Clear2Pay acquires Tectrade

Summary

Clear2Pay, the Brussels-based software vendor of next generation payment solutions for financial institutions, has announced that it has acquired Tectrade, a Bruges-based (B) e-transactions company, in an undisclosed share deal.

Brussels, 20/12/2002 - Clear2Pay, the Brussels-based software vendor of next generation payment solutions for financial institutions, has acquired 100% of the shares of Tectrade NV. Tectrade, based in Bruges (B), is one of Belgium's leading professional services companies in e-business. It designs and builds transaction platforms that enable business partners to conduct secure and efficient e-transactions worldwide. Further information will become available in the first quarter of 2003.


About Clear2Pay

Clear2Pay is an innovative e-finance company focused on delivering globally applicable solutions for secure, timely electronic payments. Headquartered in Brussels, Belgium, the company's focus is to facilitate banks and financial organizations in their provision of electronic payments services. Clear2Pay's technology helps to reduce transactions processing costs, and to deliver new, compelling e-payment services in a competitive way. Clear2Pay's payment solutions offer organizations easy, branded ways for their customers to pay online: from complex trade-supporting business-to-business environments, through e-commerce applications, to retail payments and micropayments. Functions embrace payments origination, reporting, linkage with back-office processing systems, clearing, netting and settlement. In September 2002, the company announced a multi-million euro contract with Visa EU for the development of its new cross-border money transfer service, Visa Direct. More information is available on www.clear2pay.com.


About Tectrade

Tectrade designs, builds and hosts transaction platforms that enable business partners to conduct secure e-transactions. Since its foundation in 1991, it has supplied advanced applications to its clients including, ABN AMRO, Artesia Bank, Bank Card Company, FNAC, Komatsu, Toyota, Unilever and 3Suisses. More information is available on www.tectrade.net.


Contacts for more information about Clear2Pay and Tectrade

Kimball Felix
Marketing and Communications

Clear2Pay
Zikkelstraat 64 rue de la Faucille
1970 Wezembeek-Oppem
Belgium
T: +32 2 759 94 96

Clear2Pay Services
Kpt. Karel Maenhoutstraat 77A
B-9830 Gent (Sint-Martens-Latem) Belgium
T: +32 9 248 30 30
F: +32 9 248 30 31
E: