Clear2Pay adds Kuitun City Credit Union to its Chinese customer base

Kuitun City Credit Union directly linked to CNAPS framework

Brussels/Shenzhen, 26 February 2008 – Clear2Pay, the international technology provider of next generation payment solutions for financial institutions announces the going live of Clear2Pay’s CNAPS Core Payment System at Kuitun City Credit Union. CNAPS enables banks in China to safely conduct various inter- and intra-city payments and fund settlement transactions.

Kuitun City Credit Union is now able to faster execute fund transfers, reduce fund payment risk and increase overall flow efficiency. By utilising CNAPS as its platform, it can support the application of different payment tools and various payments types for its customer base.

Wei Xian Dong, Director of Technical Department at Kuitun City Credit Union states: “CNAPS is a powerful system that currently conducts more than 500,000 transactions, amounting to about 500 billion Yuan, each day. Every payment transaction only takes about 1 minute to complete. After installing the solution, our Union also became part of CNAPS and is able to reap the benefit of CNAPS. The System implemented is very stable, and processing is accurate and fast, that has largely increased our Union’s efficiency.”

Michel Akkermans, Chairman and CEO at Clear2Pay states: “We are delighted that yet another bank has chosen to work with us in order to link to the CNAPS platform. We have a very stable solution, which has been implemented a number of times and we are extending its functionality as CNAPS matures. Our local team in China is very successful and we are very pleased to announce that another 25 colleagues are joining us in the first quarter of this year”.

About Clear2Pay
Clear2Pay is an innovative financial technology company focused on delivering globally applicable solutions for secure, timely electronic payments. Headquartered in Brussels, Belgium, the company facilitates banks and financial organisations in their provision of payments services. Clear2Pay's technology helps to reduce transactions processing costs, and to deliver new, compelling payment services in a competitive way. Clear2Pay's payment solutions offer organisations 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 remittance services. Functions embrace payments origination, reporting, linkage with back-office processing systems, clearing, netting and settlement. Clients include global and major regional financial institutions such as ING, SEB Kort, VISA, MasterCard, ABN AMRO, Nordea, Abbey National, Fortis Bank, ANZ and Commonwealth Bank. Clear2Pay operates out of Belgium, France, the Netherlands, Poland, Spain, United Kingdom, United States, Australia, China, Malaysia and Singapore and currently employs 400 staff.
More information is available on www.clear2pay.com

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For more information:

Clear2Pay NV/SA
Conny Dorrestijn - VP Marketing and Communications
E:
P: +31 651 06 72 01

Contact details Clear2Pay China
Chan Mun Kiat
E:
T: +86755 26510777