Multibanking Hub services, although Plaid operates across multiple markets while BORICA's open banking stack is focused on Bulgaria.
• Tink: European open banking platform owned by Visa providing PSD2-compliant AIS and PIS APIs. Comparable to BORICA's XS2A Gateway on A2A connectivity for TPPs and ASPSPs, though Tink operates pan-European rather than as a national infrastructure provider.

Direct peers

• Bankart: Slovenia's national card and payment processing company, providing card issuing, acquiring, ATM/POS, and payment switching services to Slovenian banks. Closest analog to BORICA in terms of national infrastructure role, regulatory licensing, and B2B-only customer base of domestic financial institutions.
• TietoEVRY Banking: Nordic IT and banking software provider that operates payment and card infrastructure for banks in the Nordics. Comparable to BORICA in operating national-scale payment back-office and processing platforms for a captive base of regional banks under regulatory frameworks.

Broad incumbents

• Fiserv: Global financial technology provider offering card services, merchant acquiring, and core banking infrastructure. Comparable to BORICA on card processing and merchant services but serves a much broader global customer base rather than a single national market.
• Worldline: Major European payment processor and acquirer providing card processing, merchant acquiring, and payment infrastructure across multiple countries. Comparable to BORICA on card switching and PSP rails but at much larger scale and broader geographic footprint.
• Mastercard: Global card network and transaction processor with which BORICA holds a compliance certificate and integrates for card processing. Comparable on payment scheme operations but at vastly larger geographic scale and as a global network rather than a national operator.
• Nexi: Italian-led European PayTech providing payment acceptance, card processing, and digital banking infrastructure across multiple EU markets. Comparable as a payment infrastructure operator serving banks, though at multi-country scale and with broader product portfolio than BORICA.

Regional players

• BankID (Sweden): Swedish e-identification service operated jointly by major banks, providing qualified eID and electronic signature services analogous to BORICA's B-Trust offering. Comparable in role as a national trust services provider tied to banking infrastructure, though BankID is organized as a bank consortium rather than a single licensed entity.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat7 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/-borika-bankservice-ad

Compliance13 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about BORICA