News

CTL wins processing contract for Trade Bank of Iraq

April 27, 2005

LONDON - Card Tech Ltd., a card management systems' provider and processor, signed a deal with the Trade Bank of Iraq to provide card-issuing and acquiring-processing services for the bank's expected range of Visa card products.

According to a news release, Trade Bank's suite of products will include a Visa Classic Card, targeted for travel and entertainment usage, and a Visa Electron salary card.

After the card portfolio launch the banks plans to deploy 10 ATMs in Baghdad - part of the bank's long-term strategy to introduce financial delivery systems into Iraq.

Since its inception in 2003, Trade Bank has issued 1,482 letters of credit to more than 64 countries. In 2004, it become a principal member of Visa.

"Card Tech Ltd. fully supports the reconstruction and development of Iraq's financial systems," said Donna Halpin, head of CTL's processing services.