Bulgaria · Payments & e-money
Borica Ad
Legal name in the LEI recordБОРИКА АД
BORICA AD is a joint-stock company in Sofia. The Bulgarian National Bank (BNB) licenses it as a payment system operator and authorises it as a payment institution. According to its 2025 accounts, the BNB holds 36.11% of its shares and 17 banks hold the rest. It runs the BORICA card payment system and the BISERA euro payment system. It also provides card processing, instant payments and trust services to banks and payment firms. It was formed in 2010 by the merger of BORICA AD and Bankservice AD and took its current name in 2017.
Licences and registrations
Held by БОРИКА АД (LEI 485100W9O3MXIP9PCS03). 1 entry on 1 of the 22 tracked registers, retrieved 25 September 2026.
| Register | Licence | Number | Jurisdiction | Status | Registered | Ends | Activities | Register entry |
|---|---|---|---|---|---|---|---|---|
| EBA PSD2 RegisterBulgarian National BankLinked by LEI. Matched by Elucidate to GLEIF on name, country and address. | Payment institutionPayment InstitutionGLEIF legal name: БОРИКА АД | 201230426 | Bulgaria | Active | 2017-12-14 | — |
|
Search the register ↗ |
The register name differs from the legal name in GLEIF. This can follow a rename. Treat the LEI match as indicative.
- Licences belong to the legal entity, not to a BIC.
- Each licence applies in the country of the regulator that granted it.
- Registers are tracked in 37 countries. Licences granted elsewhere are not recorded here.
- The register entries and their trading names were not matched against sanctions lists. The sanctions facts on this page cover the BIC and its LEI only.
Swift network
Swift’s ISO 9362 BIC directory
- BIC
- BSBGBGSFXXX head office
- Connection to Swift
- Connected to SwiftThis BIC is registered as a live address on the Swift network. The institution sends and receives Swift messages under BSBGBGSF directly.
- Swift GPI
- Not on the member list
- Payment schemes and systems
- SCT Inst
- Branch codes
- 6 branch codes
- BIC first registered
- 2008-08-30
- Last updated
- 2019-11-27
Overview
Researched 29 Sep 2026 · Sources
Customers
Not published
Ownership
Mixed ownership
Firm type
Payment infrastructure
Trades as BORICA
- Standing
- The Bulgarian National Bank (BNB) approved the end of the firm's operation of the BISERA6 lev payment system. The firm's licence to operate that system lapsed on 1 January 2026, when Bulgaria adopted the euro. The firm still operates the BORICA card payment system and the BISERA euro payment system.
- Ownership
- The Bulgarian National Bank holds 36.11% and 17 banks and bank branches hold 63.89%, the largest being UniCredit Bulbank (13.84%), United Bulgarian Bank (11.29%) and DSK Bank (11.21%).
- Major shareholder
- Bulgarian National Bank 36.11% · 31 Dec 2025
- Head office
- 41 Tsar Boris III Blvd., 1612 Sofia, Bulgaria
- Company register
- Bulgarian Commercial Register (EIK) 201230426
- Incorporated
- 12 Aug 2010
- Former name
- BORICA – BANKSERVICE AD (БОРИКА – БАНКСЕРВИЗ АД)
Online
- Websites & references
- borica.bg ↗
b-trust.bg ↗ B-Trust electronic signature and trust services
infopay.bg ↗ InfoPay multibanking platform
efaktura.bg ↗ E-faktura electronic invoicing
bcard.bg ↗ bcard national card and payment scheme
Wikipedia ↗ - Official social accounts
- LinkedIn ↗ · Facebook ↗
Sources · 15 pages consulted
- borica.bg/attachments/BobsDocument/25/docs/GFO-2025.pdf
- borica.bg/en
- borica.bg/en/about/akcioneri
- borica.bg/en/about/upravlenski-ekip
- borica.bg/en/about/savet-na-direktorite
- borica.bg/en/products-and-services/uslugi-platejna-institutsiya
- borica.bg/en/products-and-services/plashtaniya-kam-byudjetni-razporediteli
- borica.bg/documents-and-resources/Finansovi-otcheti
- bnb.bg/AboutUs/AUEurosystem/AUAccessionToTheEuroArea/AUAEFIQuestionsAndAnswers/POAEFI_QUESTIONSA
- forbesbulgaria.com/2025/11/28/borika-prekratyava-platezhnata-sistema-bisera6-ot-1-yanuari-2026-g-zaradi-prem
- investor.bg/a/539-banki-i-zastrahovateli/422905-ot-1-yanuari-borika-preminava-kam-obrabotka-na-platez
- borica.bg/en/products-and-services/Platejna-sistema-BORICA
- money.bg/companies/nikola-bakalov-ceo-na-fibank-e-preizbran-za-chlen-na-saveta-na-direktorite-na-b
- borica.bg/en/about/istoriya
- bg.wikipedia.org/wiki/%D0%91%D0%9E%D0%A0%D0%98%D0%9A%D0%90
Authorisation
Researched 29 Sep 2026 · Sources
- Operates under
- Its own licences
The BNB licenses the firm to operate payment systems with settlement finality: the BORICA card payment system and the BISERA euro payment system. The BNB also authorises it as a payment institution for acquiring payment transactions, payment initiation and account information services.
| Authority | Licence or registration | Number | Held | Status | Source |
|---|---|---|---|---|---|
| Bulgarian National Bank Bulgaria | Payment institution (acquiring of payment transactions, payment initiation, account information) | 201230426 | In its own name | Active | borica.bg ↗ |
| Bulgarian National Bank Bulgaria | Operator of payment systems with settlement finality (BORICA card payment system; BISERA euro credit transfers) | — | In its own name | Active | borica.bg ↗ |
| Bulgarian National Bank Bulgaria | Operator of the BISERA6 payment system for client transfers in leva | — | In its own name | Withdrawn or expired | forbesbulgaria.com ↗ |
Licences and registrations the research found, at home and abroad, as the firm and its regulators publish them. The Licences and registrations card shows the entries on the registers the directory tracks.
Partners and safeguarding
Researched 29 Sep 2026 · Sources
- Safeguarding
- Segregated safeguarding accountsAs a payment institution, the firm keeps funds received from payment service users in special protective accounts at credit institutions, as the Law on Payment Services and Payment Systems requires, apart from its own funds.
- Payment schemes and card networks
- Swift Direct borica.bg ↗
TARGET Instant Payment Settlement (TIPS) Access not stated bnb.bg ↗
TARGET (card payment net settlement) Access not stated borica.bg ↗
EBA Clearing STEP2 (SEPA reachability for BISERA) Through a partner investor.bg ↗
Visa Access not stated borica.bg ↗
Mastercard Access not stated borica.bg ↗
Banks and regulated firms the firm says hold its customers’ money, issue its cards, sponsor its accounts or settle its payments, as it discloses them in its terms and notices.
Products and markets
Researched 29 Sep 2026 · Sources
The firm runs Bulgaria's interbank card switch and settlement system and the BISERA euro payment system. It also offers card management and personalisation, ATM and POS services, the blink instant-payment and bcard card schemes, a Swift service bureau and B-Trust qualified trust services. As a payment institution, it accepts card payments for public-sector budget entities.
It serves banks, payment service providers, merchants and public bodies in Bulgaria.
- Revenue
- BGN 84.3m
- Payment volume
- BGN 563.1bnValue of transfers through the BISERA6 lev payment system the firm operated (2025)
- Sells to
- Financial institutions · Public sector · Enterprises · Consumers
- Serves customers in
- Bulgaria
Leadership
Researched 29 Sep 2026 · Sources
- Chief executive
-
Miroslav Vichev
Chief Executive Officer
- Chair
-
Radoslav Milenkov
Chairperson of the Board of Directors (Deputy Governor, Bulgarian National Bank)
- Chief financial officer
-
Vera Stankova
Senior Director "Finance"
- Compliance / MLRO
-
Valeri Ivanov
Senior Director "Compliance and Security"
- Executive
- Tsvetanka Mintcheva Deputy Chairperson of the Board of Directors (CEO of UniCredit Bulbank)
- Executive
-
Anna Angelova
Director "Payment Institution"
Recent events
Researched 29 Sep 2026 · Sources
-
Other
The firm moved its card payment system to euro processing when Bulgaria adopted the euro on 1 January 2026.
borica.bg ↗ -
Licence
The BNB approved the end of the firm's BISERA6 lev payment system. The firm's operator licence for it lapsed on 1 January 2026.
forbesbulgaria.com ↗ -
Other
The firm launched a Verification of Payee service for euro payments with four pilot participants.
borica.bg ↗ -
Other
The BNB and the firm began taking part in TIPS, so that Bulgarian payment service providers could make euro instant payments.
bnb.bg ↗ -
Leadership
Shareholders elected Petya Dimitrova of Postbank and Nedelcho Nedelchev of Municipal Bank to the Board of Directors.
money.bg ↗
Compliance-relevant events of the last three years, newest first: fines and enforcement, investigations, security incidents, licence changes, funding rounds, acquisitions and leadership changes. Each links to its source.
Identifiers
Head-office record
- BIC
- BSBGBGSFXXX
- How the BIC breaks down
- BSBGBank
- BGCountry · Bulgaria
- SFLocation
- XXXBranch · head office
- Branch description
- Not recorded in the directory
- LEI
- 485100W9O3MXIP9PCS03
- LEI record
- View on GLEIF ↗
- Licence no. · EBA-PSD2
- 201230426
- How the LEI was matched
- BIC: Mapped to this BIC in the Swift and GLEIF BIC-to-LEI relationship file.Register entry: Matched by Elucidate to GLEIF on name, country and address.
- Register-entry ID
- 5c615bccf421
Profile
- Type
- Payments & e-moneyPayment institutions, e-money and stored-value issuers, and account-information providers. Licensed under payment-services law (e.g. PSD2 in the EU and UK, the Payment Services Act in Singapore). Taken from the licences on the tracked registers.
- Regulation
- Prudential licenceAuthorised with capital, safeguarding and conduct requirements, e.g. an authorised payment or e-money institution in the EU or UK, a major payment institution in Singapore, or a MiCA crypto-asset service provider.
- Register licences
- 1 entry on 1 register
- Activities
- Payment services
- Card acquiring
- Payment initiation
- Account information
- Licensed in
- Bulgaria
- Country · region
- Bulgaria · Europe & Central Asia
- Banking supervision
- Not on the ECB's list of supervised entities as of 2026-07-01
- Trading venues (MIC)
- No MIC registered under this LEI list of 2026-09-17
- OFAC sanctions
- No listing cites this BIC
- EU sanctions
- No listing matched this BIC or its LEI
- Country sanctions
- No country programme
Types come from Swift’s BIC classification, the licences on the 22 tracked registers, and the ECB and FSB bank lists. Most banks outside the euro area appear as financial institutions, because their supervisors’ registers are not tracked yet.
Ownership and group
GLEIF relationship records
GLEIF’s relationship records name no parent for this LEI, and no group page is published for it.
Addresses
- Registered address
- TZAR BORIS III BLVD. 41 SOFIA 1612 BULGARIA
- Operational address
- TZAR BORIS III BLVD. 41 SOFIA 1612 SOFIA BULGARIA
ISO 20022 identification
As an agent in a Swift cross-border payment message (CBPR+)
A CBPR+ message identifies this institution by its BIC, and may add its LEI or a clearing code. CBPR+ does not allow a name and postal address next to a BIC.
- Identified by
- BIC, with its LEI
- Roles in CBPR+
- Any agent, including the instructing and instructed agents
CBPR+
For cross-border payments on Swift: the BIC, with the LEI and clearing code where known
<FinInstnId>
<BICFI>BSBGBGSFXXX</BICFI>
<LEI>485100W9O3MXIP9PCS03</LEI>
</FinInstnId>Full record
Every ISO 20022 element the directory holds. Base ISO 20022 allows them together. CBPR+ does not allow a name and address next to a BIC
<FinInstnId>
<BICFI>BSBGBGSFXXX</BICFI>
<LEI>485100W9O3MXIP9PCS03</LEI>
<Nm>BORICA AD</Nm>
<PstlAdr>
<TwnNm>SOFIA</TwnNm>
<Ctry>BG</Ctry>
<AdrLine>TZAR BORIS III BLVD. 41 SOFIA 1612</AdrLine>
</PstlAdr>
</FinInstnId>The BIC, name and address are as published in Swift’s BIC directory. The LEI comes from the Swift and GLEIF BIC-to-LEI file. Check them against your own records before use.
Payment schemes and systems
EPC registers of 2026-09-11 · ECB T2 list of 2026-07-02 · ECB TIPS list of 2026-09-01 · SIX Bank Master valid on 2026-09-28
| Scheme or system | Since | Registered with | Note |
|---|---|---|---|
| SEPA Instant Credit TransferISO 20022 messages | 2025-11-10 | Head office | — |
SEPA dates are when the institution became ready for the scheme.
An institution missing from T2 may still be reachable through an indirect participant.
“ISO 20022 messages” marks a scheme or system whose rulebook or operator specifies ISO 20022 for messages between participants.
Network
Branch network
All 6 branch BICs connect to the head office. Most were registered in 2024 (3 BICs) and 2023 (2).
Hover over a branch or group to see its details
Branch codes
| BIC | Branch | City | Address | LEI | Updated |
|---|---|---|---|---|---|
| BSBGBGSFBOR | — | Sofia | TZAR BORIS III BLVD. 41 SOFIA 1612 SOFIA BULGARIA | — | 2024-06-08 |
| BSBGBGSFGUA | — | Sofia | TZAR BORIS III BLVD. 41 SOFIA 1612 SOFIA BULGARIA | — | 2024-08-10 |
| BSBGBGSFIOP | T2 INTEROPERABILITY | Sofia | SOFIA SOFIA BULGARIA | — | 2019-11-27 |
| BSBGBGSFRTG | — | Sofia | TZAR BORIS III BLVD. 41 SOFIA 1612 SOFIA BULGARIA | — | 2024-09-21 |
| BSBGBGSFST2 | — | Sofia | TZAR BORIS III BLVD. 41 SOFIA 1612 SOFIA BULGARIA | — | 2023-05-20 |
| BSBGBGSFTPS | — | Sofia | TZAR BORIS III BLVD. 41 SOFIA 1612 SOFIA BULGARIA | — | 2023-05-20 |
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Sources & method
Every value comes from a public source, such as Swift’s ISO 9362 BIC directory, GLEIF or the OFAC and EU sanctions lists. Most sources are matched on a BIC or an LEI, not on a name.
Swift GPI membership is matched on names and is indicative. A missing sanctions match does not mean that no listing applies. Always screen against the official lists.
Register entries are not screened against sanctions lists. The sanctions facts on this page cover the BIC and its LEI only.
An institution is one entry in the directory: a BIC8 in Swift’s directory, or a firm on a tracked register that holds no BIC. Licences held by an institution with a BIC are shown on its page.
Read the methodology →Credits for this page
- Payment schemes and systems—Source: European Payments Council (EPC) Registers of Participants; matched to BICs by Elucidate.
- EBA PSD2 Register—European Banking Authority (EBA) · register ↗ as at 25 September 2026
- Overview, authorisation, partners, products, leadership and events—researched per institution by an AI model with web search, from the firm's own website, terms and filings, regulators' registers and notices, company registers and news. Licences, partners, figures, people and events link to their source, and each card shows the research date. AI research can be wrong or out of date, so check key facts at the source.
- Images—logos and photos from Wikimedia Commons (credited with their author and licence) or from the institution's own website, where Wikimedia has none. Elucidate keeps a copy of each; the links lead to the source and the original image. Logo: borica.bg (official website) · original; Miroslav Vichev: borica.bg (official website) · original; Radoslav Milenkov: borica.bg (official website) · original; Vera Stankova: borica.bg (official website) · original; Valeri Ivanov: borica.bg (official website) · original; Anna Angelova: borica.bg (official website) · original.
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