Credics Technologies Expands Into Eastern Europe

Credics Technologies has expanded their presence in the key emerging markets of Central & Eastern Europe to establish their own office in Romania, Central Europe's second biggest market after Poland. The office is a subsidiary of Credics and will serve the growing need in the region for cost effective and flexible transaction management solutions and card processing platforms for banks, credit card companies and businesses.

The new office will provide advanced solutions and services for banks, third party processors, retailers, and fuel companies throughout the region, who historically were served by more ‘plain vanilla’ IT systems. The newly appointed CEO of the Romanian office is Diana Munteanu who brings with her extensive card processing experience in the local market.

Central and Eastern Europe (CEE) is one of the most dynamic regional cards markets worldwide with myriad players and opportunities according to industry analysts. Spending on prepaid payment cards in Europe is estimated to reach US$164 billion by 2010, according to new Boston Consulting Group research commissioned by MasterCard Europe. It is in Eastern Europe, where prepaid spending is set to make the biggest impact as a proportion of total payment card spend.

"The emerging markets of Central & Eastern Europe are important markets for Credics. Together with our existing partners, our local office will be able to meet the special needs of our customers in these countries and offer them cost effective, modular and flexible solutions for their processing problems,” says Haim Zemah, CEO and founder, Credics Technologies.

“Romania is a key country in the region, in particular given its new status as an EU member, a consumer market of over 22 million and the fact that it is one of the fastest-growing economies in Europe, says Diana Munteanu, CEO, Credics Romania. We look forward to providing better service to our expanding client base in Romania and neighboring countries. “