CUP Data Signs Credit Processing Agreement with China Postal Savings Bank
Columbus, Ga., December 1, 2008 — TSYS today announced that China UnionPay Data Services Co., Ltd. ("CUP Data"), TSYS' joint venture with China UnionPay, has signed a credit card processing agreement with China Postal Savings Bank, China's fifth largest lender.
China Postal Savings Bank holds more than US$200 billion in deposits and has more than 36,000 branches throughout every city in China.
"We are pleased to do business with an institution that has the size and reach of China Postal Savings Bank," said Mr. Yan Fang Wang, president of CUP Data. "The group has a uniquely competitive edge, which makes it a privilege to work with them to develop their new credit card program."
"The signing of China Postal Savings Bank demonstrates again that CUP Data is viewed by the Chinese banking community as the most reliable, highest-value processor of credit and debit transactions in China," said David Duncan, group executive of TSYS Asia Pacific. "As a company who has already issued more than 100 million debit cards, TSYS has great expectations for substantial growth in China Postal Savings Bank's credit card program."
Terms of the multi-year agreement were not released.
About CUP Data
CUP Data is China's largest third-party processor of bankcard accounts, providing transaction processing, disaster recovery, data migration, system integration and other value- added services for issuing banks in China. CUP Data was established in 2003, and now has more than 50 signed credit- and debit-processing client banks.
TSYS owns a 44.5-percent equity stake in CUP Data, a subsidiary of China UnionPay (CUP). CUP is the only payments network sanctioned by the People's Bank of China, China's central bank, and has become one of the world's largest and fastest-growing payments networks.
TSYS (NYSE: TSS) is one of the world's largest companies for outsourced payment services, offering a broad range of issuer- and acquirer-processing technologies that support consumer-finance, credit, debit, debt management, healthcare, loyalty and prepaid services for financial institutions and retail companies in the Americas, EMEA and Asia-Pacific regions. For more information contact firstname.lastname@example.org or log on to www.tsys.com . TSYS routinely posts all important information on its website.