Tieto has developed an interface to the system of the China Unionpay (CUP) payment card association that enables its members to reliably issue its payment cards.
The first Tieto Card Suite customer that has been certified to issue China Unionpay cards is Ipak Yuli Bank in Uzbekistan.
According to the International Division of China Unionpay, trading volumes between China and Central Asia have been growing rapidly in recent years. The issuing of CUP cards in Uzbekistan has been an important breakthrough in Central Asia and has created an effective model for developing CUP's business in other countries in this region. People from Uzbekistan traveling abroad can enjoy the convenience of using CUP cards in 26 countries and regions, including Hong Kong, Macau, Japan, Korea, Germany, France and Australia. CUP is also continuously examining the Central Asian markets, aiming to provide an even more convenient card service to their card holders who visit this region.
"Convenience and the comfort of customers - these are the essential factors in making a bank's service attractive. At present this convenience is determined by the number and quality of the banking products and services that a customer can enjoy at any time and in any place. Ipak Yuli is the first Uzbek bank to issue the payment cards of China Unionpay. This banking product has great potential among the entrepreneurs of the Republic of Uzbekistan who conduct business with China," comments Dilmurod Fayzullaev, Head of Card Business at Ipak Yuli Bank.
Maris Ozolins, Head of Cards, Tieto Financial Services says: "With Ipak Yuli Bank Tieto continues its expansion into the financial market in Central Asia. With existing customers and a market presence in Kazakhstan, Kyrgyzstan and Uzbekistan, Tieto is establishing itself as a leading payment card player in the region."
Tieto Card Suite is a payment card solution for issuing, acquiring, processing, clearing, settlement and fraud management. The solution is used by banks and large payment card transaction processing centers in 34 countries worldwide. Card Suite customers have chosen Tieto for its capability to deliver innovative solutions with a solid return on investment.