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Clear2Pay China signs first contract with Tai Yuan City bank

Tai Yuan City bank applies Clear2Pay payments technology

Shenzhen/ Brussels, 20 September 2007 - Clear2Pay, the international technology provider of next generation payment solutions for financial institutions announces the signing of a first contract since its launch in May of this year. Tai Yuan City bank turned in March 2007 to Clear2Pay for payments related technology.

Tai Yuan City Bank recently implemented Clear2Pay’s nationwide cheque image exchange system for clearing of low value vouchers. Cheque fund settlement was previously done via intra-city check exchange system. Following recent legislation by the Central Bank of China (PBOC) settlement is now completed through a National Cheque Image Exchange System, implemented on the CNAPS architecture. With this connection to the CNAPS infrastructure at its 56 sites, Tai Yuan City Bank is able to circulate cheques nationwide and ultimately provide a safe and efficient payment settlement.

Song Kai, Director of the Technical Department comments: “After installation and implementation of the Cheque Image Exchange System, cheques will be emerging as the new inter-city payment tool and be helpful to reduce cash transactions and increase non-cash transactions. It will increase the convenience of business activities and meet our customers' (corporate and individual) increasing demands for a variety of payment methods. With this new way of clearing via the CNAPS low value payment system (BEPS) we can reduce our bank's liquidity risk and credit risk and hence increase the safety and efficiency of cheque settlement.”

Warren Gardiner, General Manager Asia Pacific states: “Following the launch of Clear2Pay China in Shenzhen in May of this year, we have seen a lot of interest in our technology and solutions from both Chinese and foreign banks in China. We are delighted to be part of this process of reform and streamlining of the Chinese payments infrastructure and see many areas where huge steps are being taken in terms of technology and sophisticated payments architecture. Obviously, we much appreciate the trust that Tai Yuan City has placed in us, completing this projects with their teams was a professional and satisfying process.”

The Clear2Pay China office is home to over 40 staff with a sales team headed up by Chan Mun Kiat and Frank Wu.

 

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, the Netherlands, Poland, Spain, United Kingdom, United States, Australia, China and Singapore and currently employs 260 staff.

More information is available on www.clear2pay.com

 

For more information:

Clear2Pay NV/SA
Conny Dorrestijn - VP Marketing and Communications
E:
T: +32 15 79 52 00

Contact details Clear2Pay China
Chan Mun Kiat
A-801# Research and Development Building,
Tsinghua Hi-Tech Park, North District,
Shenzhen Hi-Tech & Industrail Estate,
Nanshan, Shenzhen
China
E:
T: +86755 26510777
F: +86755-26030700

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