Clear2Pay China signs first contract with Tai Yuan City bank

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.”

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