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Telekurs Card Solutions awarded the contract for Paylife’s entire acquiring processing

PayLife Bank GmbH, the partner for all cards and universal provider for cashless paying in Austria, and Telekurs Card Solutions Ltd, the leading Swiss processor for card-based payments, have signed a contract regarding the handling of PayLife’s entire acquiring processing as of mid-2010. The annual contract volume amounts to over 500 million transactions conducted with credit and debit cards as well as with the Quick value card.

The contract signing was prompted by the expiration of PayLife's present processing contract with First Data International (FDI) in mid-2010. The selection process began back in 2007 and included all leading European processing providers as well as the former processor FDI. This assignment means that Telekurs Card Solutions will increase the number transactions it processes by over 50% and thereby further enhance its competitive strength in the international processing business.

“We decided for Telekurs as our first choice partner in Europe. Telekurs excelled over the other providers through its very good service provision and because it can offer the best value for money," explained Peter Neubauer, Chief Executive Officer of PayLife. “And we decided for a European solution."

“We are already working together successfully with Telekurs in our Slovenian business and are therefore already convinced today about the performance of this innovative and experienced partner," added Dr. Ewald Judt., Managing Director of PayLife.

“We are pleased that the PayLife Bank, as the market leader for cashless paying in Austria, has decided for our modern and high-performance processing platform,” stated Felix Aeschlimann, CEO of Telekurs Card Solutions, who went on to add: “Our international processing offering comprises the entire value chain in the field of payment & clearing and thus corresponds to the current consolidation trend in Europe.”

The contract has been concluded for five years. The migration phase will be completed incrementally in the year 2010. There will be no impact upon the PayLife merchants and the cardholders as result of this change.