Open Solutions — which operates ATMs, approves and settles card transactions on its POSHnet network and provides transaction authorization through Interac — is now processing China UnionPay cards through Interac.
POSHnet is one of Canada's largest white label ATM and POS payments switches, providing service to more than 35,000 white label ATM and debit/credit and value-added payment terminals in merchant locations.
According to a news release from Open Solutions, CUP's 2.1 billion cardholders will be able to withdraw funds from participating ATMs on the Interac network when they are traveling in Canada. ATMs that offer the service will feature the China UnionPay logo.
Established in March 2002, China UnionPay is a bankcard association established under the approval of the State Council and the People's Bank of China. As the bankcard association in China, CUP operates an inter-bank transaction settlement system through which the connection and switch between banking systems and the inter-bank, cross-region and cross-border usages of bankcards issued by associate banks could be realized.
CUP cards are accepted in about 83 countries and regions outside China.
