Bulgaria's Euro Payments Leap Just Won a Major Award

Alejandro Martínez · 2026-10-08

Bulgaria is making waves in the European payments scene. BORICA, the country's national payment infrastructure provider, and OpenWay, a global leader in digital payment software, recently snagged a prestigious PAY360 Award for their work on Bulgaria's euro payments transformation. This isn't just another industry pat on the back—it's a sign of things to come for payments across Europe. ### What Exactly Did They Win? The PAY360 Awards, hosted by the Emerging Payments Association, recognize the best and brightest in the payments industry. BORICA and OpenWay took home the award for "Best Payments Transformation" for their joint project that prepares Bulgaria for the euro adoption. The project involved upgrading Bulgaria's national payment systems to handle instant euro transactions, aligning with the EU's instant payments regulation. But why does this matter to you? If you're in the payments space, you know that real-time payments are the future. Bulgaria's move is a case study in how to do it right. ### The Tech Behind the Win OpenWay's Way4 platform powers the new system. It enables instant payments in euros, 24/7, with seamless connectivity to TARGET2—the EU's real-time gross settlement system. BORICA, as the operator, ensured the infrastructure was robust and secure. - **Instant euro payments:** Transactions settle in seconds, not days. - **24/7 availability:** No more waiting for business hours. - **TARGET2 connectivity:** Direct link to the European Central Bank's settlement system. - **Scalability:** Ready for Bulgaria's full euro adoption. This upgrade isn't just about speed; it's about positioning Bulgaria as a forward-thinking player in the EU's financial ecosystem. ### Why This Matters for Europe Bulgaria isn't the only country eyeing the euro. Several EU members are in various stages of adoption. The success of this project could serve as a blueprint for others. Plus, with the EU's Instant Payments Regulation mandating that all banks offer instant euro payments by 2025, projects like this are critical. "This award recognizes the hard work and collaboration between BORICA and OpenWay," said a spokesperson for the project. "It's a testament to what can be achieved when technology and vision align." For payments professionals in the US, this is a reminder that Europe is moving fast on real-time payments. The US has its own instant payment system, FedNow, but Europe's regulatory push is accelerating adoption at a pace that might leave others playing catch-up. ### The Bigger Picture Bulgaria's journey to the euro has been long, but this award highlights a major milestone. The country is now technically ready for euro adoption, pending political approval. When it does join the eurozone, its payment infrastructure will be ready to go from day one. This project also showcases the power of public-private partnerships. BORICA, as a national infrastructure provider, teamed up with OpenWay, a private tech company, to deliver a solution that benefits everyone—banks, businesses, and consumers. ### What's Next? With the award in hand, BORICA and OpenWay are likely to leverage this success to win more projects across Europe. Other countries in the region may look to them for guidance. Meanwhile, Bulgaria continues its preparations for euro adoption, expected in the coming years. For now, the payments world should take note: Bulgaria just set a new standard for euro payments transformation. And it's only the beginning.