Global Payments Inc. says its Prague-based, majority-owned subsidiary MUZO, has signed an agreement with Home Credit & Finance Bank (HCFB) Russia, to provide payment card processing and issuing services for the Bank’s new, revolving consumer credit program. HCFB is the second largest provider of consumer credit in Russia.
MUZO, the largest indirect payment processor in the Czech Republic, will integrate a comprehensive front and back office solution for HCFB’s new program based on MasterCard’s PIN-based Maestro card. The program gives consumers convenient access to an approved line of credit at retail establishments and ATMs, where the Maestro card is accepted. MUZO’s services will include: authorization for ATM and Point-of-Sale (POS) transactions, as well as card personalization and related card management and distribution solutions of the issued cards including PIN related support services.
Chairman of the Board for HCFB, Andrey Lykov, said, “We welcome our valued issuing and processing alliance with MUZO and Global Payments, as we roll out this important, new program for HCFB. We anticipate this association will also support HCFB in expanding the scope of our innovative consumer credit program throughout Russia.”
President, Worldwide Payment Processing for Global Payments, Carl J. Williams, said, “We could not be more pleased with our HCFB, Russia alliance and this key milestone in Global’s worldwide expansion.”
“We look forward to our close, continuing relationship with HCFB and to serving the Bank’s need for a professional, dependable and reliable payment processor,” said Petr Sedlacek, Chairman of the Board and CEO of MUZO.
In May of this year, Global Payments completed a public tender offer for the outstanding shares of MUZO, thereby obtaining more than 98 percent ownership of one of Central and Eastern Europe’s largest indirect payment processors. In February 2004, Global acquired 52.6 percent of the outstanding shares of MUZO from Komercni banka, a.s. (“KB”).
Home Credit & Finance Bank is a member of PPF Group. The PPF Group has been in business for over 12 years and services the financial sector with consumer credit services in the Czech Republic, Slovakia and Russia.
Based in Prague, MUZO has served financial institutions since 1992 with a comprehensive package of payment services including credit and debit card transaction processing, installation and servicing of ATM and POS terminals, as well as card issuing services such as card database management and card personalization. MUZO’s proprietary platform is among the first in the European market to be compliant with the international EMV standards for chip-based payment cards.
Global Payments Inc. is a provider of electronic transaction processing services to consumers, merchants, Independent Sales Organizations (ISOs), financial institutions, government agencies and multi-national corporations located throughout the United States, Canada, Latin America and Europe. Global Payments offers a comprehensive line of processing solutions, including credit and debit cards, business-to-business purchasing cards, gift cards, check guarantee, check verification and recovery, electronic check, terminal management and money transfer services.